Wednesday, September 5, 2018

Over 20 world leaders and 15,000 Participants expected to attend annual International Monetary Fund (IMF) in Bali Oct 2018

Bali news and views editor's comments:

The 2018 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group will take place in Bali Nusa Dua, Oct 8th. to 12th.

Lawrence dictating weekly newsletter in Macau, China
This is one of the largest events to be held in Bali for many Years will take place October 8th to 12th at the Nusa Dua Conference Center.

Over 200 world leaders and 15,000 participants are expected to attend this yearly event.

 


 

Bali hotels restaurants and many tourist activities will see a huge surge in demand from this massive conference.

Once again Bali proves that it can attract and support major events at a fraction of the cost of many other tourist resorts in the world.

Congratulations to the Indonesian government and especially Pres. Jokowi  for consummating this very prestigious event.

About the IMF


The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership.
The IMF at a Glance


The IMF's responsibilities: The IMF's primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund's mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability.

2018 Annual Meetings of the International Monetary Fund and World Bank Group

The 2018 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group will take place in Bali Nusa Dua, Indonesia, in October 2018, following a vote by the Boards of Governors of the two institutions.

The Annual Meetings bring together central bankers, ministers of finance and development, private sector executives, civil society, media and academics to discuss issues of global concern, including the world economic outlook, global financial stability, poverty eradication, jobs and growth, economic development, aid effectiveness and climate change.

dates: 12-14 October 2018

IMF, World Bank, International

2018 Annual Meetings of the International Monetary Fund Details:


The IMF-WB 2018 Annual Meetings will be attended by 22 heads of state / level heads of state, 189 finance ministers, 189 central bank governors, leading academics, international institutions, CEOs of the financial industry, investors, press, observers , and the public.

Christine Madeleine Odette Lagarde is a French lawyer and politician who has been the Managing Director of the International Monetary Fund since 5 July 2011
This meeting is believed to be the main meeting of the financial sector with the largest number of participants in the world, estimated at more than 15 thousand participants and reaching around 2,000 meetings.

The agenda that will be discussed covers the development of the world economy, the use of technological developments to encourage inclusive economic growth, poverty reduction and reduction of inequality, as well as the growth of the financial sector.

In addition, women's empowerment, taxation, Islamic economics, investment in the energy sector and infrastructure, human resources, agriculture and tourism. Then, digital economy, lifestyle, health, and climate change mitigation to overcome gaps, as well as institutional issues in IMF-World Bank.

Indonesia should be proud of being chosen to host the 2018 Annual Meetings event . The election of Indonesia to host the largest annual meeting in the field of economics and finance in October in Nusa Dua, Bali shows the high international confidence in Indonesia in the fields of security, political stability and economic success.

As a middle-income country that has a responsibility sharing for world development, the IMF-WB Annual Meetings 2018 is an excellent momentum to show economic progress, as well as Indonesia's leadership and commitment in addressing global issues.


Direct Impact Reaches IDR 6.9 T

Citing the initial phase of Bappenas's assessment, the estimated impact of holding the 2018 Annual Meetingsreaches Rp 6.9 trillion and is expected to be greater in the next phase of the study. The estimated impact of the operation included an operating cost of Rp 1.1 trillion, estimated construction costs to support the holding of the event, including the Ngurah Rai Underpass construction , Benoa Port, Garuda Wisnu Kencana Statue, and Suwung garbage disposal site reaching Rp 4.9 trillion, and the estimated expenditure of participants reached Rp 943.5 billion.

Bappenas estimates that the largest expenditure of participants came from accommodation which reached Rp 569.9 billion, followed by food and beverages amounting to Rp 190.5 billion, souvenir shopping valued at Rp 90.2 billion, entertainment Rp 57 billion, and transportation valued at Rp 36.1 billion. The estimate is 95.2% from foreign tourists and the remaining 4.8% from domestic tourists.

Foreign Exchange Potential Translucent US $ 100 Million
The presence of thousands of participants at the 2018 Annual Meetings is believed to encourage economic growth and contribute to the potential of foreign exchange earnings. More than seven days participants will be active in Indonesia. Total expenditure is estimated to reach US $ 100 million.

