Call for Collaboration Echoed from Bali

KOMPAS/WAWAN H PRABOWO

Posing for a photograph ahead of a press conference at the closing ceremony of the 2018 Annual Meetings of the IMF-World Bank Group in Nusa Dua, Bali, Sunday (14/10/2018) are: (from left to right) World Bank President Jim Yong-kim, Coordinating Maritime Affairs Minister Luhut Binsar Pandjaitan, IMF managing director Christine Lagarde, Finance Minister Sri Mulyani Indrawati and Bank Indonesia Governor Perry Warjiyo. Many circles consider Indonesia to have been successful in holding the meetings, which were attended by 36,619 participants from 189 countries.

NUSA DUA, KOMPAS – The 2018 Annual Meetings of the International Monetary Fund and World Bank has ended. Representatives of the 89 IMF and World Bank countries agreed to work together to overcome global risks. The message and the spirit of collaboration from Bali were promoted to eliminate protectionism.

"Thank you Indonesia for your efforts. As the organizer chosen from many candidate countries, I say Indonesia, yes. This is an extraordinary achievement," IMF managing director Christine Lagarde said at the closing ceremony of the annual meetings in Nusa Dua, Bali, Sunday.

The closing ceremony was also attended by World Bank President Jim Yong Kim, Finance Minister Sri Mulyani Indrawati, Coordinating Maritime Affairs Minister Luhut Binsar Pandjaitan and Bank Indonesia Governor Perry Warjiyo. Before starting the press conference, they took pictures while holding hands.

Lagarde said there were many memorable experiences at the meetings, which were held from Aug. 8 to 14. These experiences included visits to Lombok, West Nusa Tenggara, showing solidarity for the victims of the earthquake and tsunami in Central Sulawesi and coral reef conservation sites.

"I was impressed by President Joko “Jokowi” Widodo\'s speech that amazed the world, creative, innovative and full of confidence. The speech brought a message about the future. Indonesia calls for multilateralism in the world," Lagarde said.

Sri Mulyani reiterated the message in President Jokowi’s speech, as it was relevant to current conditions. Global uncertainties because of the actions of developed countries must be addressed immediately. Indonesia calls for enhanced coordination, collaboration and multilateral cooperation.

"Winter is coming in America, Europe, Japan and China. Winter will come there. We want to share the warmth, love and passion of Bali so that they are protected from the cold there. Please maintain coordination and collaboration from Bali so that we can survive in the winter," Sri Mulyani said.

Benefits

The annual meetings highlighted global economic growth, which the IMF estimated will fall to 3.7 percent in 2018 and 2019.

BI governor Perry Warjiyo said coordination and cooperation is needed to face the increased risks in the global economy. Trade disputes need to be resolved multilaterally, while global financial safety nets and regional financing agreements need to be strengthened.

Through the annual meetings, Perry said, Indonesia was able to show the world that it had reformed. Indonesia is increasingly resilient and more progressive.

Meanwhile, the World Bank’s Jim Yong Kim expressed his pride toward the Indonesian people who were able to hold the annual meetings. "I got a valuable lesson from here. Indonesian people have very high resilience and fighting spirit," he said.

In the G30 meeting, central banks said they were committed to increasing cooperation and coordination in facing global financial uncertainty.

Chinese Central Bank Governor Yi Gang said the Chinese Government was trying to resolve trade tensions with the US constructively. Continued trade wars will have an impact on supply chains and cause uncertainty in financial markets. (H E N/ K R N/ M E D/ D I M )