Indonesia Set to Benefit From 2018 Annual IMF-World Bank Meeting


FEBRUARY 09, 2018

Jakarta. The annual International Monetary Fund-World Bank meeting scheduled for Nusa Dua, Bali, in October, is expected to greatly benefit Indonesia in terms of revenue in the short term and more investment in the long term, a World Bank representative said on Friday (09/02).

The meeting will be held on Oct. 12-14, but the pre-event will begin on Oct. 8. More than 15,000 country officials, international observers, academics, journalists and representatives of nongovernmental organizations from 189 countries are expected to attend.

The annual meeting – consisting of country delegations from the Group of 20, Group of 24, Commonwealth and BRICS – will feature plenary sessions, seminars, regional briefings, press conferences and other events that will focus on the global economy, international development and world financial markets.

"Indonesia as the host will have a sort of opportunity to have its voice heard and demonstrate its progress as a country and what it can offer to the world," World Bank press secretary, David Theis, said in a briefing on Friday.

He added that the one-week meeting is expected to bring in millions of dollars and attract more investors to Southeast Asia's largest economy by highlighting successes in its economic development.

The government previously projected to earn more than $100 million from the event, which will see Indonesia make a profit of at least Rp 500 billion ($35 million). Then country has set aside a budget of Rp 810 billion for the meeting.

The government expects the meeting to project a positive image of Indonesia and help the country boost investment, tourism, trade and job creation.

According to Theis, the World Bank has not received a contingency plan in case Bali's Mount Agung erupts again.

The volcano erupted in late November last year, causing losses of around Rp 11 trillion, including disruption of the local tourism industry.

"There was no discussion about a Plan B … but the government said it will keep monitoring Mount Agung on its seismic activities as a preventive measure," Theis said.

Indonesia was selected in 2015 to host the meeting after passing several selection phases and later defeating other applicants, including Egypt and Senegal.

Indonesia will be the fourth country in the Association of Southeast Asian Nations (Asean) to host the event.