I squeezed in a quick trip to Cusco to experienced more of beautiful Peru. It was an adventure-packed 6 days filled with mountain-biking, white-water rafting, zip-lining, trekking (with a broken foot) and exploring Machu Picchu, Aguas Calientes and Cusco. Latin America has definitely captured my heart!
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The opportunity provided by Global Voices and the UNSW Co-op program to attend the IMF & World Bank Meetings has been a once in a lifetime experience. I have a much broader perspective on so many issues and I am more motivated to become an even more active global citizen.
While a lot of the front-end meetings could be idealistic at times and often lacked debate around specific actions, I believe that the bilateral relationship building, diplomacy and information sharing that happens behind closed doors cements the relevance of the World Bank, IMF and the Annual Meetings as important global forums for global financial stability and sustainable development. I was particularily encouraged by the discussion surrounding climate change and gender equality and financial inclusion. I found it very comforting that these issues were high on both the IMF and World Bank's agendas as they are such global issues with profound effects on humanity as a whole. I also found the policy shift within the two organisations encouraging. Rather than forcing countries to implement vanilla policy, countries are being empowered to leverage global resources to develop tailored solutions to suit the people, culture and political landscape. I believe this is embodied in the collective pursuit of inclusive growth and recognition that economic growth should is not the only measure of development. 9.00AM Annual Meetings Plenary
11.00AM Structural Reforms, Inequality and Growth
Panelists:
Min Zhu, Deputy Managing Director, IMF Winnie Byanyima, Executive Director, Oxfam International Jeroen Dijsselbloem, President, Eurogroup Joseph Stiglitz, Nobel Laureate, Columbia University Luis Videgaray, Minister of Finance, Mexico
12.00PM Jason Allford
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3.45PM Hartwig Schafer
Vice President Operations Policy and Country Services
.... @zdiamond_ @globalvoicesau thanks for a refreshing meeting and the good questions you asked
— Hartwig Schafer (@HartwigSchafer) October 10, 2015
5.00PM Hon. Senator Mathias Cormann
Australian Finance Minister
Great to be meeting a group of fine young Australians at IMF & World Bank meetings in Lima with @globalvoicesau pic.twitter.com/y8ZEVlHfib
— Mathias Cormann (@MathiasCormann) October 9, 2015
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5.30PM Today at 2030
Ollanta Moises Humala, President of the Public of Peru
Ban Ki-moon, Secretary General, United Nations
Justine Greening, Secretary of State for International Development, United Kingdom
Jim Yong Kim, President, World Bank Group
Christine Lagarde, Managing Director, International Monetary Fund
Panelists discussed the UN's new Sustainable Development Goals.
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7.00PM Peru Welcome Reception
9.00AM IMF Director's Press Briefing
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10.00AM Financial Inclusion: Can it meet multiple macroeconomic goals?
Financial literacy in schools crucial for meeting #FinInclusion goals #Peru2015 #188Together @globalvoicesau @UNSWCoop
— Zoe Diamond (@zdiamond_) October 8, 2015
The IMF was praised for including financial inclusion on its agenda as a means of promoting sustainable development.
Panel discussed the importance innovation in financial products and innovation, however warned that these innovations must be supervised and understood by governments. Innovation and education is needed to power people to create a credit history in an informal economy, such as many of the emerging markets.
Giving women access to financial instruments empowers them to create budgets and improve futures for their families. The IMF must seek to address issues with women's inability to hold collateral in some countries.
The biggest threat to financial inclusion is financial instability. This is more important now because the global economy, especially emerging markets are facing a lot of uncertainty.
1.00PM Debate on the Global Economy
Panelists:
Christine Lagarde, Managing Director, IMF
Mark Carney, Governor, Bank of England
Joaquim Levy, Minister of Finance, Brazil
@globalvoicesau delegates front and center for Debate on the Global Economy #GlobalEcon #AM2015 pic.twitter.com/Ph9oi16RQG
— Zoe Diamond (@zdiamond_) October 8, 2015
Global economic debate mediated by Richard Quest of CNN. Panelists included :
- Christine Lagarde, IMF Managing Director,
- Mark Carney, Governor BoE
- Joaquim Levy, Brazillian Minister of Finance
Discussion was focused around key challenges in the global economy including slow economic growth, monetary policy normalisation and structural reform.
