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As Prabowo Subianto looks set to succeed Joko Widodo as President, economic growth remains resilient and inflation has stayed low over the past year. But external risks, including Russia's war on Ukraine, continue to cloud the horizon. The World Bank warned in January that global growth will slow for the third consecutive year, to 2.4% in 2024, when the global economy may record the slowest half-decade of GDP growth in 30 years. The government remains hopeful of hitting its 5.2% target in 2024, said Coordinating Minister for Economic Affairs Airlangga Hartarto in early February, acknowledging the risks posed by global economic turmoil, such as the Ukraine-Russia conflict. Regional leadershipTo reach developed country status, a nation typically requires sustained annual economic growth of 7% for 15 consecutive years.

Persons: Prabowo, Joko Widodo, Krisna Gupta, Widodo, Economic Affairs Airlangga Hartarto, Sri Mulyani, Radityo Dharmaputra, Indonesia's Organizations: World Bank, State of, Global, Center, Indonesian, Center for Indonesian, Studies, Bank, Economic Affairs, for Economic Co, OECD, Universitas Airlangga, Ukraine, Insider Studios, Foreign, Commonwealth & Development Office Locations: Indonesia, Ukraine, State, Russia, Jakarta, Southeast Asia, Crimea, Subianto

☆ Indonesia Chief Security Minister to Tender Resignation 'Soon'
▼ + stars: | 2024-01-31 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

JAKARTA (Reuters) - Indonesia's Chief Security Minister and vice presidential candidate Mahfud MD on Wednesday said that he would tender his resignation to President Joko Widodo once he has the chance to meet the president. Mahfud did not say why he would be stepping down from the job. Mahfud is the running mate of former provincial governor Ganjar Pranowo, who is up against Defence Minister Prabowo Subianto, and ex-Jakarta governor Anies Baswedan. Mahfud's resignation comes amid speculation and reports in local media about the potential resignation of respected Finance Minister Sri Mulyani Indrawati. The finance ministry has said Sri Mulyani is continuing to carry out her duties in managing state finances.

Persons: Mahfud, Joko Widodo, Ganjar Pranowo, Prabowo Subianto, Anies Baswedan, Mahfud's, Sri Mulyani Indrawati, Mulyani, Ganjar, Prabowo, Widodo's, Ananda Teresia, Stefanno Sulaiman, Stanley Widianto, Martin Petty Organizations: Defence Locations: JAKARTA, Jakarta, Indonesia

☆ Indonesia Approves 20% Rise in Defence Budget by 2024
▼ + stars: | 2023-11-29 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

JAKARTA (Reuters) - Indonesia's outgoing president has approved a 20% hike in defence spending through the end of next year, to upgrade the country's military hardware in response to geopolitical developments, its finance minister said. In a press conference on Wednesday, Sri Mulyani Indrawati said the approval came in a meeting she attended with President Joko Widodo and Defence Minister Prabowo Subianto. Prabowo is the leading candidate in the upcoming presidential election in February, and is running with Widodo's son. The defence budget will be increased from $20.75 billion to $25 billion, Sri Mulyani said. They considered them as a necessity given the condition of our military hardware as well as rising threats amid increasing geopolitical and geo-security dynamics," she said.

Persons: Sri Mulyani Indrawati, Joko Widodo, Prabowo Subianto, Prabowo, Mulyani, Lockheed Martin, Gayatri Suroyo, Ananda Teresia, Kanupriya Kapoor Organizations: Sri, Defence, Dassault Rafale, Turkish Aerospace Locations: JAKARTA, U.S

☆ Indonesia parliament committee approves higher 2024 budget of $216 bln
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

President Joko Widodo's budget for 2024, his final year in office, targets expenditure at 3,325.1 trillion rupiah ($216.27 billion), up 6.45% from 2023's outlook to account for higher energy subsidies amid rising global oil prices. The fiscal budget proposal was approved by the budget committee chaired by Said Abdullah. Finance Minister Sri Mulyani Indrawati highlighted the risk of rising global crude oil prices to the budget next year. The committee approved a revision to the total energy subsidies by about 2% higher to 189.1 trillion rupiah versus 185.9 trillion rupiah in the initial proposal. For 2024, the budget assumes a lower inflation at 2.8% versus 3.1% in 2023'outlook and a slightly higher economic growth at 5.2% compared to 5.1% in the 2023's outlook.

