--- On Mon, 5/18/09, qusthan_abqary <qusthan_abq...@yahoo.com> wrote:
From: qusthan_abqary <qusthan_abq...@yahoo.com>
Subject: [Forum-Pembaca-KOMPAS] salah satu pernyataan bersama boediono dengan
sri mulyani
To: forum-pembaca-kom...@yahoogroups.com
Date: Monday, May 18, 2009, 4:02 PM
BOARDS OF GOVERNORS • 2008 ANNUAL MEETINGS • WASHINGTON, D.C.
INTERNATIONAL MONETARY FUND
WORLD BANK GROUP
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
INTERNATIONAL FINANCE CORPORATION
INTERNATIONAL DEVELOPMENT ASSOCIATION
INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES
MULTILATERAL INVESTMENT GUARANTEE AGENCY
J
Press Release No. 13
October 13, 2008
Joint Statement by the Hon. BOEDIONO,
Governor of the Fund, and the
Hon. SRI MULYANI INDRAWATI,
Governor of the Bank, for INDONESIA,
at the Joint Annual Discussion
Statement by the Hon. BOEDIONO,
Governor of the Fund, and the
H.E. SRI MULYANI INDRAWATI,
Governor of the Bank, for INDONESIA,
at the Joint Annual Discussion
1. We are meeting at a time of great challenge and risk in the global
economy. The global financial crisis, rising commodity prices, and a
considerable slowdown in global economic growth, are presenting
unprecedented challenges in the history of global economy. As this is a
global crisis, we need a global solution. We believe that given their
mandates, the International Monetary of Funds and the World Bank must
play the leading role in the crisis resolution, provide guidance on the
appropriate policy responses, and reshape the works to better assess and
prevent future crises.
Global Economy and Financial Market
2. The slowdown in the global economy continues to deepen, with the slow
growth in both advanced and emerging economies. Risks to growth are
firmly on the downside, particularly if the financial conditions should
deteriorate further and that financial strains would be more intense.
Emerging economies are increasingly affected by the spillovers from
financial and economic stress in advanced economies, with clear signs of
decelerating economic activity and continuing inflationary pressures.
The immediate challenge is thus for macroeconomic and financial policies
to support the recovery and stabilize financial conditions, while
keeping inflation under control.
3. Monetary and fiscal policies are very important to anchor
inflationary expectations and to mitigate negative feedback loops
between the financial system and the economy in the near-term. In this
regard, we welcome the policy responses in the US to provide support to
the economy in the face of financial stress while ensuring adequate
liquidity to the financial system. Direct fiscal intervention with the
use of public sector balance sheet has already taken place in the US and
in a number of advanced countries to contain systemic financial risks.
Nonetheless, we view that closer and concerted policy coordination,
particularly those among advanced economies, is the key to immediately
address the liquidity problem in the global financial system and manage
the orderly deleveraging process. It will also be critical to continue
with reforms to strengthen the financial system.
Refocusing the Fund
4. We welcome the efforts of the Fund to identify the underlying causes
of these potentially devastating problems. The current crisis once again
provides an important lesson that the rapid financial innovation without
proper market safeguards and adequate regulation and supervision can
lead to systemic failures. This clearly calls for a redesign of
international financial architecture. Reforms in regulation and
supervision of institutions and markets are needed and to be coordinated
on a global scale to mitigate the risk to global financial stability. We
call on the Fund, in closer coordination with other international fora
including the Financial Stability Forum (FSF), to play a leading role to
provide the multilateral platform for discussing and eliciting the
appropriate responses.
5. In the short-term, since we are still grappling with crisis, what we
need is to move quickly and coherently with more concrete solutions to
avoid a global financial catastrophe. To this end, the Fund should be
advising members what to do and how best to respond to the fallout from
the crisis, how to restore the stability and preventing further
spillover effects. We call on the Fund to play a more proactive role in
the much needed global policy coordination through its multilateral
consultation. Building on its expertise and experience from wide
membership, the Fund is better place to provide such policy advices. We
also urge the Fund to expedite the new liquidity instrument to help
members better prepared in their crisis prevention framework as they
integrate into global financial system.
