Jokowi criticises developed countries at IMF-WB Group annual meeting

Indonesian President Jokowi has criticised the tough competition among developed countries that could harm the global economy, among other issues he raised at the plenary session of the IMF-WB annual meetings in Bali, Indonesia.

According to the Jakarta Post, Jokowi called on the world’s top fiscal and monetary policymakers to maintain and increase their commitment to cooperation, as well as encourage their leaders to address current global trade issues. He said weak global coordination and cooperation, particularly from developed nations, has contributed to increased global uncertainty and caused turmoil in the emerging market financial sectors and increases in global oil prices.

He made his second cinematic reference in a major speech this year, saying ‘winter is coming’ if nations don’t cooperate to address these and other issues, such as climate change and technology disruption, all of which pose a threat to developed and developing nations alike. Also addressing inequality within the global system, Jokowi outlined what he sees as an imbalance in global economic growth, as the United States is expanding whilst others are struggling with the effects of the escalating trade tensions.

“With the threat from evil winter, they finally realise its not important who will occupy the Iron Throne. The most important thing is the mutual power to defeat the evil winter so that global disaster won’t happen, so that the world doesn’t turn into a wrecked barren land that causes suffering to all of us,” Jokowi is quoted as saying in the Straits Times.

As reported in Antara news, both IMF Director Christine Lagarde and World Bank President Jim Yong Kim praised Jokowi’s speech for spreading an important message on the condition of the world economy. Lagarde warned policymakers to build adequate monetary and fiscal buffers in preparation for more market volatility, as a result of continued financial tightening and uncertainties in the global economy triggered by the ongoing trade tensions.

Overall the annual meetings in Bali were hailed as a success, with Indonesian Finance Minister Sri Mulyani – formerly managing director of the World Bank – saying she received positive feedback from all participants.