Sri Mulyani Recommends World Bank And IMF To Maintain Reform Momentum

Minister of Finance, Sri Mulyani Indrawati. (Photo: Doc. Antara)

JAKARTA - Indonesian Finance Minister Sri Mulyani Indrawati recommends the World Bank and International Monetary Fund (IMF) to maintain the momentum of reform and ensure that reform produces real opportunities for developing countries.

"The World Bank and the IMF must maintain the momentum of reform and ensure that these reforms produce real opportunities for emerging markets," Sri Mulyani said in a statement in Jakarta, quoted from Antara, Wednesday, April 24.

He said that the World Bank should be more confident in setting ambitious targets for evolutionary deliverables in the next phase.

The State Treasurer has high hopes for the implementation of the Global Challenges Program and Knowledge Compact which prioritizes clients' needs and conditions.

One big thing that was highlighted strongly by the Minister of Finance Sri Mulyani Indrawati, namely the World Bank's pricing (cost of borrowing) which is too expensive compared to other recent MDBs.

In addition, the Minister of Finance also mentioned the importance of increasing the financial capacity of the World Bank and strengthening the interests and representation of members.

He believes that increasing capital in line with the share ownership review will strengthen World Bank legitimacy and governance when reliable global institutions are needed.

He conveyed this recommendation in the 'Development Committee Meeting' activity, one of the agenda series of the 2024 International Monetary Fund Semi-World Bank Group (2024 IMF-WBG Spring Meetings) in Washington DC, United States, on April 15-20.

In this activity, Sri Mulyani also welcomed the progress achieved towards the creation of a larger, better, and bolder World Bank Group (WBG) through the World Bank Group Evolution Roadmap.