Economy Policy

Winter is coming, Jokowi tells fiscal, monetary policymakers

President Joko “Jokowi” Widodo dropped another cinematic reference when speaking before the world’s finance ministers and central bankers at the plenary session of the International Monetary Fund (IMF) and World Bank Annual Meetings in Nusa Dua, Bali, on Friday.

He made comparisons of the current global economic situation to the Game of Thrones, an Emmy-winning television series made by HBO adaptation of a series of novels written by George RR Martin.

“With all the problems that the global economy current face, it is appropriate to say that ‘winter is coming’,” said Jokowi, borrowing one of the oft-quoted phrases in the series, which earned applause from the audience.

Jokowi also said weak coordination and cooperation, particularly on the part of developed countries, had resulted in additional uncertainty in the global economy, citing the drastic increase in the global oil price and turmoil in the financial markets of emerging markets as recent examples.

In the face of such conditions, Jokowi called for greater cooperation and coordination in working toward a common goal.

“We rely on you, the world’s fiscal and monetary policymakers, to maintain the commitment to global cooperation. I am very hopeful that you, sirs and madams, will contribute to encouraging the world’s leaders to respond appropriately to the situation,” said Jokowi, adding that proper fiscal and monetary policies were needed to counter the negative impacts of the trade war, technology disruption and financial market uncertainty. (bbn)

The Jakarta Post

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