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3.00PM Dougal McInnes
Director of DFAT Climate Branch
4.30PM World Bank Flagship Event: Future of Food
.@JimKim_WBG a self-confessed 'food groupie' committed to tackling hunger & stunting #foodforall @globalvoicesau pic.twitter.com/igp73pP00G
— Alexandra Edelman (@EdelmanAlex) October 8, 2015
The impact of climate change on food production was also discussed.
GV #WB #IMF delegates met Aliyu Ahmed & Fidel Odey Advisors to the ED for Angolia Nigeria & South Africa #188Together pic.twitter.com/fQ8P7V43Yu
— Global Voices (@globalvoicesau) October 7, 2015
9.00AM - IMF’s Role in Central and Eastern Europe’s Debt Crisis
Discussing the #IMF's role in Central and Eastern #Europe's #DebtCrisis #AM2015 @globalvoicesau pic.twitter.com/xYMptsJjaO
— Zoe Diamond (@zdiamond_) October 7, 2015
10.00AM - World Bank Flagship Event: Inequality, Opportunity and Prosperity
World Bank flagship event on Inequality, Opportunity and Prosperity #AM2015 @globalvoicesau pic.twitter.com/qu8PpJfVIp
— Zoe Diamond (@zdiamond_) October 7, 2015
Jim Yong Kim discussed the need for fair, efficient tax systems, including stemming corporate tax avoidance.
He also expressed a need for entrepreneurial people in developing countries to have access to capital and for every individual to have access to a bank account and credit.
Kim stressed the importance of both growth and increasing equality. Reducing inequality without growth will not reduce poverty. Likewise growth without increase equality will also not have positive outcomes for poverty alleviation. High rates of inequality can slow economic growth.
"Growth by itself is not enough. We need to end #poverty and increase #equality" - #WorldBank @globalvoicesau @UNSWCoop
— Zoe Diamond (@zdiamond_) October 7, 2015
“Sexism, racism and ageism are bad for your economy” - JYK
“Making sure that everyone in the world has a bank account & access to credit is critical.” - @JimKim_WBG #endpoverty pic.twitter.com/RVol0JmIMd
— World Bank (@WorldBank) October 7, 2015
11.00AM Bridging the Pacific: Harnessing the Benefits of Rising Trade and Financial Integration Between Asia and Latin America
Discussing the #TPP at #IMF Bridging the Pacific forum #IMFYouth #AM2015 @globalvoicesau pic.twitter.com/1MMKGYti2Q
— Zoe Diamond (@zdiamond_) October 7, 2015
Discussions focused on the strengthening of the trade relationship between China and Latin America as a result of the new Trans-Pacific Partnership (TPP).
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On my way to Lima for @WorldBank/ @IMFMeetings http://t.co/M7v2EvUAQq - #climatefinance crucial for #COP21 success pic.twitter.com/MfnexxOdQK
— Christiana Figueres (@CFigueres) October 6, 2015
1.00PM Christine Figueres
Executive Secretary of the UN Framework Convention on Climate Change Management
Ms. Figueres is optimistic going into COP21 and seem encouraged by the 150 country emission commitments that had been released. It is estimated that the commitments made will reduce global warming to 3 degrees. Further action is needed, however to reach the target of 2 degrees.
2.00PM Convesation on the Challenges of Climate Change
Discussing climate change with @Lagarde @JimKim_WBG @CFigueres & @TheNickStern @globalvoicesau pic.twitter.com/l1klLhpAvq
— Zoe Diamond (@zdiamond_) October 7, 2015
Mr. Stern was also optimistic noting that investment in electricity is largely in low carbon plants and China’s coal usage is falling. He said that we have a once in a lifetime opportunity to change the way we live, but this change must occur in the next 20 years.
The debate also expressed the notion that the burden for reducing carbon emissions should not fall on the worlds poorest. Mr. Kim emphasized the importance of finding finance to assist developing countries adopt green energy.
