Daily Archives: July 10, 2018

Official Reserve Assets High Enough in June 2018: BI

Jakarta (Antara News) – Indonesias official reserve assets at the end of June 2018 were quite high at US$119.8 billion although lower than $122.9 billion at the end of May 2018.

“The position of reserve assets was equivalent to financing of 7.2 months of imports or 6.9 months of imports and servicing of government external debt, well above the international standard of reserve adequacy of three months of imports,” Agusman, head of Bank Indonesias (BIs) communications department, noted in a statement here on Tuesday.

BI considers the position of official reserve assets as being able to support the external sector resilience and maintain macroeconomic and financial system sustainability.

The decline in reserve assets in June 2018 was mainly due to repayment of the government external debt and rupiah stabilization in the midst of continued high uncertainty in the global financial market.

Going forward, BI considers the official reserve assets to remain adequate, supported by confidence in stability and the upbeat outlook for the domestic economy as well as positive export performance.

President Joko Widodo had earlier decided to keep the 2018 state budget deficit at 2.12 percent of the gross domestic product (GDP) as compared to 2.19 percent as projected earlier, Finance Minister Sri Mulyani stated.

“Based on the current outlook, we predict the 2018 state budget to record a deficit of 2.12 percent of the GDP, or Rp314 trillion, lower than the projected Rp325 trillion,” Sri Mulyani stated.

The budget deficit declined in the first half of this year, she noted.

“For the first time in four years, our state budget has recorded a deficit of Rp110 trillion compared to Rp175 trillion last year,” she added.

The decline in budget deficit reflects the governments efforts to make the state budget sound and credible when it comes to debt management, she remarked.

“The first semester performance confirms that the government is very cautious and prudent to maintain the 2018 state budget,” she revealed.

She explained that President Widodo has made assurance of no revision in the 2018 state budget, as it had a good outlook.

In addition, it has not experienced significant deviation in terms of state revenues and expenditures and had lower deficit than expected.

Source: ANTARA News

Official Reserve Assets High Enough in June 2018: BI

Jakarta (Antara News) – Indonesias official reserve assets at the end of June 2018 were quite high at US$119.8 billion although lower than $122.9 billion at the end of May 2018.

“The position of reserve assets was equivalent to financing of 7.2 months of imports or 6.9 months of imports and servicing of government external debt, well above the international standard of reserve adequacy of three months of imports,” Agusman, head of Bank Indonesias (BIs) communications department, noted in a statement here on Tuesday.

BI considers the position of official reserve assets as being able to support the external sector resilience and maintain macroeconomic and financial system sustainability.

The decline in reserve assets in June 2018 was mainly due to repayment of the government external debt and rupiah stabilization in the midst of continued high uncertainty in the global financial market.

Going forward, BI considers the official reserve assets to remain adequate, supported by confidence in stability and the upbeat outlook for the domestic economy as well as positive export performance.

President Joko Widodo had earlier decided to keep the 2018 state budget deficit at 2.12 percent of the gross domestic product (GDP) as compared to 2.19 percent as projected earlier, Finance Minister Sri Mulyani stated.

“Based on the current outlook, we predict the 2018 state budget to record a deficit of 2.12 percent of the GDP, or Rp314 trillion, lower than the projected Rp325 trillion,” Sri Mulyani stated.

The budget deficit declined in the first half of this year, she noted.

“For the first time in four years, our state budget has recorded a deficit of Rp110 trillion compared to Rp175 trillion last year,” she added.

The decline in budget deficit reflects the governments efforts to make the state budget sound and credible when it comes to debt management, she remarked.

“The first semester performance confirms that the government is very cautious and prudent to maintain the 2018 state budget,” she revealed.

She explained that President Widodo has made assurance of no revision in the 2018 state budget, as it had a good outlook.

In addition, it has not experienced significant deviation in terms of state revenues and expenditures and had lower deficit than expected.

Source: ANTARA News

Australia, Indonesia keen to create resilient neighborhood: Ambassador

Jakarta (ANTARA News) – Australian Ambassador to Indonesia Gary Quinlan stated that Australia and Indonesia share a vital common interest to create a resilient neighborhood by overcoming inequality.

“This is because inequality is a bad thing, and principally, it leads to many difficulties for a country to maintain its confidence, coherence, and resilience,” he noted during a press conference of the Indonesia Development Forum (IDF) 2018 in Jakarta on Tuesday.