6. The turmoil has posed challenges to policy makers and highlighted the
importance of better analysis of global stability risks. In this regard,
we commend the Fund's progress to meet its Reform Agenda. We are
convinced that the reforms will help the Fund become more efficient in
carrying out its mandates and sharpen its focus. On surveillance, we are
pleased to note that the Fund will enhance its surveillance on
macrofinancial linkages and advance its early warning framework.
However, in the current global financial crisis, a better integration of
multilateral surveillance into bilateral surveillance should also be
prioritized.
7. We also believe that the Fund's existing lending instruments are
based on a model that is no longer suited to the needs of a large part
of the membership. The global financial system has evolved enormously
since the Fund was created, and so have members' needs for Fund
support. While the Fund has adapted to members' evolving needs, this
was not nearly fast enough. In addition to expeditiously concluding the
work on a new liquidity instrument, there is urgent need for exploring
analytical considerations for Fund lending, re-examining conditionality,
reviewing the Fund's lending role in low-income countries, and
reviewing access limits and financing terms for using Fund resources.
8. We also welcome the establishment of Committee on the IMF Governance
and Reform. We believe that in addressing global issues, the Fund
depends heavily on its capability to establish an adaptive and flexible
management structure. In this regard, we trust that the Committee would
come up with recommendations that benefit all its members. Nonetheless,
we must not forget that further addressing the voice and representation
of developing and emerging economies remains one of the key issue on IMF
Governance reform. We calls on the Fund to make further progress in
closing the gap between actual and calculated quota shares to reflect
their relative positions in the world economy.
Strategizing the Bank
9. The current global challenges also call for the central role of the
World Bank. We need to mitigate the spill-over risks of continued high
commodity and food prices to development agendas. Higher inflation
reduces the capacity to advance important development goals. In some
extreme cases, it might undo many of the achievements of the past
decades and push more people into poverty. We believe that the Bank is
well positioned to lead a coordinated global effort to tackle these
problems.
10. Looking beyond the crisis, we support the Bank's efforts to
achieve its Long-term Strategic Direction. We believe the Strategy
provides a better mechanism for aligning aid with national development
strategies. We appreciate the increasing role of Country offices to
maximize the Bank's understanding of client countries.
11. We are heartened that the Bank remains committed to a leading role
in advancing climate change efforts. We also applaud the Bank's for
assisting developing countries to access and maximize the benefits of
various financing schemes. The Bank is well positioned to act as a
catalyst in the efforts to increase the private sectors' climate
change role, as well as facilitating technology transfers.
12. We believe that tackling corruption and improving transparency both
at an international and country level is a fundamental condition for
ensuring a sound path for development. We note that together we could do
more to implement the Stolen Asset Recovery (StAR) Initiative. This
important project needs concrete and collective efforts to investigate,
trace, and repatriate stolen assets. A coordinated effort would help rid
the globe of safe havens for stolen assets.
13. We encourage the Bank to continue with efforts to advance structural
reforms and to increase the voice and role of developing countries. This
should include efforts to increase representation of staff from
developing countries in the senior management ranks and to empower all
members to participate in the leadership selection process.
Responding to the Crisis—Indonesia' s Experience
14. In closing, we reaffirm Indonesia's commitment as a solid and
reliable partner of the Bank and the Fund. We continue to do our part to
mitigate the spillover risks of the unfolding crisis into the emerging
markets. We have so far been able to withstand the negative impact of
the global crisis, thanks to our prudent macroeconomic policy,
strengthened financial sector, and adequate foreign exchange reserves.
Nonetheless, this is a challenging task, particularly given the
increasing trade-off between inflation and growth while preserving
financial stability. In this context, we have taken measures to adjust
the economic policy mix to reduce inflationary pressure while
maintaining financial stability and growth momentum.
15. On the fiscal front, in order to secure fiscal sustainability and at
the same time allow the needed fiscal space, we have moved forward
towards more streamlined subsidies accompanied by well-targeted social
transfers as well as reinforcing expenditure restraints. On monetary
front, the central bank has pre-emptively raised its policy interest
rate to curb inflation expectations and the second-round impacts of
domestic fuel price increase, while at the same time ensure sufficient
liquidity in the financial system. Going forward, we will press forward
our effort to enhance our crisis management framework, including our
plan to strengthen legal aspects of the crisis management and protocol
that outlines procedures and clarifies the responsibility of agencies.
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