Developing countries wasting resources on #FossilFuel subsidies - @JimKim_WBG #AM2015 @globalvoicesau
— Zoe Diamond (@zdiamond_) October 7, 2015
Pricing #carbon aligns incentives to promote #green innovation - @JimKim_WBG #AM2015 @globalvoicesau @UNSWCoop
— Zoe Diamond (@zdiamond_) October 7, 2015
3.00PM Bertrand Badré
Managing Director and World Bank Group Chief Financial Officer
The Bank is also universal in coverage across the world, with programs in over 100 countries. The Bank also works with both the public and private sector to encourage a conducive investment climate. Mr Badre also cited the Bank's rare AAA credit rating as an asset which allowed the Bank to take greater risks.
The Bank is also one of the largest data collectors in the world and is a forum to discuss global issues.
3.30PM Energy Pricing: Getting it right?
Discussing energy pricing #188Together #AM2015 @globalvoicesau @UNSWCoop pic.twitter.com/ublCOE84ub
— Zoe Diamond (@zdiamond_) October 7, 2015
What is on the table today isn't enough to avoid catastrophic #climatechange #AM2015 #IMFYouth @globalvoicesau @UNSWCoop
— Zoe Diamond (@zdiamond_) October 7, 2015
Drawing on her experience implementing a Carbon Tax in British Columbia, Ms. Polak addressed challenges for jurisdictions that may lose competitiveness if surrounding jurisdictions do not follow suit. She also stated however, that since implementing a price on carbon, British Columbia had experienced greater economic growth than the rest of Canada.
Mr. Parkinson distinguished between short-term and long-term carbon prices. While short-term prices are important for encouraging fuel switching, long-term prices are needed to change investment patterns. He also noted the imperative of fixing energy mispricing, including the removal of fossil fuel subsidies.
5.30PM Civil Society Townhall
In her opening address, Madam Lagarde said that medium term economic growth increases if poorest 20% of the population is included in the growth. Madam Largarde also place incredible emphasis on the inclusion of women – an avid passion of hers. In 90% of the countries the IMF surveyed, women still face legal barriers to gaining equality. The IMF will continue to operationalise gender equality reforms in its programs. Madam Lagarde stressed that promoting inclusion is not only a social necessity it is an economic imperative.
"Promoting inclusion is not only a social necessity it is an economic imperative"
6.30PM Civil Society Reception
9.00AM Press Briefing: World Economic Outlook
Maurice Obstfeld
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11.00AM Martin Parkinson PSM
Former Australian Treasury Secretary
Mr. Parkinson has previously served as a member of the Board of the Reserve Bank of Australia, Chair of the Board of the Australian Office of Financial Management and as a member of Prime Minister Abbott’s Business Advisory Council and Prime Minister Gillard’s Australia’s Asian Century Strategic Advisory Board. He has also served as a member of the Board of Infrastructure Australia, the Council of Financial Regulators, the Board of Taxation, and the Board of the Sir Roland Wilson Foundation.
Our meeting with Mr. Parkinson was certainly the highlight of Day 2. He was incredibly candid and generous with his time. Mr. Parkinson discussed the role of the Annual Meetings and the IMF in international relations and information sharing. We also discussed the UN's new Sustainable Development Goals and the increased focus on domestic revenue mobilisation. Mr. Parkinson cited the biggest inhibitor to poverty alleviation as a lack of access to property rights, which in turn denies people access to finance collateral.
2.00 PM Barry Sterland PSM
Australian Executive Director to the IMF
Our first day in Lima was spent visiting the meeting sites, registering and planning for the rest of the week. Excited for the meetings to commence tomorrow!
Our @globalvoicesau Australian delegates on day one of the World Bank and IMF Annual Meetings in #Lima! # #WB #IMF pic.twitter.com/FECPJmvjWT
— Global Voices (@globalvoicesau) October 6, 2015
8:30AM Department of Foreign Affairs
World Bank Team
We then discussed the policy shift the Bank had undergone. There is a lot more focus on private capital, remittance and domestic capital mobilisation. The Bank wants to determine what enabling environments developing countries need help setting up to promote these three sources of funding.
GV delegates were then given a detailed insight into the funding and governance measures.
