Indonesia Has Risen from the Pandemic: IMF

Jakarta: The International Monetary Fund (IMF) assesses that Indonesia has shown a good post-pandemic economic recovery. It shows through strong macroeconomic performance, supported by the prudent implementation of monetary and fiscal policies.
 
Forward-looking policies and synergies have succeeded in bringing Indonesia to face global challenges in 2022 with healthy growth, reduced inflationary pressures, and a stable financial system.
 
Bank Indonesia welcomes the results of the IMF's assessment of the Indonesian economy in the Article IV Consultation 2023 report which was just released today, Monday, 26 June 2023.

The IMF Board of Directors expressed their appreciation and positive notes on the various policies pursued by the Indonesian authorities during 2022.
 
"First, the success of the authorities in returning to the maximum fiscal deficit limit of three percent, faster than expected and the authority's commitment to implementing fiscal discipline," wrote the IMF assessment.
 
Second, the implementation of adequate monetary policy to maintain price stability. Third, the resilience of the financial sector is maintained.
 
Then, fourthly, the application of the Job Creation Law and the Financial Sector Development and Strengthening Law, by ensuring proper implementation and continuation of reform momentum to encourage ease of investment, increase financial market deepening, and mitigate the scarring impact of a pandemic.
 
"Fifth, Indonesia's diversification strategy focuses on downstream efforts in order to increase export added value. Sixth, the authority's commitment to reducing greenhouse gas emissions and deforestation," he said.
 
In its report, the IMF projects that Indonesia's economic performance will remain strong with some moderation in 2023.
 
The IMF pays close attention to a number of risk factors that need to be watched out for, especially those related to uncertain global economic and financial conditions that have the potential to affect the outlook for growth.
 
The IMF made recommendations for normalizing fiscal and monetary policies according to pre-pandemic conditions, continuing financial sector policies that support inclusive growth, and broader policy reforms to encourage medium-term growth.
 
The IMF's positive projection is in line with the results of Bank Indonesia's assessment which estimates that the national economic growth rate will continue in line with the progress of the reform agenda. (Kevin Schreiber)
 
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