Economic Crisis Management

Indonesia Targets Middle East Market

VIVAnews - The global financial crisis causes funds and investment from the United States and European countries to be obstructed. The government is targeting funds from Middle East countries.

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During a meeting with Vice President Jusuf Kalla at the Vice Presidential Office in Jakarta, Nov. 20, Finance Minister and acting Minister for the Economy, Sri Mulyani cited the accomplishments made in financing the 2009 budget and fiscal stimulus.

"[Mulyani] also cited interesting progress regarding the Middle East market that may accommodate our economic expansion," said Head of Fiscal Policy Agency at the Department of Finance, Anggito Abimanyu.

In addition to Middle East, the government is also targeting loans from multilateral financial institutions and from other countries.

Other points that were discussed, said Anggito, involves the macro economic situation; how to utilize the State Budget as an instrument to maintain stimulation aiming at responding the current global situation, the banking situation, and financing of infrastructure projects.

Anggito explained that as for the macro condition, the economic growth in the third quarter of 2008 was at 6.1 percent, despite a slowdown in third and fourth quarters of 2008 due to global economic slowdown.

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Head of Central Statistics Agency (BPS), Rusman Heriawan, had previously confirmed this slowdown. The 2007 year-on-year growth was 6.5 percent. "So, 2007 was better. That is why this is called a slowdown," said Rusman in Jakarta, Nov 17.

However, according to Anggito, the impact of the global will only truly be felt in 2009. The 2009 State Budget may be revised. The set economic growth of six percent will be evaluated in line with latest developments. "There is quite significant correction in macro economy concerning several economic indicators like exchange rate, interest rate, bonds market and capital market," he said.

For the time being, capital market is being suppressed by capitalization. In addition, there is a correction of several basis points in the bonds market compared to three months ago.


Translated by: Bonardo Maulana W

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29 Maret 2024