Saturday, 18 January 2020

IMF-World Bank Forum: BI Seeks Stronger International Cooperation



Petir Garda Bhwana

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  • TEMPO.CO, Jakarta - Bank Indonesia (BI) attended the annual IMF-World Bank meeting di Washington DC. BI deputy governor Dody Budi Waluyo said the central bank agrees that there needs to be joint efforts to enhance cooperation, mitigate risks, improve resilience, and implement policies that will push growth.

    "Bank Indonesia also supports the continuation of the Integrated Policy Framework study that the IMF is carrying out to improve understanding and effectiveness of economic policies adopted by each country—in accordance with their respective characteristics and conditions," Dody said in a written statement, Sunday, October 20.

    According to Dody, various risks are threatening global economic growth - including the US-China trade tension that causes uncertainties in policies, geopolitical risks, tightened finances amid limited rooms for new policies, high debts, and increased vulnerability.

    There are also risks related to climate change, on which this meeting focuses.  Climate change is seen as affecting the world's financial system stability, hence the need to mitigate it with financial policies. 

    BI also stressed the importance of continuing the reform agenda in the financial sector, while paying attention to flexibility for authorities—adjusted to specific conditions in each country.

    "This can be achieved by identifying existing regulatory and monitoring frameworks to address existing vulnerabilities and international cooperation needed, including those caused by technological developments," Dody said.