Jakarta, Aug 22 (Antara) - The Indonesian government is formulating a
package of economic policies it will announce on Friday in the face of
current economic upheavals.
The Ministry of Finance, the central bank (Bank Indonesia/BI) and the
Financial Service Authority (OJK) are now engaged in a close
coordination an effort to maintain national economic stability.
"We are taking anticipatory measures in the face of the current
economic conditions. We have now good communication and exchanged
information to share similar views," Finance Minister Chatib Basri said
after having a coordination meeting with BI Governor Agus Martowardojo
and OJK Chief Commissioner Muliaman Hadad on Wednesday.
Chatib said that the current conditions were different from the
economic crisis in 2008 or in 1998. But the government is preparing a
step in the form of a package of economic policies to stave off current
account deficit, the weakening of the rupiah currency and to maintain
growth.
President Susilo Bambang Yudhoyono chaired a cabinet meeting to discuss
efforts to face the current economic conditions on Wednesday.
"The government will formulate measures to maintain financial
stability, curb inflation and maintain growth so that it will not drop
sharply," the President said after chairing the meeting.
The package of economic policies is expected to be implemented even before next week.
According to Finance Minister Chatib Basri, the package will be
announced on Friday. "We are currently finalizing the package. The
public will be informed of its release on Friday. The policies have been
bound together in a package because they are interdependent since we
are presently facing an unusual set of circumstances," Chatib sated.
Chatib noted that national economic conditions, which are now in a
state of flux due to the depreciation of the rupiah and the drop in the
share price index, could be overcome by curbing the current account
deficit. This can be achieved now that oil imports and fuel consumption
have started to drop.
Bambang Brodjonegoro, acting chief of the Fiscal Policy Agency of the
finance ministry, said the current account deficit continued to widen
while the rise in the prices of subsidized oil fuels is expected to
have its impact only in third quarter of the year.
The government has recently raised the prices of subsidized premium gasoline and diesel oils.
The impact of the increase in the prices of subsidized oil fuels on oil
and gas imports could not yet be determined, he said.
"Our main concern is that the increase in the current account deficit
certainly will have its impact on the rupiah exchange rate, state bond
market and stock market," he said.
Therefore, according to Finance Minister Chatib, coordination with the
central bank and the OJK is being held. "In the short term, we must
focus on the stability of the financial system without sacrificing
economic growth. Bank Indonesia and the finance ministry have discussed
efforts to safeguard it and to formulate a comprehensive package," he
said.
"Oil imports in the second quarter dropped to 10.8 percent in the
current account. Fuel consumption in July grew 4 percent, where it is
typically 6 to 7 percent, so we are hopeful that the current account
deficit will decrease," Chatib said.
He explained that the government must ensure that the current account
deficit in the third quarter is significantly smaller by implementing a
package of policies to overcome upheavals and stave off an economic
slowdown.
Deputy Governor of Bank Indonesia Perry Warjiyo said the central bank
would take a series of steps to create stability in the financial
system and reduce the current account deficit, which swelled from
US$5.8 billion in the first quarter to US$9.8 billion in the second
quarter of this year.
The surge in the current account deficit was attributed to shrinking
surplus in trade of commodities outside oil and gas and widening deficit
in services and income accounts.
"We will continue to seek rupiah stability in line with its fundamental
condition. We will also continue to buy state securities from secondary
market and at the same time seek to create stability in the market of
state securities," he said.
He predicted that the current account deficit would decline from 4.4
percent of the country's Gross Domestic Products (GDP) in the second
quarter to 2.7 percent in the third quarter of this year as a result of
a cut in oil and gas imports.
The policy package also includes measures to overcome financial market
problems. "Today, the President will also update measures that must be
adopted to respond to external pressures on the financial market,"
presidential special aide for economic affairs Firmanzah said at the
presidential office on Wednesday.
On Monday afternoon, the Indonesian Stock Exchange BEI index closed
5.58 percent lower to 4,313.52 points and rupiah lose more value to
10,540 per US dollar from 10,380 earlier.
Bank Indonesia blamed global and domestic factors for the depreciation
of the rupiah over the past few days. The central bank would continue to
operate in the foreign exchange market, conducting intervention efforts
to stabilize the rupiah rate.
Bambang said the global and domestic conditions are both behind the
market and rupiah instability - speculation about the US central bank
cutting or canceling its financial stimulus plan, and pressure on the
country's current account deficit.
"Global speculation is when The Fed would reduce or stop its financial
stimulus operations from the world financial market. It is also the
speculation in our market which still depends on foreign investor in
capital inflows," he said.
That is why, according to BI Governor Agus Martowarojo, coordination
will continue to be made among the finance ministry, BI and OJK. "BI,
with the government and the OJK, is committed to responding the current
conditions. We all know the current conditions are caused by external
factor, particularly the US financial stimulus, and internal factor such
as the current account deficit," Agus said.
In the meantime, OJK Chief Commissioner Muliaman Hadad expressed
optimism that financial turmoil marked with the depreciation of the
rupiah currency and fall of stocks price index will improve.
"I still have a big optimism. We believe that the performance of
financial market will rise based on our expectation that all indicators
will improve in the third and fourth quarters of this year," he said.
Muliaman said that the performance of issuers in the first semester was
still relatively good compared with their counterparts in Thailand, the
Philippines and other developing countries.
"We have better underlying asset. This is a basic capital that we
should take advantage of. We do not want other people to take advantage
of it in a condition like now," he noted.
Muliaman said the OJK will continue to increase supervision to prevent further worsening conditions.
"The OJK is also preparing new regulations to respond the emergence of
new crisis. The developments of price index today looked already
changed. We do not know what change will take place tomorrow. We hope
regulations we are preparing will enable the current conditions to
recover," Muliaman asserted.***3***
(T.A014/INE/B003) |
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