 My name is Murray Hebert, a Senior Fellow and Deputy Director of the Southeast Asia Program at CSIS. Our guest today for the CSIS's Southeast Asian Program Dialogue is Managing Director of the World Bank, Sri Malyani Irawati, who is also a former Finance Minister of Indonesia. Ibu Sri Malyani, welcome, and I would have a few questions. The first one I'd like to ask you, there's slowing economic growth in Southeast Asia. There's concerns about what impact that might have on political stability. How much do you think economic performance is linked to political stability and governance? And how can countries' democratic consolidation be sustained and strengthened while maintaining economic growth? Well, the economic slowdown in this case is definitely affecting the whole economy. Not only the Southeast Asia, but it is contributed by two things, global as well as the domestic. And many of this is going to create pressure about, you mentioned about political accountability and the democracy consolidation. I guess in the case of Indonesia, it is not really that the economic growth is going to threat the democratic system. It is going to maybe even more enforcing in terms of the way the people will ask the government to prioritize their policy as well as their resources in order to protect the poor, to build the basic infrastructure for people that is related to the political accountability, because this is exactly what the people want, while at the same time they know that there is a shock and slowing down on their own economy. So this is more on the strengthening the voices as well as the demand of the people in which the accountability for the government to deliver the basic services is going to be still there, although they are facing with the economic slowing down. How much do you think the economies of Southeast Asia will be impacted by the economic slowdown and troubles in the United States and Europe? Well the Southeast Asia is a very unique region in which they really rely on trade as their engine of growth. Their trade to GDP ratio is 150 percent among the highest in the world. And that's why they are very closely linked to both the United States and European in terms of contributing their growth. With a slowing down in the U.S. and Europe certainly it will affect directly through trade and financing. But many of the Southeast Asia is now trying to strengthen their domestic demand to balance this weakening of the global demand. So if they are still having a fiscal space they are going to do it by doing the counter cyclical and stimulus again, but if it is not I think they are going to face with a very difficult challenge of facing with the external growth demand while at the same time domestically they cannot push their growth more using their own resources. The Southeast Asian economies are very competitive among each other in attracting foreign investment. What challenges do you think Southeast Asian economies face in building a more competitive environment for foreign investment? They are become Southeast Asia is one region in which they establish the economic community accelerating in 2015. There are a good foundation which is already built for example like lower tariff very open trade as well as the investment policy raising a sound and stable macroeconomic policy that is what you call it the necessary condition for the competitiveness. But Southeast Asia knows that they cannot just stop there and that's why investment in human capital is becoming very important. Education is become one of the biggest use of the public sources. Indonesia is spending 20% of their budget for education. They also need to build and push in what you call it frontier on a technology advancement and that's why investment on research and technology is becoming very important. Of course another thing is connectivity and infrastructure. So three things human capital that investment on research and technology so that they can advance to the higher ladder of industrial manufacturing good and even services. And the third one is their ability to build a competitive infrastructure and efficient infrastructure. And how effective do you think Southeast Asian countries have been in tackling corruption? What have they already achieved and what do you see as some of the challenges still ahead? I think Southeast Asia have all the experience in the past dealing with this corruption whether this is in Indonesia in this case from President Suharto to the era of reformacy whether this is related to Philippine in which President Marcos in this case and then they have the new but they recognize that corruption is become the obstacle serious obstacle of development and progress. So many of them has already investing in what you call it the second or third generation of reform that is strengthening the capacity of the institution law enforcement and more impartial judicial system. This is going to take a long time but the path is already now built by the country. Many of them has an uneven still starting now. So I guess looking at for example the successful of Singapore in building good governance and anti-corruption they always stay in a very top level in term of the perception of doing business and they can enjoy quite a very long robust growth. Other house is Asia looking at that and they try to simply buy their regulation policy and that will reduce the magnitude of corruption. There is still of course work in progress if you can call it that way. The result is sometimes mixed because sometimes you see the setback in a certain area but there is also a progress and fight back in many different area. So I guess for many South East Asia their position in good governance and anti-corruption need to be still strengthened and that definitely need to invest more on strengthening the law enforcement rule of law and impartial judicial system. Ibu Sirmoyani, managing director of the World Bank, thank you very much for joining us at CSIS today. Thank you. Thank you.