Tuesday, 18 June 2019 | 14:21 WIB

MoF: Three Important Things the New President of World Bank Must Do

Indonesia Finance Minister Sri Mulyani (special)

JAKARTA, NETRALNEWS.COM - Indonesia Minister of Finance Sri Mulyani Indrawati says there are three priority steps that need to be implemented by David Malpass, the newly elected President of the World Bank Group. This was conveyed by the Minister during the Bretton Woods Joint Seminar Committee and Center for Global Development.

This seminar is part of the 2019 International Monetary Fund - World Bank Group (WBG) series.

For the newly-elected World Bank President, the Minister of Finance said that their knowledge about the World Bank needs to be constantly updated.

"He was involved in the increase in World Bank capital in 1980 and his knowledge must be improved. The World Bank has changed a lot in business processes and various things," Sri Mulyani.

She added that since the leadership of World Bank President Robert Zoellick, there have been many changes in the body of the World Bank organization including in terms of business processes. The World Bank has made reforms so that it is more agile and responsive in responding to issues of corruption and data democratization.

Secondly, the Minister of Finance hopes that Malpass would be concerned with specific issues as well as the leadership of the previous World Bank President. Sri Mulyani believes that Malpass, who is an economist, will have attention to resolve issues or programs for each country, including small countries, poor countries, fragile countries and island nations.

"What must be done is to ascertain how the World Bank operates into a country or how the World Bank promises to the state regarding the increase of capital to all countries," said the Minister of Finance.

Furthermore, Sri Mulyani said that the policy that will be much awaited is handling related to middle income country, especially China.

Third, during Zoellick's leadership, there were specific issues of concern, namely corruption and data transparency. Whereas in Jim Kim's time, attention was focused on the issue of human resources and climate change.

"Maybe in the Malpass era, he will be more concerned with the gini coefficient, inequality, as well as policies on how countries can develop optimally with minimal intervention," said the Minister of Finance.

Some of these things, according to her, need to be decided because they have a major influence not only on World Bank staff but also on all stakeholders.