Foreign exchange potential is estimated to be greater if the government actively promotes tourism promotion by increasing participants 'expenditure during the event and increasing participants' satisfaction to be able to return to visit and share their experiences with friends or family.

Another effort that can be taken is to accelerate the increase in trade and business transactions during and after the event.

No less important is the effort to encourage investors to invest in the country. To support investment, the government launched the Online Single Submission (OSS) system. This system is integrated with various ministries and related licensing issuing agencies. Through this system, the government simplifies the bureaucracy of business licensing and creates a model of integrated licensing services that is fast and cheap, and provides certainty so that business licenses can be obtained in less than an hour.

Quoting the Oxford Business Group data, the positive impact that Peru has as the host of the 2015 IMF-WB Annual Meetings , particularly in strengthening Peru's global image as a MICE (Meetings, Incentives, Conferences and Exhibitions) destination in the Latin America is the total contribution of the travel and tourism industry gross domestic product (GDP) in Peru reached 66.2 million PEN (2016) and the total contribution of the travel and tourism sector to job creation was 1,332 million people (2016).

The IMF-WB Annual Meetings in Peru (2015) are US $ 60 million and Tokyo is US $ 50 million (2012). The implementation of the IMF-WB Annual Meetings in Indonesia is estimated to be around US $ 45 million.

Take advantage of Momentum

IMF-World Bank Annual Meetings 2018 must be a momentum to improve economic progress. It is fitting that we see this annual meeting as not a waste and waste of state money, but how we can optimize the benefits of implementation to encourage the progress of the Indonesian economy.

To increase the economic impact of holding meetings, government policies must be focused on optimizing the tourism, trade and investment sectors. The government needs to intensify tourism promotion by encouraging increased tourist visits to Indonesia's main destinations, promotion of event venues for the MICE segment , as well as good momentum for improving tourism infrastructure.

The government can introduce Indonesia's superior products in the global market and investment and business opportunities in Indonesia.

The implementation of the 2018 Annual Meetings is expected to contribute significantly to driving economic growth, through the creation of employment opportunities, increased household income, growth in the tourism sector, increased local business income, and increased state revenues.

Besides being able to boost the economy, this annual meeting can add to experience and build networking with the international community and learning about organizing international events.

Through this event, the government can intensify the promotion of Indonesia's achievements in implementing reforms and democracy, the promotion of national resilience and the post-Asian economic crisis of Indonesia, the promotion of culture, tourism, creative industries, financial technologies , as well as optimizing other benefits for the national interest and the Indonesian economy.

To support the holding of the 2018 Annual Meetings , the government has prepared a Hospitality Event program in the form of Indonesia Pavilion, Indonesia Gourmet and Food Festival , and Indonesia Cultural and Art Performance .


While to foster awareness and build the participation of all stakeholders , the Voyage to Indonesia program was launched. As the host of the 2018 Annual Meetings, Indonesia is believed to be able to get the optimal economic impact of its implementation by utilizing the presence of all the major players in the world financial sector and the world's attention to Indonesia during the event and afterwards.

In preparation and implementation, it is hoped that the government will always maintain effective and efficient governance related to budget management and accountability for organizing 2018 Annual Meetings.

To maintain good governance and accountability, government spending must be efficient and in line with priorities. In the implementation and management of the budget must be free of corruption and conflict of interest, as well as detail and caution in carrying out public communication.

In managing public communication, it is necessary to amplify communication and dissemination to the greatest extent about the magnitude of benefits rather than the costs to the public. The communication strategy is also directed at managing issues related to the World Bank and IMF which are currently still seen as icons of capitalism and neoliberalism. In addition, it is necessary to pay attention to other issues related to security and evacuation plans in the event of an eruption of Mount Agung in Bali.

The hope is that the IMF-World Bank annual meeting will be able to increase foreign exchange earnings by around US $ 100 million, as well as attract investors to invest in Indonesia, thereby creating and expanding employment. In the end it can reduce the number of unemployed and reduce poverty so that the Indonesian people can achieve their welfare according to the Republic's promise to its people, namely to realize a just and prosperous Indonesian society.

Lutfiana Nadzroh, Public Policy Observer and ASN at the Ministry of Finance's Communication and Information Services Bureau. (This paper is the opinion of a personal author and does not reflect the policy of the institution where the author works).

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