AM IMF-WBG 2018: World’s Honor and an Opportunity for Indonesia

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This october 18th, Indonesia will become the center attention of the world. A world class event will be held in Nusa Dua, Bali. There, more than 15 thousand delegates from 189 countries will be attending a prestigious event, the Annual Meetings International Monetary Fund-World Bank Group (AM IMF-WBG) 2018. This event is a yearly event of the IMF and WBG that in every three year being held in an elected country. On this year Indonesia get the honor to be the host of this meeting after Peru in the city of Lima, last 2015.

“Annual Meeting World Bank Group and IMF held in Washington DC every year, and once after every two year outside the US, as for this year held in Lima, Peru, but in 2018 will be held in Bali, Indonesia,” said the Governor of Bank Indonesia Agus Martowardojo, as quoted from sindonews.com, last September 2015.

Indonesia being elected as the host of AM IMF-WBG 2018 was not a free gift. Being elected as the host of of the annual meeting is a fruit of efforts and perseverances of our economic “diplomat” since last 2014. Because to make a nation as the host, IMF conduct a strict selection.

The process begin with the proposal of the member country to be the host of Annual Meetings written to the IMF and the World Bank Group. After that it proceeds with submitting the proposal documents detailed with how they meet the primary requirements, like the conference hall, accomodation, information technology ability, and security. Countries that meet the primary requirements then will be shortlisted for further inspection by a specila team. Based on this conclusion, the member of this executive board from both institution will make a recommendation to the Board of Governors.

Last 2014, at least there are eight countries competing along with Indonesia. According to Agus, the selection process was complicatedly done yet very transparent, because the decision needs to be delivered to the Board of Directors of IMF and WBG.

This was also agreed by the Managing Director of the IMF Chirstine Lagarde when visiting Indonesia, earlier this March. The eight candidate host countries were competing tightly and follow the selection process from the IMF and World Bank Group personally.

“The panel member of IMF and World Bank Group calculating lots of indicators such as accomodation, transportation, flexible access, wi-fi, security aspect to other technical things,” clear Lagarde, quoted by CNBC Indonesia, when in Nusa Dua, Bali.

After being selected, there are three countries: Egypt, Senegal and Indonesia. On the next step, the IMF and World Bank Group, personally inspect the three countries. This was done because the Annual Meeting will present all regulators in finance, that are Ministers of Finance and the Governors of Central Bank from all member country. And the result, Indonesia got the majority votes of 189 countries, outvote Senegal and Egypt.

“From that selection, Indonesia was the best,” so Lagarde said.

That said, it’s an honor for Indonesia to be the host for the delegates from almost all the countries in the world. The Annual Meeting in Bali will later filled with a series of events consist of yearly meeting of the Board of Governors including the government representatives from 189 member countries of the two organization. That aside, Annual Meeting will bring together all the Central Bank officials, finance ministers, academicians, NGOs and press.

Many events in this meeting will give an opportunity to the participants to talk about global issues, including the economic prospects, monetary stability, employments and economic growth, poverty alleviation, developments, to aid effectiveness.

The Coordinating Minister for Maritime Affairs as the Chairman of the National Committee for AM IMF-WBG 2018 Luhut Pandjaitan in one occasion stated that, there will be two thousand to three thousand sidee meetings along the event. IMF called these meetings as the primary economic conference in the world.

Those benefits including the opportunity to increase tourism, investment, and sustainable businesses. That aside, the series of event in one week will at least bring unbeatable platform to Indonesia to tell the world about the achievements that have been achieved, potential and economic growth, and also investment climate.

The Annual Meetings will also strengthen the position of Indonesia as the global destination for visitation and similar occasion, so that it’s possible for Indonesia to self project as a well organized location for next summits.

On local level, though Bali has become a world-class destination with various forms and colors, upgrades will occur in many fields. Say it airport facilities, roads, domestic tourism, and digital connectivity. As well for the other 60 tourist destinations in Banyuwangi, Lombok, and other places in the Archipelago.

It didn’t stops there, after the event, many facilities and infrastructure that has been built, will be used especially by people in Bali, and the people of Indonesia in general. Desks, computers, and any other necessities will be handed to the Local Government of Banyuwangi, Badung, and Lombok to later be for the students in the three area’s schools.

Obviously, AM IMF-WBG 2018 is not only an honor but also an opportunity and challange for this nation in the future.