IMF-WB digital technology must be a solution: minister

Nusa Dua, Bali (ANTARA News) – Rapid development of digital technology requires the right policies to be a solution and offer an opportunity to overcome the problem of inequality, according to Finance Minister Sri Mulyani Indrawati.

“We must be able to catch up with policy,” Indrawati remarked during the “Pathway to Prosperity Rountable Breakfast” program, which was one of the series of the annual meeting of International Monetary Fund (IMF) and World Bank (WB) in Nusa Dua, Bali, on Tuesday.

The minister explained that the development of digital technology has not fully positively correlated with development, as it can only be felt in developed countries and has the potential to cause inequality.

In addition, this digital technology can cause global disruption or eliminate some professions, although there is a positive side in the form of alternatives for inclusive development.

Indonesia must respond to this with the right policies, so that it is not left behind but be able to overcome technological developments through strengthening information related to data sovereignty, data security, and IT education.

“Regarding IT education, President Joko Widodo has taken the initiative to invite Jack Ma to give a course,” she noted.

Even so, she expressed hope that all countries in the world would be able to change this risk into mutual benefits in an effort to anticipate the rapid development of digital technology.

On the same occasion, McKinsey Global Institute Senior Fellow Jeongmin Seong remarked that as much as 30 percent to 40 percent of public expenditure is in the form of internet consumption.

This condition can provide opportunities and benefits for economic activities, especially for small and medium traders to develop businesses.

“The development of technology has created many new jobs, programs, and models, but the use of e-commerce, financing and digital payments requires a large investment,” Seong added.

Source: ANTARA News