Horrified! This is the reason why Sri Mulyani is worried about the world now News – 9 hours ago

Jakarta, CNBC Indonesia – Minister of Finance Sri Mulyani Indrawati confirmed that the Financial System Stability Committee or KSSK consisting of the Governor of Bank Indonesia, Chair of the OJK Board of Commissioners, and Chair of the LPS Board of Commissioners would announce the results of the stress test or test of the resilience of the Indonesian economy and financial system amidst the current enormous global economic pressure. This.

He said that the results of the stress test would be presented by the KSSK to the public at the beginning of next month or November 2023, including regarding the steps or policies that the government and related authorities would implement to reduce the impact of the turmoil. However, he confirmed that the government had increased vigilance regarding global economic pressures.

“The point, the main concern or message is that we must continue to be alert, we are alert and we look at all aspects, even though our APBN until September is still in good condition, so we look at various aspects,” said Sri Mulyani at her office, Jakarta, Wednesday (25/ 10/2023).

On that occasion, he also explained the current global economic pressures, such as the impact of war conditions occurring in various regions, such as the Russian and Ukrainian wars as well as Israel and Palestine, fluctuations in high prices of energy and food commodities which are also due to the El Niño phenomenon. , and the trend of high interest rates has the potential to put pressure on the Indonesian economy starting in the fourth quarter of 2023.

He said, due to global pressure conditions, Indonesia’s economic growth would weaken to 4.86% in the fourth quarter of 2023, from the initial assumption of 5.06%. Then, for the whole year, it will weaken to the level of 5.04% from the initial assumption of 5.09%, and in 2024 the economic weakening will only grow 5.08% from the assumption in the 2024 APBN of 5.2%.

However, to anticipate this weakening, the government has also issued an anticipatory policy package, including strengthening social assistance to deal with the impact of El Niño by providing 10 kg of rice assistance to 21.3 million beneficiary families until the end of the year. In the budget, there is an additional IDR 2.67 trillion in December 2023, from the disbursement of funds allocated for the program in March-May IDR 7.9 trillion and September-November IDR 8 trillion.

Then, direct cash assistance or El Nino BLT of IDR 200 thousand per month in the November-December 2023 period to 18.8 million beneficiary families, with a budget of IDR 7.52 trillion.

There is also a policy of strengthening the distribution of people’s business credit (KUR) for MSMEs by means of a weekend banking policy or encouraging KUR distributing banks to open services on Saturday-Sunday so that KUR distribution meets the target of IDR 297 trillion, because according to Sri Mulyani, new KUR distribution will be available until September 2023. amounting to IDR 177.5 trillion.

Lastly, the government-borne VAT policy (VAT DTP) is 100% for the period November 2023 to June 2024 and 50% from July-December 2024 for houses priced under IDR 2 billion, as well as providing assistance with administration costs for 14 months from November 2023 to December 2024 amounting to IDR 4 million per house for low-income people (MBR).

With these various policies, Sri Mulyani confirmed that the economic growth targets in the fourth quarter of 2023, overall 2023 and 2024 were in line with initial estimates, namely 5.06%, 5.1% and 5.2% respectively.

“So, friends, we can see that the APBN remains a fairly good and strong anchor in the turbulent global situation. Yes, we hope that the Indonesian economy with the APBN as an anchor can still sail in the current ocean atmosphere where the waves are somewhat will increase and will be quite heavy,” said Sri Mulyani.

[Gambas:Video CNBC]

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