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Today's Headlines Sri Mulyani Indrawati

  • Tax Amnesty Program of Indonesia Reviewed by Constitutional Court

    Tax Amnesty Program of Indonesia Reviewed by Constitutional Court

    Indonesian Finance Minister Sri Mulyani Indrawati was at a court hearing in Jakarta on Tuesday (20/09) to defend the legality of the nation's tax amnesty program. In July 2016 legal activists, gathered within the One Justice Foundation (Yayasan Satu Keadilan) and Indonesian People's Struggle Union (Serikat Perjuangan Rakyat Indonesia), filed for a judicial review at the Constitutional Court claiming that the program turns money laundering into a legal practice, protects criminals, teaches Indonesian citizens not to pay taxes, and constitutes an unfair program from a social point of view.

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  • Budget Deficit Indonesia Expected to Widen to 2.7% of GDP in 2016

    Budget Deficit Indonesia Expected to Widen to 2.7% of GDP in 2016

    The government of Indonesia may again revise the budget deficit target in the Revised 2016 State Budget (APBN-P 2016). Due to the widening shortfall (primarily caused by weaker than estimated tax revenue collection), the Indonesian government now expects the budget deficit to reach 2.7 percent of the nation’s gross domestic product (GDP), up 0.2 percentage points from the target that was set previously. The new figure is close to the legal cap of 3.0 percent of GDP stipulated by Indonesian law (a law that was implemented to safeguard the nation's fiscal fundamentals).

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  • Indonesia's 2017 Economic Growth Target Set at 5.1%

    Indonesia's 2017 Economic Growth Target Set at 5.1%

    The central government of Indonesia and Commission XI within Indonesia's House of Representatives (DPR) agreed to set the nation's economic growth target at 5.1 percent (y/y) in the draft state budget for 2017. This target is 0.2 percentage points below the GDP growth target that was mentioned by Indonesian President Joko Widodo in a speech last month (based on a financial note) and is also below the 5.2 GDP growth target that was set in the Revised 2016 State Budget. Less optimistic forecasts are especially caused by a cut in government spending.

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  • Sri Mulyani Indrawati's Thoughts about Indonesia's Economic Growth

    Sri Mulyani Indrawati's Thoughts about Indonesia's Economic Growth

    According to Indonesian Finance Minister Sri Mulyani Indrawati the economy of Indonesia will grow 5.1 percent (y/y) in 2016, slightly below the target that was set by the central government in the 2016 State Budget (5.2 percent y/y). This slightly less rosy view is caused by the decision to cut government spending by IDR 137.6 trillion (approx. USD $10.4 billion) this year in order to combat a widening budget deficit (that is mainly caused by weaker-than-targeted tax revenue). A cut in state spending means that the government has less funds to boost economic growth.

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  • Fiscal Update Indonesia: Can the 3% of GDP Budget Deficit Cap Be Widened?

    Fiscal Update Indonesia: Can the 3% of GDP Budget Deficit Cap Be Widened?

    A commission in Indonesia's House of Representatives advises the government to replace a law that sets a maximum budget deficit limit of 3 percent of gross domestic product. This law was implemented in 2003 after Indonesia experienced the devastating effects of the Asian Financial Crisis in the late 1990s. Traumatic experiences made the government decide to prioritize prudent fiscal policies. Although it is unclear what the exact consequences are if the government would breach this cap (perhaps an impeachment bid could be launched), governments always respected the cap.

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  • Fiscal Credibility: Indonesia's Tax Target Realistic in 2017 Budget Draft

    Fiscal Credibility: Indonesia's Tax Target Realistic in 2017 Budget Draft

    Indonesia has finally become more realistic in terms of setting its tax revenue target. In the 2017 State Budget draft proposal that was sent for approval by the central government to Indonesia's House of Representatives (DPR) earlier this week, it set the 2017 tax revenue target at IDR 1,271.7 trillion (approx. USD $97.1 billion), down 3.6 percent from the target of IDR 1,318.9 trillion worth of tax revenue in the 2016 budget. A more realistic tax revenue target will enhance Indonesia's fiscal credibility.

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  • Corporate Income Tax Indonesia to Be Cut in 2017?

    Corporate Income Tax Indonesia to Be Cut in 2017?

    Indonesia is still planning to revise the nation's tax tariff system, specifically corporate income tax and value-added tax (VAT). Indonesia's corporate income tax rate could be cut to 17 percent, from 25 percent currently. The plans were confirmed this week by Indonesian President Joko Widodo as well as Indonesian Finance Minister Sri Mulyani Indrawati. Lowering Indonesia's corporate income tax to 17 percent - matching Singapore's tariff - would make it more attractive for investors to move, or keep, their business in Indonesia.

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  • Indonesian Economy: Micro, Small & Medium Sized Enterprises

    Indonesian Economy: Micro, Small & Medium Sized Enterprises

    Indonesia's Finance Minister Sri Mulyani Indrawati emphasizes the importance of cooperation between the government and Indonesia's micro, small and medium enterprises (including start ups). Indrawati spoke at the 12th World Islamic Economic Forum (WIEF) that opened on Tuesday (02/08) in Jakarta. Last week, Indrawati was appointed Indonesia's new finance minister in a cabinet reshuffle, replacing Bambang Brodjonegoro. She had already been finance minister between 2005 and 2010 under former president Susilo Bambang Yudhoyono.

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  • Interview Sri Mulyani: Indonesian Economy Affected by China & Brexit

    Interview Sri Mulyani: Indonesian Economy Affected by China & Brexit

    In today's cabinet reshuffle (27/07) economist Sri Mulyani Indrawati was appointed as Indonesia's new finance minister, replacing Bambang Brodjonegoro. One day earlier, when few were aware about this surprise move, Sri Mulyani spoke briefly to reporters - in her position as managing director and chief operating officer of the World Bank - about the Indonesian and global economy. She sees two matters that negatively affect Indonesia's economic growth: slowing economic growth in China and the Brexit issue.

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  • Update Cabinet Reshuffle Indonesia: Who Are the New Ministers?

    Update Cabinet Reshuffle Indonesia: Who Are the New Ministers?

    On Wednesday (27/07) Indonesian President Joko "Jokowi" Widodo confirmed that he has reshuffled his cabinet, a move aimed at enhancing the effectiveness of his cabinet. Widodo also announced the names of the new ministers. Two names are very interesting: (1) Sri Mulyani Indrawati, who was Indonesia's finance minister between 2005 and 2010, and (2) retired army general Wiranto, who played a key role in handling security issues during the transition from Suharto's New Order to the Reformation era. However, his name is linked to human rights violations.

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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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