14
October

Risks are increasingly skewed to downside amid heightening trade tension and ongoing geopolitical concerns with tighter financial conditions particularly affecting many emerging markets and developing countries. Therefore fiscal policy should rebuild buffers, where needed; be flexible and growth-friendly; avoid pro-cyclicality; and raise the quality of infrastructure and workforces skills, while ensuring that public debt is on a sustainable path. It was stated by Lestja Kganyago, Governor of the South African Reserve Bank while announcing the Communique of the 38th Meeting of the International Monetary Fund Connect (IMFC) in Nusa Dua Bali on Saturday afternoon (13/10). He also said IMFC also recognizes the need to continue to step up dialogue and actions to mitigate risks and enhance confidence in international trade, including on ways to improve the WTO to face current and future challenges.

Insert (in English):

The communiqué also recognizes the need to continue to step up dialogue and actions to mitigate risks and enhance confidence in international trade. To support this we will continue to work globally fair and modern international tax system, strengthen collaboration to leverage financial technology while addressing associated risks, and tackle sources and channels of money laundering and other illicit finance.

Kganyago also said the International Monetary Fund Connect (IMFC) supports efforts toward achieving the 2030 Sustainable Development Goals (SDGs). Therefore they will work together to enhance debt transparency and sustainable financing practices by debtors and creditors both public and private. Besides, IMFC will also continue to support countries’ efforts to build resilience, and deal with the macroeconomic consequences of pandemics, cyber risks, climate change, and natural disaster, energy scarcity, conflicts, migration and refugee and other humanitarian crises. (VOI/DP/AHM)

14
October

The global expansion remains strong. Growth is projected to be steady in the near term and to be moderate thereafter. However, the recovery is increasingly uneven, and some of the previously identified risks have partially materialized. It was stated by Governor of the South African Reserve Bank Lesetje Kganyago in a press conference after the International Monetary Fund Connect plenary session in Nusa Dua Bali on Saturday (13/10).  He said risks are increasingly skewed to the downside amid heightening trade tension and ongoing geopolitical concerns, with tighter financial condition particularly affecting many emerging markets and developing countries. While Indonesian President Joko Widodo in his speech at the annual meeting of IMF-World Bank Group on Friday (12/10) illustrated this condition as a Game of Thrones which got a big applause from the audience. The president said that victory or defeat in a war always brought about the same result. Commenting on the presidential statement, Kganyago said the president presentation has communicated complex issues in a very simple way.

 

“I think the presentation of the president was not just particular, it communicates very complex issues in a very simple manner using stories that people are familiar with, when we are talking about trade tension or global cooperation and the president communicate it such is a very simple way that I think you have to be proud to be led by a man like him," said Kganyago.

Kganyago also said to address the issues there is a need to step up dialog and to enhance confidence in international trade including on ways to improve the WTO to face current and Future Challenges. International Monetary Fund Connect (IMFC) will continue to work for a globally fair and modern international tax system, and where appropriate, address competition and tax challenges including from digitalization. (VOI/DP/AHM)

14
October

As the host of International Monetary Fund (IMF)-World Bank Group Annual meetings 2018, Indonesia brings a number of key issues addressed at the meeting taking place in Nusa Dua Bali, from 8-14 October, 2018. One of the main issues voiced by Indonesia is strengthening Indonesia's infrastructure financing. Indonesia will fight for infrastructure financing not only to be financed by the state budget, but also to involve the private sectors. Minister of National Development Planning Bambang Brodjonegoro after delivering his opening remarks at a dialogue themed Inclusive Urbanization Amid Global Change at Westin Hotel, Nusa Dua Bali, on Saturday (10/13) said there were two direct impacts of the IMF-WB Group meetings in Bali. According to him, both direct and indirect transactions will have greater impacts on Indonesia. He also said until Saturday his party had succeeded in obtaining private investment of 47 trillion rupiah.

 

"There are two direct impacts of this meeting. I mean the transaction and its economic impact if we look at the number of participants which is above our estimation in the beginning so that we estimate that the economic impact will be great for Bali.  The direct and indirect impacts will be greater. There are various types of investments, some directly to state-owned enterprises, there are Foreign Direct Investment (FDI) in Indonesia through the Indonesian Investment Coordinating Board (BKPM). There are also investments that we will launch later that relate to national private participation. There are also international philanthropic community participation in mixed finance. The amount is still moving. From us there are 47 trillion national private investments in infrastructure. This investment is for biomass power plant, and there are toll road developments in several places, said Minister of National Development Planning Bambang Brodjonegoro.

It is estimated that most of foreign delegates and guests will spend more time in Indonesia to have a vacation after the meeting. Thus, it will be able to live up tourism in Bali. Besides, for a long term impact, the annual meeting of the International Monetary Fund - the World Bank in Bali, will enable Indonesia to establish mutual agreements on global economic issues, trade and investment, tourism promotion, and expand the international community network. (VOI/DP/AHM)

14
October

The Indonesian Ministry of Foreign Affairs is holding a "Walk for Peace and Humanity: The Joint Walk to Independence for Palestine" held to continue supporting the struggle of the Palestinian people in their efforts to realize independence. Indonesian Foreign Minister Retno Marsudi said in remarks at the event in Jakarta on Sunday that the action is to show that Palestinians will never be alone in their struggle for independence. She added the Palestinian dream is the Indonesian dream too. Together with Palestinian Foreign Minister Riyad al Maliki, Chairman of the House’s Commission I Abdul Kharis Almasyhari, interfaith and community leaders, as well as more than 2,000 Indonesian people, the Indonesian Foreign Minister walked along 1.2 kilometers to the end of the Welcome Monument at the Hotel Indonesia Roundabout. The joint walk is part of a series of events for the Indonesian Solidarity Week for Palestine organized by the Indonesian Ministry of Foreign Affairs for October 13-17 2018, and coincides with the visit of the Palestinian Foreign Minister to Indonesia. This activity is part of the continuation of Indonesia’s commitment to Palestine and is aimed at increasing the understanding and care of the Indonesian people for the struggle of the Palestinian people. (ANTARA)

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