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Jakarta Post

Circulation to reach Rp 4t during IMF-WB annual meeting

  • News Desk

    The Jakarta Post

Jakarta   /   Mon, February 12, 2018   /   01:19 pm
Circulation to reach Rp 4t during IMF-WB annual meeting Tourists watch a Kecak dance at Uluwatu Temple in Bali. The province will be hosting the International Monetary Fund-World Bank Annual Meetings this October, when up to 20,000 delegates are expected to arrive on the resort island. (Shutterstock/File)

Bank Indonesia (BI) has projected that monetary circulation will reach Rp 4 trillion (US$293.19 million) by the time of the International Monetary Fund-World Bank (IMF-WB) Annual Meetings this October in Bali.

In comparison, circulation reached Rp 694.8 trillion last year, or a daily average of Rp 1.9 trillion.

“The meetings will accelerate the economy in Bali,” BI Bali office head Causa Iman Karana said on Sunday as reported by Antara.

During the annual meetings, a greater quantity of money in circulation is needed due to increased spending on accommodation, food and beverages, transportation, telecommunication and other supporting services and facilities.

Representatives from 189 member countries of the IMF and the World Bank are slated to attend the meetings, with an estimated 15,000 to 20,000 attendees comprising high-ranking government officials, businesspeople, academics and representatives from civil society organizations. The government had readied Rp 868 billion for infrastructure projects, delegates’ accommodation and other needs for the IMF-WB annual meeting.

It had also accelerated the construction of several infrastructure projects in preparation for the IMF-WB meetings, including building an underpass at the intersection to I Gusti Ngurah Rai International Airport, expanding the airport apron and developing a tourism port at Benoa, Denpasar.

BI estimated that 2018 growth in the Balinese economy would reach 6 to 6.4 percent, from 5.59 percent growth in 2017. (ami/bbn)