Persons: Joko, Said Abdullah, Sri Mulyani Indrawati, Sri Mulyani, Josua Pardede, Josua, Stefanno Sulaiman, Kanupriya Kapoor, Martin Petty Organizations: El, Finance, Bank Permata, El Nino, Thomson Locations: El Nino, JAKARTA, Indonesia's

JAKARTA, Aug 24 (Reuters) - Indonesia's talks with international partners on setting up a $20 billion fund for the country's transition from coal to cleaner energy have taken longer than anticipated and are complicated by rising borrowing costs, its finance minister said on Thursday. It was based on a similar $8.5 billion initiative in 2021 to help South Africa more quickly decarbonise its power sector. Another challenge is it will take time to hold public consultations with communities that could be affected by a project, such as the construction of a renewable power plant, the minister said. Indonesia has been pushing for coal power plant retirement financing to be seen as "acceptable" among global lenders and brought this up at a meeting of G20 finance ministers in July. The Association of Southeast Asian Nations (ASEAN) has included coal power plant retirement in its green taxonomy - a framework defining what investment is considered environmentally friendly.

Persons: Sri Mulyani Indrawati, Sri Mulyani, Gayatri Suroyo, Stefanno Sulaiman, Susan Fenton Organizations: Reuters, International Partners, World Bank, Asian Development Bank, The Association of Southeast Asian Nations, Thomson Locations: JAKARTA, United States, Japan, Indonesia, South Africa, Jakarta

☆ Partnerships with China remain crucial, says ADB governors from Switzerland and Germany
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPartnerships with China remain crucial, says ADB governors from Switzerland and GermanyAt the ADB Annual Meeting 2023, CNBC's Chery Kang caught up with ADB governors from Switzerland and Germany on their geopolitical strategy regarding China. Sri Mulyani Indrawati, Indonesia's finance minister, also spoke about the ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting that happened on the sidelines of the ADB event.

Persons: CNBC's Chery Kang, Mulyani Organizations: ADB, ASEAN, Ministers, Central Bank Governors Locations: China, Switzerland, Germany

☆ EV transition will improve Indonesia's investment climate: Minister
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal transition to EVs will create momentum to improve Indonesia's investment climate: MinisterSri Mulyani Indrawati, Indonesia's finance minister, says attracting investment in electric vehicles "is the focus of our policy improvement."

The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol. It also came as Asian policymakers, gathering for the annual Asian Development Bank (ADB) meeting this week in the South Korean city of Incheon, discussed regional economic challenges and ways to beef up buffers against various shocks. In a joint statement issued after their meeting on Tuesday, Asian finance leaders warned of risks to the region's economy and called for countries to stay vigilant to potential spillovers from the recent U.S. and European banking sector turmoil. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Choo is expected to visit Japan this year for another meeting with Suzuki, South Korea's finance ministry said.

The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Washington has pressed both countries to resolve these disputes to better counter rising threats from China and North Korea and other regional challenges. Under Yoon, South Korea has resumed trilateral military drills and agreed to more intelligence sharing on issues like tracking ballistic missile launches from North Korea. China's finance minister and central bank head were not present at a trilateral meeting, with their deputies attending instead.

☆ Southeast Asian finance leaders discuss containing global risks
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

NUSA DUA, Indonesia, March 31 (Reuters) - Talks between Southeast Asian central bank governors and finance ministers entered their final day on Friday, with the leaders focused on strengthening the region's resilience against global risks. The gathering of finance leaders from the Association of Southeast Asian Nations (ASEAN) comes amid a backdrop of recent global banking turmoil after the collapse of Silicon Valley Bank and the bailout and takeover of Credit Suisse. Indonesia's central bank governor Perry Warjiyo called on the forum to boost the use of local currencies for settlements to reduce volatility and exposure to major currencies. They also discussed cryptocurrencies and central bank digital currencies, he added. Reporting by Stefanno Sulaiman; additional reporting by Ananda Teresia in Jakarta Editing by Ed Davies, Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Indonesia says it's working to become more resilient to inflation shocks from the U.S.
▼ + stars: | 2023-02-23 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

Indonesia is taking steps to make its economy more resilient so it can withstand global shocks like inflation, especially from the United States, said Finance Minister Sri Mulyani Indrawati. As the world's largest economy, what the U.S. does has strong implications worldwide, including Indonesia, said the minister. To fight inflation, the U.S. has hiked interest rates, which has affected capital outflows because of the strengthening of the dollar, Sri Mulyani told CNBC's "Street Signs Asia" on Thursday. That includes "making sure first that the financial sector is healthy and strong for this interest rate movement. In early February, the U.S. Federal Reserve raised its benchmark interest rate by a quarter percentage point and gave little indication it is nearing the end of this hiking cycle.

