Gov't Finalizes Concept, Budget for 2018 IMF-World Bank Meet in Bali

The International Monetary Fund, or the IMF, grew more cautious about Indonesia's economy this year while keeping a positive outlook for next year on the back of the country's prudent growth-spurring macroeconomic policies and efforts to strengthen competitiveness amid improved global growth and commodity prices, according to an end-of-mission statement released on Tuesday (14/11). (Reuters Photo/Yuri Gripas)

By : Tabita Diela | on 4:33 PM June 13, 2017
Category : Business, Economy, Featured

Jakarta. The Indonesian government is finalizing the concept and budget for the 2018 International Monetary Fund and World Bank annual meeting to be held in Nusa Dua, Bali, a senior official said on Tuesday (13/06).

"The Indonesian government wants to use this opportunity to promote tourism and attract investment," Maritime Affairs Coordinating Minister Luhut Pandjaitan said.

Luhut made his comment after meeting representatives from Bank Indonesia, the Finance Ministry, the Industry Ministry, the Political, Legal and Security Affairs Coordinating Ministry and the President's Office in Jakarta.

Economic Affairs Coordinating Minister Darmin Nasution said earlier the event may cost as much as Rp 1 trillion ($75 million). The money will come from the Public Works and Housing Ministry, the Tourism Ministry, the Transportation Ministry and several other sources.

The government is scheduled to reveal the final budget at the end of June. Most of the cost for the main event will be borne out by Bank Indonesia. Costs for using the country's airports, roads and bridges will be paid for by the respective ministries or local governments.

"Next week we will receive more input on things that need to be improved. We want to get [the details] right, we want [the budget] to be efficient," he said.

Luhut, the chairman of a national committee tasked with organizing the annual meeting, said he is expecting up to 17,000 delegates from 189 countries to attend nearly 3,000 meetings from Oct. 8 to 14 next year.

According to Luhut, the government will also organize a series of warm-up activities prior to the event to promote it under the so-called "Voyage to Indonesia" program.

"We will urge delegates to extend their stay beyond Bali. We will offer travel packages so [the delegates] can plan their trip a year ahead," Finance Minister Sri Mulyani said at the same press conference.

The IMF and World Bank meetings – which gather central bank governors, finance ministers, business executives and representatives from civil society, media and the academia – are usually held in Washington, D.C., for two consecutive years then in a member country on the third year.

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