Jokowi tells local government to curb transport costs to contain inflation
JAKARTA – President Joko “Jokowi” Widodo said on Wednesday he had ordered provincial governments to use their budgets to rein in transportation costs and counter the inflationary impact of last week’s fuel price hike. Under pressure to control a swelling energy subsidy budget Jokowi hiked…
G20 must discuss energy transition in developing nations: T20
Bali – The meeting between G20 leaders in November 2022 must pay attention to and discuss the energy transition in developing countries, lead co-chair of T20 Indonesia, Bambang Brodjonegoro, has said. “Energy transition for developing countries is an expensive, severe process that requires much sacrifice,”…
House approves membership of RCEP regional trade deal
JAKARTA – Indonesia’s House of Representatives on Tuesday passed a law cementing the country’s membership in the Regional Comprehensive Economic Partnership (RCEP), making it the latest Southeast Asian nation to join the world’s biggest trade bloc. Lawmakers also ratified a bilateral trade pact with South…
Minister targets creating 4.4 million jobs in creative economy sector
Tangerang – Tourism and Creative Economy Minister Sandiaga Uno has targeted the creative economy sector to absorb 4.4 million domestic workers by 2024. “In 2022, our target is to create 1.1 million new jobs, and (we will) continue to encourage it to reach 4.4 million…
Indonesia preparing special strategy to handle food, energy crises
JAKARTA – The Indonesian government is preparing a special strategy for 2023 to deal with the food and energy crises, Coordinating Minister for Economic Affairs, Airlangga Hartarto, said at the State Palace on Monday. “President Joko Widodo (Jokowi) had asked us to prepare a strategy…
Indonesia central bank sells government bonds to absorb excess liquidity
JAKARTA – Indonesia’s central bank has sold some of its holdings of government bonds in the secondary market, an official said on Monday, stepping up its normalisation of monetary policy after keeping liquidity very loose during the pandemic. Bank Indonesia (BI) is among the world’s…
Government removes palm oil export levy until Aug. 31
JAKARTA – Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finance ministry officials said on Saturday, adding the move would not disrupt government revenues. The decision by the…
Jokowi Is Optimistic Indonesia to Reach 5.1% Growth in Q2
JAKARTA – President Joko “Jokowi” Widodo said he was optimistic Indonesia’s economy could have expanded 5.1 percent in the last quarter, supported by increasing public consumption and investment amid robust investors’ confidence in the country. With the remarks, Jokowi underlined Indonesia’s resilience in the face of rising inflation…
Subsidized fuel price hike may significantly affect inflation
Jakarta – An increase in subsidized fuel oil prices may significantly impact inflation and reduce the people’s purchasing power, an economist has predicted. “If, for instance, (the prices) are raised now, then they will significantly contribute to inflation which will eventually lower the purchasing power,”…
G20 to Tackle Soaring Global Food Price
Jakarta – Members of the G20 have expressed concerns about soaring global food and energy prices triggered by the war between Russia and Ukraine and expressed intent to solve the supply problem, Indonesian Minister of Foreign Affairs Retno Marsudi said Friday. The war and subsequent sanctions against…