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Today's Headlines Sri Mulyani Indrawati

  • Indonesia's 2017 Budget Deficit & Debt-to-GDP Ratio Considered Safe

    Indonesia's 2017 Budget Deficit & Debt-to-GDP Ratio Considered Safe

    The government of Indonesia says the budget deficit (set in the state budget) and debt ratio are safe. In Indonesia's 2017 State Budget the government targets a 2.41 percent of gross domestic product (GDP) budget deficit (below the legal limit of 3 percent of GDP as stipulated by Law No. 17/2003). Meanwhile, Indonesia debt-to-GDP ratio was 28 percent at end-2016, a very comfortable ratio (for comparison, Japan's debt ratio exceeds 200 percent of GDP).

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  • Sri Mulyani: Indonesian Economy Affected by Global Uncertainties

    Sri Mulyani: Indonesian Economy Affected by Global Uncertainties

    Indonesian Finance Minister Sri Mulyani Indrawati expects global uncertainties to linger in 2017 and continue to have a significant impact on the economy of Indonesia. Uncertainties are caused by the US economy, Donald Trump's victory in the US 2016 presidential election, the economic and monetary policies of advanced economies and the economic slowdown of China. She added that the 2017 State Budget, which set conservative targets in terms of Indonesia's GDP growth as well as government revenue and spending, was designed with these global challenges in mind.

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  • Update Tax Amnesty Program Indonesia: Disappointing 2nd Phase

    Update Tax Amnesty Program Indonesia: Disappointing 2nd Phase

    The first phase of Indonesia's tax amnesty program was a success in terms of tax declarations and state revenue (penalties). Fund repatriations, on the other hand, were disappointing as - apparently - Indonesian tax payers find it not attractive enough to transfer these funds into Indonesian investment instruments or lack confidence in Indonesia's political and financial stability (perhaps still haunted by traumas from the Asian Financial Crisis in the late 1990s). However, Indonesian Finance Minister Sri Mulyani Indrawati remains optimistic that repatriations will rise soon now the winner of the US presidential election is known.

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  • Infrastructure Budget Indonesia Rises in 2017 State Budget

    Infrastructure Budget Indonesia Rises in 2017 State Budget

    In the 2017 State Budget the Indonesian government allocated IDR 387.3 trillion (approx. USD $29.8 billion) for infrastructure development, up from IDR 317.1 trillion in the 2016 budget. Since Joko Widodo became Indonesian President in 2014 the infrastructure budget of Indonesia has been raised rapidly, showing that Widodo kept his pledge and is serious about constructing roads, bridges, airports, harbors, and railways in an effort to enhance connectivity in Southeast Asia's largest economy, reduce logistics costs and enforce the multiplier effect.

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  • Economy of Indonesia: Financial Sector is Stable, Says KSSK

    Economy of Indonesia: Financial Sector is Stable, says KSSK

    The Financial System Stability Committee (in Indonesian: Komite Stabilitas Keuangan, or KSSK) stated that Indonesia's economy is stable. The KSSK further informed that it will raise efforts to enhance market confidence in Indonesia's financial sector. The KSSK, an Indonesian institution that is responsible for preventing financial crises, consists of a selection of key policymakers from the Finance Ministry, Bank Indonesia, Financial Services Authority (OJK) and Deposit Insurance Corporation (LPS).

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  • Tax Amnesty Indonesia: Regulations for Asset Repatriations Eased

    Tax Amnesty Indonesia: Regulations Asset Repatriation Eased

    Indonesia's tax amnesty program, which was launched in July 2016 and will run until 31 March 2017, can be labeled a success. Up to 16 October 2016, a total of IDR 3,842.9 trillion (approx. USD $296 billion) worth of assets (either at home or abroad) have been declared to Indonesia's tax authorities nearly achieving the government's target of IDR 4,000 trillion. However, asset repatriations (from the so-called tax havens) are not a success, being far from the government's initial projection and therefore Indonesian authorities are now easing regulations.

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  • Sri Mulyani: Indonesia Entitled to S&P's Investment Grade Rating

    Sri Mulyani: Indonesia Entitled to S&P's Investment Grade Rating

    Indonesian Finance Minister Sri Mulyani Indrawati is hopeful that credit rating agency Standards & Poor's (S&P) will raise Indonesia's credit rating to investment grade. Hope is based on Indonesia's healthier state budget and the higher degree of fiscal credibility (supported by the ongoing tax amnesty program). Out of the big three global credit rating agencies only S&P is yet to assign investment grade status to Indonesia. In June 2016 S&P kept Indonesia's sovereign debt rating at BB+/positive outlook, one notch below investment grade.

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  • Tax Amnesty Program Indonesia is a Success Except for Repatriations

    Contrary to our earlier predictions, Indonesia's tax amnesty program has been on a roll in September 2016. The program is designed to boost the government's tax revenue by offering tax evaders attractive rates to come clean and declare their previously undeclared assets (whether stashed at home or abroad in the so-called tax havens). Those who join the program can also repatriate offshore assets into Indonesia, into specifically prepared investment instruments where the funds need to stay for at least three years.

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  • Oil & Gas Sector Indonesia: Making Exploration more Attractive

    Oil & Gas Sector Indonesia: Making Exploration more Attractive

    The goverment of Indonesia plans to revise Government Regulation No. 79/2010 scrapping several taxes that have been a burden for those companies that invest in Indonesia's oil and gas industry (both the exploration and production phase). The government expects that several new fiscal and non-fiscal incentives will boost investment in this industry starting from 2017. Indonesian Finance Minister Sri Mulyani Indrawati said it is important for the government to share in the "pain" in order to make oil and gas projects economically viable for investors.

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  • Tax Amnesty Program Indonesia: First Phase Extended?

    Tax Amnesty Program Indonesia: First Phase Extended?

    According to reports in Indonesian media, President Joko Widodo is willing to extend the deadline for the first phase of the government's tax amnesty program. Originally, this first phase, which sets the most attractive tax rates for those who decide to declare previously undeclared assets and - if desired - repatriate their offshore assets into Indonesia, was designed to end on 30 September 2016. Rosan Roslani, Chairman of Indonesia's Chamber of Commerce and Industry (Kadin Indonesia), said Widodo is willing to extend the deadline on request of Indonesia's business community.

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Latest Columns Sri Mulyani Indrawati

  • Sri Mulyani: Indonesian Economy Needs a Green Growth Model

    Sri Mulyani: Indonesian Economy Needs a Green Growth Model

    Although recently having slowed, Indonesia has experienced solid economic growth over the past ten years, with the country’s gross domestic product (GDP) almost doubling between 2001 and 2012. However, robust economic growth also resulted in significant environmental degradation and accelerated depletion of Indonesia’s natural resources. Sri Mulyani Indrawati, World Bank Group Managing Director (and former Indonesian Finance Minister), emphasized that Indonesia needs to shift from a ‘brown’ to a ‘green’ growth model.

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  • Financial Update Indonesia: Interest Rates, Fuel Subsidies & Inflation

    Financial Update Indonesia: Interest Rates, Fuel Subsidies & Inflation

    The central bank of Indonesia (Bank Indonesia) will not lower its key interest rate (BI rate) until accelerated inflation (brought on by the looming subsidized fuel price hike at the end of the year) has eased and US interest rates are stable (the US Federal Reserve may raise its key interest rate in the second or third quarter of 2015). This implies that the relatively high interest rate environment in Indonesia (the key BI rate has been at 7.50 percent for almost a year) will continue (to safeguard financial stability) at the expense of higher economic growth.

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