The International Monetary and Financial Committee (IMFC) gathered in Bali, Indonesia Saturday for the IMF’s Annual Meetings. Leaders discussed ways to support the global expansion and lower tensions over trade and other risks to the world economy.
“We called this whole Annual Meetings Sailing to Indonesia. Well, as I said, steer the boat. Do not drift, and sail together, because we will be stronger together. What it means is focus on your policies. Make sure that they are the right ones in the face of economic developments. Do not drift, and let’s cooperate as much as we can because we are stronger together,” said IMF Managing Director Christine Lagarde.
IMFC Chair Lesetja Kganyago said economic officials focused on financial technology as a tool to create a more inclusive economy.
“So, there are immense opportunities with respect to fintech, but as the Bali Agenda states, there are also risks that we are going to have to deal with, including whether regulators are geared to be able to make sure that the users of financial services are adequately protected with fintech. Without a doubt, it offers an incredible opportunity to broaden access to financial services,” said Kganyago.
Lagarde was asked if she still plans to visit Saudi Arabia amid reports about the death of Saudi dissident and journalist Jamal Khashoggi.
“Human rights, freedom of information, are essential rights; and horrifying things have been reported, and I am horrified. But I have to conduct the business of the IMF in all corners of the world and with many governments. And when I visit a country, I always speak my mind. You know me. I do. So, at this point in time, my intention is to not change my plan and to be very attentive to the information that is coming up in the next few days, but I speak my mind,” she said.