According to Quinlan, Australia has been able to maintain uninterrupted economic growth for over more than two and a half decades — an unparalleled record among developed economies — by carrying out a series of economic reforms that have enabled the country to build a flexible and resilient economy.

Trade liberalization and reducing protectionism have been central strategies to boost Australias economy, help lower prices, and boost general competitiveness.

Unlike Australia, Indonesia, which is estimated to be the worlds fourth-largest economy by 2050, still faces regional disparity that remains a major obstacle to broad-based inclusive growth.

Western Indonesia contributes some 80 percent of the gross domestic product, and poverty rates are seven times higher in Papua than Jakarta.

According to the governments data, nearly 90 million Indonesians are poor or vulnerable.

“That is why supporting Indonesia to grow its economy and tackle inequality across the country lies at the heart of the Indonesia-Australia development partnership,” Quinlan remarked.

The Australian government views Indonesias development as essential in achieving regional stability, security, and trade partnership.

As estimated 356.9 million Australian dollars have been granted by the Australian government to Indonesia through the Official Development Assistance (ODA) budget, with more than 60 percent invested in the education sector.

To maintain effectiveness of the Indonesian governance, the National Development Planning Agency and Australian government have established the Knowledge Sector Initiative program aimed at improving peoples day-to-day lives through research, analysis, and evidence as the basis of public policy making.

The IDF, which was held for the second time this year, is part of the cooperation to facilitate the exchange of ideas and experiences to address the inter-regional development gap challenges facing Indonesia by engaging all government partners and communities.

Under the main theme of “Pathways to Tackle Regional Disparities across the Archipelago,” the forum strives to find inspiration and best practices concerning seven focus areas: develop growth centers, make efforts to improve the welfare of underdeveloped regions and border areas, enhance basic services to reduce regional disparities, utilize the potential of the digital economy to encourage regional development, strengthen connectivity in Indonesia, as an archipelago, and bring about innovations in local governance.

Source: ANTARA News

Australia, Indonesia keen to create resilient neighborhood: Ambassador

Jakarta (ANTARA News) – Australian Ambassador to Indonesia Gary Quinlan stated that Australia and Indonesia share a vital common interest to create a resilient neighborhood by overcoming inequality.

“This is because inequality is a bad thing, and principally, it leads to many difficulties for a country to maintain its confidence, coherence, and resilience,” he noted during a press conference of the Indonesia Development Forum (IDF) 2018 in Jakarta on Tuesday.

According to Quinlan, Australia has been able to maintain uninterrupted economic growth for over more than two and a half decades — an unparalleled record among developed economies — by carrying out a series of economic reforms that have enabled the country to build a flexible and resilient economy.

Trade liberalization and reducing protectionism have been central strategies to boost Australias economy, help lower prices, and boost general competitiveness.

Unlike Australia, Indonesia, which is estimated to be the worlds fourth-largest economy by 2050, still faces regional disparity that remains a major obstacle to broad-based inclusive growth.

Western Indonesia contributes some 80 percent of the gross domestic product, and poverty rates are seven times higher in Papua than Jakarta.

According to the governments data, nearly 90 million Indonesians are poor or vulnerable.

“That is why supporting Indonesia to grow its economy and tackle inequality across the country lies at the heart of the Indonesia-Australia development partnership,” Quinlan remarked.

The Australian government views Indonesias development as essential in achieving regional stability, security, and trade partnership.

As estimated 356.9 million Australian dollars have been granted by the Australian government to Indonesia through the Official Development Assistance (ODA) budget, with more than 60 percent invested in the education sector.

To maintain effectiveness of the Indonesian governance, the National Development Planning Agency and Australian government have established the Knowledge Sector Initiative program aimed at improving peoples day-to-day lives through research, analysis, and evidence as the basis of public policy making.

The IDF, which was held for the second time this year, is part of the cooperation to facilitate the exchange of ideas and experiences to address the inter-regional development gap challenges facing Indonesia by engaging all government partners and communities.

Under the main theme of “Pathways to Tackle Regional Disparities across the Archipelago,” the forum strives to find inspiration and best practices concerning seven focus areas: develop growth centers, make efforts to improve the welfare of underdeveloped regions and border areas, enhance basic services to reduce regional disparities, utilize the potential of the digital economy to encourage regional development, strengthen connectivity in Indonesia, as an archipelago, and bring about innovations in local governance.

Source: ANTARA News