Australia’s priorities going into the Annual meeting are:
- Gaining insight into global economic expertise
- Assessing the performance of the World Bank as our capacity as a “shareholder”
- Determining how the Bank intends to engage with the SDGs
- Present Australia’s views on reforming the funding criteria for programs to assess neediness on vulnerability to external shocks rather than GNI/capita
We also discussed the role of the Bank within the BEPS context. The Bank’s has an interest in BEPS because resolving corporate tax leakages is a means of domestic revenue mobilization. The Bank can play a key role in the project by using its strength as a data collector/reporter.
Determining the WBs role in achieving SDGs Oz focus in Lima #RoadToLima @globalvoicesau @UNSWCoop @UNSWbusiness
— Zoe Diamond (@zdiamond_) September 9, 2015
9:30AM Hon. Kelly O’Dwyer MP
Parliamentary Secretary to the Treasurer
Ms. O’Dwyer also elaborated on business plans for a Global Infrastructure Hub, which was approved at the Turkey G20 meeting. The Hub will be based in Sydney with a 5-year mandate to increase skills and efficiency by bringing global skills together to encourage private/public partnerships.
Finally, Ms. O’Dwyer discussed the challenges she faced as a new mother in a high-pressure role, having only given birth to her daughter 3 months prior. She discussed the need for greater female representation in politics and important it was that women of childbearing age were given every opportunity.
“Women of child-bearing years can be MPs.”
10:00AM Hon. Dr. Andrew Leigh MP
Shadow Assistant Treasurer & Shadow Minister for Competition
It was very interesting to hear Dr. Leigh’s speak on the role of an MP in opposition. Given that governments are generally only in power for 1-2 terms, it is crucial to have policies formulated and ready to go.
Fantastic to hear @ALeighMP address @globalvoicesau on the importance of building strong policy while in opposition
— Zoe Diamond (@zdiamond_) September 10, 2015
10:30AM Hon. Bill Shorten MP
Opposition Leader
1.30PM - Hon. Alan Tudge MP
Parliamentary Secretary to the Prime Minister
Global Voices delegates had the pleasure of enjoying lunch with Mr. Tudge in the Member's Private Dining Room, complete with Australian emblem crockery.
Mr. Tudge spoke about how his career at BCG had equipped him with skills to solve problems. He also spoke passionately about his Indigenous Affairs portfolio. |
@AlanTudgeMP shares passion for Indigenous affairs & public life w @globalvoicesau over lunch pic.twitter.com/o2Ittwo9SE
— Zoe Diamond (@zdiamond_) September 10, 2015
#IMFWB girls ready for the 1st day of meetings! Kicking off with @Bowenchris & @sussanley @globalvoicesau @UNSWCoop pic.twitter.com/d5kOte99Kr
— Zoe Diamond (@zdiamond_) September 8, 2015
9:00AM The Hon. Chris Bowen MP for MacMahon
Shadow Treasurer
I asked Mr. Bowen, where he saw future growth in the Australian economy in the wake of economic challenges such as the end of the mining boom, slowing Chinese growth and an ageing population. He cited:
- The shift from mining construction, a labour intensive process, to mining export, a highly capital intensive process, as a major concern for joblessness, especially in rural and remote communities
- Government facilitating competitiveness, particularly in the financial services industry, which is positioned to benefit from the growing Asian middle class. Notably, only 5% of funds under management in Australia are foreign, demonstrating significant room for growth.
- The “protein revolution” in Asia as a great opportunity for growth in agri-business that can be facilitated by foreign investment
- Increasing demand for education, especially given the growing Asian middle class. Increasing this export will also form valuable links between Australian and future Asian leaders.
Mr. Bowen also enforced his view on the need to be proactive in the green energy space, implement an emissions trading scheme with a floating price and commit to a strong renewable energy target, while recognising that coal will still remain an important part of our economy and for years to come.
9:30AM NSW Senator The Hon. Fiona Nash
Assistant Minister for Health
10:30AM US Embassy to Canberra
Michael Roberts - Deputy Economic Counselor
Interestingly, Mr. Roberts touched on cultural differences between the US and Australia such as Australia’s ‘tall poppy syndrome’ and societal view on what constitutes failure. He suggested that more lenient bankruptcy laws in the US encourage a more entrepreneurial, risk-taking, innovative society that perhaps Australia should look to emulate given the rapid pace of technological change.
