IMF-World Bank Meetings: First day of annual meetings kick off in Bali

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The IMF-World Bank meetings opened today with important topics topping the agenda, which include the global trade climate and the importance of financial inclusion. CGTN's Silkina Ahluwalia has more.

The IMF-World Bank Annual Meetings officially opens on Friday in Bali, Indonesia, beginning with opening remarks from the President of World Bank Group, Jim Yong Kim. Important topics that are being discussed at this year's meetings include the escalating trade tensions between the United States and China and the importance of global inclusive growth.

SILKINA AHLUWALIA BALI, INDONESIA "Both IMF and the World Bank have a vision to eradicate extreme poverty by 2030. So far in the last 25 years, they have successfully helped more than one billion people out of poverty, putting the global poverty rate at 10 percent, the lowest in recorded history."

Aside from inclusive sustainable economic growth, the global trade war is dominating talks this year. The IMF recently slashed global growth from 3.9 percent to 3.7 percent, citing the trade war could spark a financial crisis.

JOSUA PARDEDE ECONOMIST "The WTO itself cannot judge or decide anything on this issue. Basically, the position of WTO is wanting flexibility and creating opportunity for emerging countries to deal more on free trade agreement with advanced economies or to strengthen cooperation of intraregional for example in Asia or Africa in order to ease the impact of the global trade war."

The G20 meetings also began today where 50 heads of delegations including finance ministers and central bank governors are discussing investments in infrastructure and financial inclusion. Technology and Innovation talks led by Jack Ma provided an insight into the future of work and the importance of investing in human development.

JACK MA, FOUNDER ALIBABA "Let's try to encourage the entrepreneurship. It's not the government that makes the business happen, it's the entrepreneurs that make the business happen. It's the entrepreneurs that have the ideas and dreams, so, helping them, empower them. These are the two. And of course the third is education."

Jack Ma also stressed on how education can help to encourage and motivate the younger generation to create a big impact in global economies. Silkina Ahluwalia, CGTN, Bali.