The Coordinating Minister for Maritime Affairs Luhut Binsar Panjaitan and the Minister of Finance Sri Mulyani Indrawati Visited the Various Locations that will be used for Annual IMF-WB Meetings at Westin Hotels, in Nusa Dua, Bali - Photo by CMMA Office

JAKARTA (TheInsiderStories) – Starting today, global finance leaders to meet this week in Denpasar, Bali, for the Annual International Monetary Fund (IMF) and World Bank meetings. Around 189 countries will attend the meeting.

According to the Chair of the meeting Luhut Binsar Panjaitan, several agendas has been set up like World Economic Outlook seminar, Global Financial Stability Report, Fiscal Monitor and leaders meeting. He said, “We are ready to implement this annual meeting.”

Ahead of the IMF-World Bank meeting Pandjaitan and IMF Managing Director Christine Lagarde on Sunday (07/10) joined forces to transplant coral reef, not far from the site of the meeting. At the event, the minister called on the international world to invest more in the protection of marine biodiversity.

“Around 95 percent of the world ocean is yet to be explored,” said  Pandjaitan alongside Lagarde and Finance Minister Sri Mulyani Indrawati at Nusa Dua Coral Reef Garden.

Finance minister added, the ecosystem insurance including marine biodiversity offers great business opportunity. She said, “We will discuss this to the insurance world as an asset because coral reef doesn’t belong to us.”

Pandjaitan explained that beyond the main agenda of the IMF-World Bank meeting, Indonesia is offering several side events showcasing key issues such as ecosystem protection and visits to disaster-struck areas.

For this meeting, Indonesian government spent Rp566 billion (US$39.01million) on the preparation of IMF-WB Annual Meeting meeting that will be held on Oct. 8-14, 2018, in Bali. Pandjaitan considered the spending as an investment that brings some benefits including foreign exchange to Indonesia’s economy, especially from the tourism sector.

Pandjaitan stated that the government will offer various infrastructure projects in the meeting such as financing of Light Rapid Transit (LRT) projects in Bandung and Palembang, waste management, and solar panels.

In addition, Bank Indonesia‘s governor Perry Warjiyo said the government expected to get infrastructure project financing signing agreements in the meeting.

He added infrastructure projects can use various financings such as blended financing that refers to a scheme that mix government and commercial financial institutions funds.

The Indonesian government targets $500 billion in the blended financing scheme in the next five years.

It is not the first time the Indonesian government uses the Annual Meeting IMF-WB to raise infrastructure projects financing. During the Spring Meeting of Boards of Governors of the IMF and the WB Group in Washington DC on April 16-22, 2018, Indonesian government offered the blended financing scheme to lure investment in 10 major infrastructure projects.

The projects include waste management facilities, geothermal plant, Kertajati Airport in West Java and all construction of LRT projects in the country.

Furthermore, Warjiyo added the meeting will discuss the digital economy and digital finance in one of the panels in the meeting namely Bali FinTech Agenda. He expected the meeting will raise an agreed formula that can be used to develop FinTech in the world.

Other issues that will be discussed at the meeting is Islamic finance and women empowerment. “The meeting will discuss development issues,” he said.

US$1: Rp14,500

Written by Staff Editor, Email: theinsiderstories@gmail.com

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