Sri Mulyani, Finance Minister, announced the state budget’s allocation of IDR 173.3 trillion (US$ ~12.3 billion) to mitigate the Covid-19 pandemic, doubling from the 2020 pandemic mitigation budget of IDR 63.5 trillion. According to official reports, the budget will be
Indonesia plans to double the 2021 state budget for the national economic recovery program (PEN) by allocating IDR 699 trillion (US$~50 billion). The budget includes the following allocations: 25% to the health sector, 22% to social services such as food
The Minister of Finance, Sri Mulyani, announced that the government debt under President Joko Widodo’s administration amounts to IDR 6,075 trillion. Therefore, the ratio in government debt to GDP has reached 38.68%, an increase from 29% in Dec 2019. Representatives
President Jokowi appointed 5 board of directors for the Indonesia Investment Authority (INA), the country’s sovereign wealth fund, namely Ridha DM Wirakusumah (Managing Director of PT Bank Permata Tbk) as CEO, Arief Budiman (ex-Financial Director of Pertamina) as Deputy CEO,
Bank Syariah Indonesia (BSI) aims to be one of the world’s 10 largest Islamic banks by 2025.. Indonesia is home to ~12% of the world’s Muslim population, and will be a significant market for BSI. To serve this large market,
According to the Global Islamic Economic Indicator, Indonesia has been a fast growing Sharia (or Islamic) economy over the past three years, jumping from its 11th position in 2017 to 4th in 2020. Jardine Husman, Deputy Director of the Department
Bank Indonesia (BI) estimates that foreign capital flows of US$19.4 billion is expected, and is partially attributable to the implementation of Omnibus Law on Job Creation and the establishment of the Investment Management Institute. Perry Warjiyo, BI governor, shared that
Covid-19 has caused additional strain on Indonesia’s demographic bonus, with ~71% of the population within productive age (15-64), resulting in a high unemployment rate of 37.6%. Both the demographic bonus and the unemployment rate is expected to grow given current
Bank of Indonesia reported record uptake in digital banking, fuelled by the pandemic and consequently shaping the way people conduct financial transactions in-country. In 2020, the total digital banking transaction volume has reached IDR ~2,775 trillion, with e-money transactions at
Finance Minister, Sri Mulyani Indrawati, claimed the success of the social safety net policy implemented in 2020 in reducing poverty. According to her, these government interventions were needed to curb the poverty rate at 9.78% (>26.42 mil) of Indonesia’s total
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