Jakarta, Oct 23 (Antara) - Business makers and market players are
closely following what steps are to be taken by newly installed
President Joko Widodo, or Jokowi, particularly with regard to his new
cabinet lineup.
Jokowi following his inauguration as Indonesia's seventh President on
Monday, October 20, 2014 promised to announce immediately his cabinet
ministers but until the fourth day on Thursday, the new president had
yet to make public his ministers.
Some analysts feared that Jokowi's slow pace in announcing the cabinet
ministers' structure would fuel market negative sentiment while others
believed that market players will understand the President's reason to
postpone his announcement.
In the morning on Wednesday, Jokowi said he would likely announce his
cabinet lineup on that day, yet until Thursday, he did not realize it
yet.
The delayed announcement of the cabinet lineup is feared to reduce
investors' and market players' trust and fuel negative sentiment in the
money and stock markets, stated economic observer Enny Sri Hartati
Researcher Enny Sri Hartati of the Institute for Development of
Economics and Finance (Indef) noted on Thursday that the market players
continued to closely follow Jokowi who said he will announce his cabinet
lineup on Wednesday.
"But, he finally postponed the announcement. I am afraid investors will
make negative speculations, questioning the background of the
postponement. They could speculate whether there is any conflict of
interests," she stated.
According to Enny, the market players are waiting for Jokowi to fulfill
his promise to formulate a predominantly professional and
non-transactional cabinet lineup.
Enny claimed that the market players were actually not affected by the
14 days that Jokowi has after his presidential inauguration to announce
his cabinet ministers based on the Constitution.
"However, if
Jokowi said he will announce his cabinet today, but he fails to do so,
then the market can have its speculations and questions," remarked Enny.
However, according to macroeconomic analyst Thomas Ola Langoday of the
Kupang-based Widya Mandira University, the delay in the announcement of
the cabinet ministers will not automatically affect the market players.
"The delay in the announcement of the cabinet lineup has not yet had a
wide impact on the price and the exchange rate of the local rupiah
currency, including the stock price index," Thomas claimed here on
Thursday.
He noted that the delay has not yet affected the market and investment
as the market players understand the reason for the postponement of
Jokowi's Trisakti Cabinet announcement.
"The market players understand that the president is still looking for
men who are clean, competent, and professional," remarked Thomas, the
dean of the Economic Faculty of the Widya Mandira University.
He
pointed out that market players even viewed the delay as Jokowi's
efforts to form a clean cabinet, which is favorable for the Indonesian
economy.
With
the formation of a clean cabinet, the analyst from PT Bahana Securities
also forecast that the share price index would reach the 5.3 thousand
level by the year-end increase to 5.6 thousand next year.
The market players will continue to harbor high expectations on the
cabinet posture, particularly the economic ministerial posts, which
should be filled by professionals and technocrats, who are able to
reform the structure of the nation's economy.
As he still postpones the announcement, Jokowi is advised to not talk too much about his cabinet plan.
"The
president had better speak little. He has been in a hurry to disclose
that the announcement will be made tomorrow," Martin Hutabarat, a
politician of the Indonesia Greater Movement Party (Gerindra), stated.
He said that Jokowi was now under pressure to fulfill his own promise
of immediately announcing the names of his cabinet ministers. "If he
did not keep his own promises, it will become a challenge for him," he
added.
Actually, Jokowi, according to Martin, still has sufficient time
before he could announce his cabinet. He has two weeks from the day of
his inauguration as president. Martin was convinced that the delay in
the announcement of the cabinet would not pose a significant problem for
Jokowi. "The problem is when he speaks (makes promises) too soon," the
Gerindra politician stated.
In the meantime, political observer Nyoman Subanda of the National
Education University of Denpasar said Jokowi, is adopting a cautious
approach in selecting the members for his cabinet after the Corruption
Eradication Commission (KPK) gave yellow and red marks to his
prospective ministers.
Jokowi has earlier submitted a list of 43 prospective ministers to the
KPK for background scrutiny. The KPK has returned the results of its
examinations to Jokowi, marking red or yellow on prospective ministers
who have the potential to be implicated in legal cases.
"I think President Jokowi is being very careful in selecting members of
his cabinet lineup, so that he can pick prospective ministers who are
clean from corruption. This is a positive step," Nyoman Subanda
remarked.
He
noted that there is a general public impression that Jokowi was slow in
announcing his cabinet ministers. On several occasions since his
inauguration as president on Monday, Jokowi said he would soon announce
his cabinet structure.
"Jokowi said he would soon make public his cabinet ministers' lineup,
yet until four days, today since he was inaugurated on Monday, he has
not yet announced it," remarked Nyoman Subanda, who is also the dean of
the social and political faculty of the National Education University of
Denpasar.
He pointed out that the uncertainty of the announcement would, of
course, affect the viewpoint of the people who had given their vote to
the Jokowi-Jusuf Kalla pair.
"I hope the President would soon announce the structure of his cabinet
ministers in accordance with what he had stated during his inaugural
speech at the Parliament building," he stated.***2***
(T.A014/H-YH)
(T.SYS/A/BESSR/A/Yosep) 23-10-2014 23:32 |
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