Africa: IMF to Respond to Shocks in Global Economy

Market place.
9 October 2018

As the International Monetary Funds/World Bank Meetings begins yesterday (Monday), the global financial authorities in union with the host, Indonesia government, hope to come up with a breakthrough to respond to the uncertainties in global economy.

"We will have Bali declarations. In the global focus, there are economic issues. We hope to come up with a breakthrough to respond to the global uncertainties in the world economies," said minister of communications and information technology of the republic of Indonesia, Mr Rudiantara.This year's Annual Meetings is being held in Bali, an island in Indonesia with about 3.4 million people. The about 189 ministers of finance and another 189 central bank governors are from across the globe to discuss the Bali declarations, debt challenges, release new world economic outlook, new human capital index for the globe and state of Africa region. 34,000 delegates and observers are gathering in Nusa Dua, Bali to participate in the annual meetings.

Speaking on the sidelines of the meeting, Mr Rudiantara said the meetings would spur economic activities and grow the Indonesian gross domestic product (GDP) of not just the Bali region but that of the entire country. "There will be revenues for the hotels, restaurants, transportation, etc. This also will increase the GDP of the Bali region. The study conducted by the ministry of national planning suggests GDP will increase to 0.64 per cent of the local GDP. It will raise more than 6 per cent in 2018," he said.Meanwhile, the organising committee of the 2018 annual meetings said management and staff of the IMF would donate Rp2 billion ($131 million) for the victims of the earthquake and tsunami that hit Palu in central Sulawesi province and the resort island of Lombok in west Nusa Tenggara province.

It said the aid which would be directly handled by the IMF managing director , Christian Lagarde, would be distributed through the Indonesian Red Cross and a number of non-governmental organisations, including the World Central Kitchen, World Vision, as well as other institutions. The Indonesia coordinating minister for maritime affairs, Luhut B. Panjaituan, would also make donation under the Lomobok Disaster Relief Efforts scheme through the East Java branch of Nahdlatul Ulama Muslim organisation, amounting to Rp500 million. In addition, the Indonesian assistance in the form of 241,000 elementary school uniforms - SDN Gutntur Macan 1 and 2 - would also be given.

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