15:20 | 09/10/2018 Global Economy
The annual meeting of the International Monetary Fund (IMF) and the World Bank (WB) began in Bali island, Indonesia, on October 8.
|The annual meeting of the IMF and the WB began in Bali island, Indonesia on October 8 - Photo: IMF|
The event brings together central bank leaders, finance ministers, business executives, representatives of civil society organisations and academics of 189 member countries of the IMF and WB. The total number of participants is estimated to reach 34,000.
Leaders of 10 member countries of the Association of Southeast Asian Nations (ASEAN) will also hold a summit on the sidelines of the IMF-WB meeting, initiated by the host country.
The meeting will discuss various global economic issues, such as trade imbalance, financial market volatility, inequality, poverty eradication, economic development, aid effectiveness, women empowerment in the work place as well as initiatives to improve trust in the system of multilateralism.
It takes place against the backdrop of growing uncertainties in the global economy. The sharp fluctuations in the currencies of emerging markets in recent days together with the escalation of trade disputes, especially the trade war between the US and China, can further drag down the global economic growth if no effective measures are taken to solve the problems.
Indonesia expects to use this event to not only showcase its economic achievements as the largest economy in Southeast Asia but also call for more foreign investment. Through the meeting, the country also wants to promote its culture and popular tourist destinations.
The event will run through October 14.