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Labor Fate Behind the Sparkly IMF-World Bank Annual Meetings

Indonesia organizes annual meetings of the IMF and the World Bank in Nusa Dua, Bali. All preparations, both the committee, the budget and the provision of facilities, were made by the government.

However, criticisms were made, especially about the cost of preparing this event: nearly Rs. 1 trillion.

Before being held in Bali, this annual meeting of the Board of Governors of the IMF and the World Bank was held at the headquarters of the IMF and the World Bank in Washington DC, United States, for two consecutive years. Then, for the following year, meetings are organized in some member countries.

The purpose of these meetings is to discuss global economic and financial developments as well as current issues, poverty reduction, international economic development and other issues.

The meeting included several agendas: IMF-World Bank Plenary Afternoon, IMFC International Monetary and Financial Committee Meeting), World Bank Development Committee, Economic Cooperation Group Meeting (G-20, G-24 , MENA, Commonwealth, BRICS, IIF, WEF). ), banking and real estate meetings, international seminars and conferences, press conferences.

The third meeting in Bali will bring together 15,000 participants, including central bank governors and finance ministers from 189 countries, the private sector, non-governmental organizations, academics and the media.

Although built on the discourse of "discussion on economic development and global finance", this event still raises a more specific topic of discussion. To explain this point, we must see how the previous three titles unfolded.

2015 Annual Meetings of the IMF and the World Bank in Peru
The meeting in Lima, from October 9 to 11, 2015, aims to determine what needs to be done to end poverty, economic growth, the Middle East crisis and climate change.

Jim Yong Kim, President of the World Bank, said in his speech:

"Even if we remain confident about ending extreme poverty, the current conditions make it difficult for us, as we are going through a period of slowing global economic growth, with rising interest rates emerging market capital.

In order to stimulate growth, every dollar spent on public spending, it would be good to look carefully at this possibility. The hope is that every dollar can be used to increase productivity. We must also ensure that all groups, whether small business owners or entrepreneurs, have access to capital to create more jobs. "

On this basis, a series of decisions were made during the event. On October 9, the IMF and the World Bank pledged to increase the allocation of funds related to the solution of the climate change problem by nearly $ 29 billion a year. The following day, the World Bank, the United Nations and the Islamic Development Bank (IDB) agreed to increase funding for conflict-prone countries in the Middle East and North Africa. These costs will then be used to help manage refugees, investment capital and economic recovery.

2016 Annual Meetings of the IMF and the World Bank, Washington DC

Global economic growth continues to slow, which was also discussed at the October 7-9, 2016 meeting in Washington DC

Agustin Carstens, Governor of the Bank of Mexico, said the situation made the economic recovery more difficult, apart from the problems, the main problem is the type of income deficit, the weakening of international trade and investment, protectionism stagnant reforms, increasing geopolitical uncertainty and medium-term financial risk.

To solve this problem, the IMF and the World Bank propose some solutions: first, create a fiscal policy conducive to economic growth by giving priority to taxation and high quality investment, strengthening resilience and guaranteeing public debt in the context of sustainable GDP.