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

In October 2018, Indonesia will be the center of the world's attention. A world-class event will be held in Nusa Dua, Bali. There will be more than 15 thousand delegates from 189 countries attend this prestigious event, the International Monetary Fund-World Bank Group (IMF-WBG AM) Annual Meetings 2018. This event is an annual event of IMF and World Bank Group that every three years is held in an elected country. In this year Indonesia has the honor to be the host of this meeting after Lima, Peru, in 2015.

The election of Indonesia to host AM IMF-WBG 2018 is neither a gift nor a free gift. It is a result of the efforts and hard work of our economic "diplomats" since 2014. The IMF conducts rigorous selection in choosing a country to host its annual meeting.

The process begins with the submission of member states to host the Annual Meetings in a written proposal to the IMF and World Bank. Subsequently, they submit a bidding document detailing how they will meet key requirements, such as conference venues, accommodation, information technology capabilities, and security. Countries that meet the key requirements are included in the short list to be inspected by a special team. Based on the team's conclusions, the executive board members of both institutions then make recommendations to the Board of Governors.

In 2014, there were at least eight countries competing with Indonesia. According to Agus, the election process was done very transparent, because the decision must still be taken to Board of Director forum of IMF and World Bank.

This was agreed by IMF Managing Director Christine Lagarde during a visit to Indonesia, in early March. The eight host candidate countries compete and follow the judging process of the IMF and World Bank directly.

Judges from IMF and World Bank members then calculated many indicators such as accommodation, transportation, easy access, wi-fi, security aspects, and other technical matters.

After the selection, three countries were elected: Egypt, Senegal and Indonesia. In the next stage, the IMF and the World Bank directly reviewed (inspected) the three countries.

This was done as the Annual Meetings will be attended by all financial regulators, ie finance ministers and central bank governors of all member countries. And as a result, Indonesia received a majority vote by 189 countries, defeating Senegal and Egypt.

Thus, it is an honor for Indonesia who has earned the trust to host of almost all countries in the world.

The Annual Meetings in Bali will present a series of events containing the annual meeting of the Board of Governors which includes government representatives from the 189 member countries of both institutions. In addition, the Annual Meeting will also bring together central bank officials, finance ministers, academics, private sector executives, parliament members, representatives of civil society organizations, and journalists.

Some events in this meeting also give participants the opportunity to discuss global issues, including economic outlook, financial stability, employment and economic growth, poverty alleviation, development, and aid effectiveness.

Coordinating Maritime Affairs Minister also acts as Chairman of the National Committee AM IMF-WBG 2018 Luhut Pandjaitan said, there will be two thousand to three thousand side meetings in the event. The IMF calls these meetings as the world's premier economic conferences.

This opportunity will certainly provide many benefits for Indonesia. These benefits include opportunities to boost tourism, investment, and sustainable business. The attendance of over 20.000 participants in a one-week event will at least provide an unparalleled platform for Indonesia to tell the world its achievements, economic potential and growth as well as investment climate.

The Annual Meetings will also strengthen Indonesia's position as a major global destination for similar visits and events, allowing Indonesia to project itself as a well-organized location for the next high-level meetings.

At the local level, although Bali has become a world-class destination with various beauty and colors, improvements will take place in various fields. It includes airport facilities, highways, domestic tourism, and digital connectivity. In addition, some 60 tourist destinations in Banyuwangi, Lombok, and other areas in the archipelago.

After the event finished, various facilities and infrastructure that has been built will also be experienced by Bali people in particular and the people of Indonesia generally. Desk, computer, and other activities will be handed over to Banyuwangi Government, Badung, Lombok and then for students in the three areas.

Obviously, IMF-WBG 2018 AM is not only an honor but also opportunity and challenge for this country to keep moving forward.

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