Jakarta, Nov 23 (Antara) - Indonesia expects to gain around US$100 million by hosting the annual meetings of the International Monetary Fund (IMF) and World Bank (WB) in Bali on Oct 8-14 next year.
The meetings are among the largest and influential events on finance and economy that bring together central bank governors and finance ministers from 189 countries.
The main annual meetings are scheduled to take place on October 12-14, 2018, but will be preceded by other agendas, such as seminars and other meetings, to discuss developments in the global economy.
Indonesia has called on the WB to give its outlook on the country's economy amid the fast dynamic developments in the global economy.
"We have urged them to explain what the Indonesian economic outlook will look like and what its shortcomings are," President Joko Widodo (Jokowi) remarked following a meeting with WB executives at the Bogor Presidential Palace on Tuesday (Nov 21).
"Where will we begin the improvement? I think that such inputs from any other institution are important for us to overcome the shortcomings," he noted.
This is also a follow-up to the meeting between WB President Jim Yong Kim and President Jokowi at the Merdeka Palace in Jakarta on July 26, 2017.
According to Peter Jacobs, the head of the Task Force IMF-WB Annual Meeting 2018 of Bank Indonesia, after 20 years of crisis, Indonesia has a progressive economy.
"Indonesia is a country, with an advanced economy. This is a momentum, and it should be showcased to the world," he pointed out.
Jacobs revealed that the local governments and business players, including the community, have expressed readiness to host the conference. Some 15 thousand to 17 thousand people, including country officials, five thousand investors, along with prominent individuals from the private sector, academics, non-governmental organizations, and media are expected to participate in the annual event.
The Indonesian government should utilize the 2018 Annual Meetings of the IMF and WB to attract investors.
"The meeting will be attended by investors from all over the world as well as finance ministers and heads of central banks of 189 countries in the world," Jacobs remarked.
Apart from preparing to be a good host for all guests arriving in Bali, the government must showcase Indonesia's achievements in the field of economy.
"We have to showcase to the world our economic condition after the crisis of 1998. Our economy is more resilient to the crisis," Jacobs stated.
Moreover, Bali is a tourist resort province that is well-known across the world.
"As a host, we should benefit from the meeting. The expenditure of at least 15 thousand people in Bali for a week may reach up to $100 million. This is a short-term benefit. The long-term benefits will be to promote Indonesian tourism and investment potential," he noted.
More than two thousand events to be held on the sidelines of the annual meeting, include seminars, investment forums, focus group discussions, workshops, and cultural events.
The main objective of hosting the meetings is showcasing Indonesia and Asia as reformed, resilient, and progressive economies.
The delegations will visit Bali along with their family members for a vacation where they will spend their money.
"It is a short-term benefit for about a week. For the long term, they will come to invest in Indonesia," he said.
Based on the results of promotion conducted by Indonesia's Ministry of Tourism in Washington D.C., the US, some four thousand people have signed up to participate in the tour to be held on the sidelines of the annual meeting.
The meeting is expected to attract investment and trade to Indonesia, as entrepreneurs and corporate officials from around the world will attend the conference.
In addition, the system of economic transformation from conventional to digital, through an electronic system is getting better. The government should highlight Indonesia's Sharia economic development at the meeting.
According to Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan, there is a lot to gain, especially in the field of economy, from the world's biggest economic and finance meetings. He made the statement after elaborating on the progress in the preparations of the meeting to the leaders of the House of Representatives in Jakarta, recently.
The meetings, with an estimated economic value of US$115 million, will have some 15 thousand delegates as attendees, who will mainly stay at hotels during the seven-day meeting, he remarked.
The government has approved a budget of Rp810 billion for the meeting, including Rp200 billion for the procurement of computers and supporting equipment.***3***(A014/INE/O001)
EDITED BY INE |
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