I specifically asked Mr. Roberts about the criticism US companies had faced in Australia regarding corporate tax avoidance (CTA) and how America views the global effort to combat the issue. He stated that American companies had felt as if they were being singled out in the Australian media and through the political response. He also expressed concerns that Australia is implementing anti-BEPS reform more rapidly than the rest of the OCED and G20.
Given the importance of the US on the international stage and our close economic ties with them, Mr. Roberts insights were highly topical and definitely provided important context to take to Lima.
Souvenir from our meeting with @USAembassyinOZ discussing Aus-US Econ relations @globalvoicesau pic.twitter.com/xgoPcNkJuP
— Zoe Diamond (@zdiamond_) September 9, 2015
12:45PM The Hon. Julie Bishop MP for Curtin
Minister for Foreign Affairs
Ms. Bishop addressed the recently announced climate change targets and said the world could come to an agreement at COP21 in Paris. She also addressed Australia’s priorities in promoting the empowerment of women in foreign countries by tying equality outcomes to foreign aid. Ms. Bishop also reinforced that Australia is a strong and credible nation on the world stage and that promoting economic growth lifts people out of poverty.
Just spoke to @JulieBishopMP about Syria, refugees and Indonesia. Fascinating insight. @globalvoicesau @MonashUni pic.twitter.com/Wdj64dcoMm
— Ben Needleman (@BenNeedleman) September 9, 2015
2:00PM Professor Warwick McKibbin
Australian National University
Stunning views of Lake Burley Griffin as we travel to ANU to meet with #IMFWB academic advisor @WarwickMcKibbin
— Zoe Diamond (@zdiamond_) September 9, 2015
3:30PM The Hon. Josh Frydenburg MP for Kooyong
Assistant Treasurer
He then provided GV delegates with some very wise career advice on the importance of resilience and thinking of the long-game when planning your career. He also stressed the importance of working, living or studying abroad in broadening your horizons and creating better political operatives. Mr Frydenburg praised the New Colombo Plan and his desire to encourage Aussie kids to study Asian languages.
I asked Mr. Frydenburg how he saw Australia securing our taxation revenue base. He sighted the price of iron ore declining from $120 - $20/tonne reducing government tax revenue by $100 billion as a key challenge that highlighted the immediate need to sure up the revenue base. The Assistant Treasurer said the government has two priorities - increasing integrity measures, such as ensuring MNEs pay their fair share of corporate tax and enforcing GST on online purchases less than $1000, as well as "growing the pie" through promoting trade and boosting economic growth.
Mr. Frydenburg also discussed the topical China-Australia Free Trade Agreement which is currently being debated in Parliament and the importance of strengthening the relationship with our largest trading partner, citing the success of the 2008 NZ FTA with China which resulted in a $2 billion boost to the NZ dairy industry, compared to Australia's $70 million growth in the same period. Finalising the FTA would be the first FTA China has signed with a G20 country.
Great to hear @JoshFrydenberg perspective on the future of the Aus economy and our relationship with China #auspol
— Zoe Diamond (@zdiamond_) September 9, 2015
An exciting Q&A with the delegates of @globalvoicesau before they leave to represent Australia overseas. #auspol pic.twitter.com/xKlJAufkuc
— Josh Frydenberg (@JoshFrydenberg) September 9, 2015
4:00PM Elizabeth Williamson
Senior Advisor to the Prime Minister and Cabinet & Global Voices Board Member
3:30PM The Hon. Tony Burke MP for Watson
Shadow Finance Minister
Mr Burke highlighted the advantage GV delegates had in participating in these global forums, having grown up in a multicultural society. He also stressed that the key to effective international policy required a combination of both the right moment and the right strategy.
Enjoying the beautiful photography and surrounds of the tactics room with @Tony_Burke @globalvoicesau pic.twitter.com/DKAzAN63kO
— Global Voices (@globalvoicesau) September 9, 2015
Amazing first day! So excited for tomorrow @globalvoicesau @UNSWCoop #IMFWB #RoadToLima #APH pic.twitter.com/jPjhqhUwlw
— Zoe Diamond (@zdiamond_) September 9, 2015
GV delegates were encouraged to document their experience via Twitter and Facebook.
Zoe Diamond
Global Voices' Australian Youth Delegate to the IMF and World Bank Annual Meeting in Lima, Peru.