☆ We expect our economy to grow up to 5.3% this year, says Indonesia minister
▼ + stars: | 2023-02-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe expect our economy to grow up to 5.3% this year, says Indonesia ministerSri Mulyani Indrawati, Indonesia's finance minister, says there are some downside risks from exports.

☆ No country can protect itself from climate disaster, says Indonesia's finance minister
▼ + stars: | 2023-02-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNo country can protect itself from climate disaster, says Indonesia's finance ministerSri Mulyani Indrawati, minister of finance of Indonesia, says no country can protect itself from climate disaster.

☆ G20 watchdog homes in on decentralised finance after FTX crash
▼ + stars: | 2023-02-16 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

FSB member countries will now "proactively" analyse vulnerabilities from DeFi as part of regular monitoring of crypto markets, the report said. The collapse of FTX last November exposed vulnerabilities in intermediaries and DeFi, the report said. FSB DeFi Graphic 1SUPERVISION GAPSThe most worrying vulnerability in DeFi relates to "mismatches" in liquidity from different maturities in liabilities and assets, the report said. Until the sharp retreat in bitcoin prices and the FTX crash, regulators had largely focused on cryptoassets rather than related technology. FSB DeFi Graphic 2Reporting by Huw Jones Editing by Helen PopperOur Standards: The Thomson Reuters Trust Principles.

☆ Indonesia's 2022 fiscal deficit seen at 2.49% of GDP-president
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Dec 21 (Reuters) - Indonesia's fiscal deficit for the whole of 2022 will likely be 2.49% of gross domestic product, much smaller than deficits in 2021 and 2020, President Joko Widodo said on Wednesday. The deficit forecast was also below authorities' latest projection of a gap of around 3% of GDP and compared with a 4.5% deficit target in the revised 2022 budget. Last year's fiscal deficit was 4.6%, while 2020's was 6.1%. Economic recovery from the pandemic and a hike in value added tax (VAT) rate have also supported government revenues, Sri Mulyani said. The president also said with COVID-19 cases declining, Indonesia may lift all of its remaining pandemic-related mobility restrictions by year-end.

☆ Indonesia, ADB launch first coal power plant retirement deal
▼ + stars: | 2022-11-14 | by ( David Lawder | ) www.reuters.com time to read: +4 min

[1/2] A man stands on an escalator ahead of the G20 summit in Nusa Dua, Bali, Indonesia, November 13, 2022. REUTERS/Ajeng Dinar UlfianaNUSA DUA, Indonesia, Nov 14 (Reuters) - Indonesia, the Asian Development Bank and a private power firm are teaming up to refinance and prematurely retire a coal-fired power plant, the first such project under a groundbreaking carbon emissions reduction programme, they announced on Monday. The Manila-based multilateral lender and Indonesian Finance Minister Sri Mulyani Indrawati announced the MOU with independent power producer Cirebon Electric Power in Bali on the sidelines of the G20 leaders summit. ADB also said a number financial firms and philanthropic groups have expressed interest in participating in the transaction. The ADB officials said they expect the Cirebon deal to give private investors more confidence to explore future participation, and that the development finance institution's leadership may help shield them from any negative public perceptions regarding new investments in coal financing.

☆ EXCLUSIVE Indonesia, ADB launch first coal power plant retirement deal
▼ + stars: | 2022-11-14 | by ( David Lawder | ) www.reuters.com time to read: +4 min

[1/2] A man stands on an escalator ahead of the G20 summit in Nusa Dua, Bali, Indonesia, November 13, 2022. REUTERS/Ajeng Dinar UlfianaNUSA DUA, Indonesia, Nov 14 (Reuters) - Indonesia, the Asian Development Bank and a private power firm are teaming up to refinance and retire early the first coal-fired power plant under a groundbreaking new carbon emissions reduction project that moves from concept to reality on Monday. The Manila-based lender and Indonesian Finance Minister Sri Mulyani Indrawati are set to announce the MOU with independent power producer Cirebon Electric Power on Monday in Bali on the sidelines of the G20 leaders summit. "With this announcement, we're taking the first steps in what was an ambitious project and making it real," he added. ADB also said a number financial firms and philanthropic groups have expressed interest in participating in the transaction.

