Bali IMF-WB meeting is expected to bring $68 Million in tourism revenue
International Monetary Fund (IMF) managing director Christine Lagarde has expressed optimism that Indonesia is ready to host the annual IMF-World Bank meeting in Bali, which will be held from Oct. 12 to 14.
The National Development Planning Agency (Bappenas) estimates that visitors and participants of the 2018 the Bali IMF-World Bank Annual Meeting will spend around Rp 944 billion (US$68 million) during their stay on the resort island.
According to the agency’s preliminary study on the economic impact of the international meeting on tourism in Bali, 95.2 percent of the tourism expenditure will come from foreign visitors and some 4.8 percent from domestic visitors.
The largest chunk of the visitors’ expenditure at Rp 569.9 billion is expected to go toward accommodation, followed by food and beverages at Rp 190.5 billion, transportation at Rp 36.1 billion, entertainment at Rp 57 billion and souvenirs at Rp 90.2 billion.
With appropriate policies Indonesia could attract more tourists and increase their spending, agency head Bambang Brodjonegoro said, as quoted by kompas.com.
“It can accelerate the increase of trade and business transactions during and after the event, and encourage an increase of foreign investment into Indonesia,” he said.
Indonesia, the agency said, would spend around Rp 1.1 trillion to organize the Bali IMF-WB international meeting.
Finance Minister Sri Mulyani has said the government would offer investment in infrastructure projects to potential investors from across the world who attend the IMF-World Bank meeting.
“From the annual meeting in [last] April in Washington, we have received many offers from financial institutions, particularly for financing infrastructure projects,” said Sri Mulyani after attending a meeting of IMF-World Bank Group 2018 national organizing committee.
He believed many investors would be interested in investing in Indonesia, both through the government’s debt papers and through direct investment to the projects offered by the government, particularly because Indonesia has a high investment grade.