Please join us for this discussion-the first of a new series organized by
the EAP Office of the Chief Economist and PREM Director for internal and
external audiences. This seminar will cover Indonesia's economic situation, the
Government of Indonesia's reform program and lessons drawn from the World Bank's
engagement through the proposed Public Expenditure Support Facility Development
Policy Loan with Deferred Drawdown Option. The World Bank's Indonesia team will
be presenting this Financing Package to the Board for approval on March 3.
Looking forward to seeing you.
Jim Adams
Vice-President, East Asia and Pacific Region, World Bank
World Bank- East Asia Pacific Region
Development Policy Speaker Series
Presents a Discussion on
"Indonesia: Weathering the Financial Crisis"
Speakers: Joachim von Amsberg, William Wallace, and P.S. Srinivas,
Jakarta Office, The World Bank
When: Wednesday, March 4, 2009; 11:00 am to 1:00 pm
Where: Room I 2-220, The World Bank, 1850 Eye Street, N.W. Washington
D.C.
Summary
A decade after the East Asian economic crisis of the late 1990s Indonesia
achieved a strong turnaround in economic performance, a marked improvement in
governance and a transition to democratic rule. Growth averaged over 6 percent
in both 2007 and 2008, while poverty and unemployment declined. The domestic
reform effort combined with strong global growth and high commodity prices
bouyed domestic growth and reduced the government debt burden from over 80
percent of GDP in 2000 to just over 30 percent currently.
Now global economic forces, which Indonesia did not have any role in creating,
are threatening this progress. The worldwide flight to security has
dramatically affected financial markets and the access to and cost of financing.
The Government of Indonesia and Central Bank proactively moved to address
mounting problems with a program designed to reassure financial markets, sustain
vital public spending, crowd in investment and support trade.
The speakers will present the genesis of the current crisis, its impact and the
measures the Government is taking to face it and the role the World Bank is
playing in support of the Government's efforts. The presentation will cover
Indonesia's macroeconomic circumstances and challenges, the Government's reform
program and the Government of Indonesia's request to the World Bank, the Asian
Development Bank, and other partners to provide contingent financing to sustain
Indonesia's development agenda in the event that markets were inaccessible.
Presenters
Joachim von Amsberg currently manages the World Bank Office in Jakarta,
Indonesia and previously managed the World Bank Offices in the Philippines and
Brazil. He has a wide professional experience as an economist in the World Bank
in the areas of environmental management, rural and urban development, and
infrastructure with professional assignments in Argentina, Brazil, Chile, Egypt,
India, Paraguay, and the Philippines.
William Wallace was previously an economic advisor to the Indonesia Government
for fifteen years in both the Indonesian Planning Agency and the Ministry of
Finance. Since October 2004, he has served as World Bank Lead Economist for
Indonesia in the World Bank Office, Jakarta, responsible for overseeing the
delivery of the Indonesian Team's analytical products and policy-based lending
as well as technical assistance and investment lending.
P.S. Srinivas is Lead Financial Economist, World Bank Office, Jakarta. Over
the past fifteen years at the World Bank, he has worked on finance and private
sector development issues in Latin America and East Asia. He previoulsy worked
at the Asian Development Bank and the private sector.
Moderator
Ahmad Ahsan
Lead Economist, Office of the Chief Economist and Director, PREM, East Asia and
Pacific Region, the World Bank
Chair
Jim Adams
Vice-President, East Asia and Pacific Region, the World Bank
The EAP Development Seminar Series is organized by the Chief Economist's Office
and PREM Director of the East Asia and Pacific Region of the World Bank to
provide a platform for social scientists, policy makers, and development
practitioners to exchange views on development issues in East Asia and the
Pacific. Participants include members of think tanks, embassies, United States
agencies and international organizations mainly located in the Washington area.
The objective is develop an expanded community of knowledge on development
issues in the East Asia and Pacific region.
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