☆ The G-20 summit kicks off Tuesday. Here's what to expect.
▼ + stars: | 2022-11-14 | by ( Jihye Lee | ) www.cnbc.com time to read: +5 min

Indonesian Finance Minister Sri Mulyani (C front) attends the G20 Finance Ministers Meeting in Nusa Dua, on Indonesia's resort island of Bali, on July 16, 2022. Nineteen countries and one economic region, the European Union, will attend this year's two-day G-20 meeting. This year's in-person attendee list has been in the spotlight as Russian President Vladimir Putin continues his unprovoked war in Ukraine. U.S. President Joe Biden is also scheduled to hold a bilateral meeting with his Chinese counterpart Xi Jinping ahead of the G-20. He highlighted China's stance on the war in Ukraine as one of many signs of eroding relations between the U.S. and China.

☆ Indonesia plans to tighten oversight of crypto market, task OJK with regulation
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

JAKARTA, Nov 10 (Reuters) - Indonesia plans to move the regulation, supervision and oversight of cryptocurrency investments to the Financial Service Authority (OJK) to better protect investors, its finance minister said on Thursday. The new plan, laid out by Finance Minister Sri Mulyani Indrawati, is part of financial sector legislation that is being debated in parliament. Sri Mulyani said as of June, there were 15.1 million cryptocurrency investors in the country, an exponential rise from just 4 million in 2020. That compared with 9.1 million investors in the stock market as of June. The new bill would empower OJK to regulate and supervise "digital asset activities, including crypto assets and financial sector technology innovation," Sri Mulyani added.

WASHINGTON, Oct 26 (Reuters) - U.S. and Western officials are finalizing plans to impose a cap on Russian oil prices amid a warning from the World Bank that any plan will need active participation of emerging market economies to be effective. Bloomberg also reported South Korea had privately told G7 nations it planned to comply and G7 officials were also trying to bring New Zealand and Norway on board. DOWNWARD PRESSUREWestern diplomats say the price cap is already giving India and other buyers of Russian oil better leverage in negotiations with Moscow, enabling them to secure good discounts. It noted Russia has said it will not trade with countries participating in the price cap. U.S. officials say the price cap will be policed by attestations taken from buyers in local jurisdictions.

☆ G20 chair Indrawati says 'huge gaps' remain on Ukraine war, geopolitical issues
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 13 (Reuters) - The Group of 20 major economies has "quite a lot of huge gaps" to bridge over geopolitical divisions, including the war in Ukraine, but remains in agreement over many financial issues, the group's chair said on Thursday. Indonesian Finance Minister Sri Mulyani Indrawati told a news conference after another G20 finance leaders' meeting ended without a joint statement that the group this year has nonetheless been able to maintain its status "as a premier global forum for economic and financial policy." Indrawati said that the G20 finance ministers and central bank governors agreed on the need to improve its common framework for debt restructuring to bring more predictability into the process and to use resources and capacity to respond to the needs of many developing countries. The group also reaffirmed its commitment to a global deal struck last year to reform international corporate taxation, she said. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Lawder; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ A Russian oil price cap will backfire on the global economy and the plan likely influenced OPEC's production cut, Indonesian finance minister says
▼ + stars: | 2022-10-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

A price cap on Russian oil could backfire on the global economy, Indonesia's finance minister warned. If a price cap is met with retaliation from Russia, it could result in oil prices being pushed higher. That could have serious consequences for the global economy, Indrawati warned, noting that the fallout from Russia's war in Ukraine was no longer limited to the battlefield. Additionally, a price cap on Russian oil could inspire market intervention for other commodities, Indrawati noted. She added that price cap plans likely influenced OPEC's recent decision to cut oil production by 2 million barrels a day, as officials she's spoken to in Saudi Arabia have expressed concern about the price cap setting a precedent.

☆ Indonesia posts $7.1 billion Jan-Aug budget surplus, expects higher energy bills
▼ + stars: | 2022-09-26 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Indonesian Finance Minister Sri Mulyani Indrawati answers questions during an interview at the World Bank in Washington, U.S., April 22, 2022. Finance Minister Sri Mulyani Indrawati said the government was still, however, expecting to pay large energy subsidies in the third and fourth quarters of this year. Indonesia 2022 energy subsidies are projected to go up as much as 649 trillion rupiah ($42.91 billion), more than triple its original budget, despite the recent fuel prices hike. Spending rose 6.2% on a yearly basis to 1,657 trillion rupiah. Under the deal, Bank Indonesia will purchase government bonds worth up to 439 trillion rupiah in 2021 and 2022.

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