ECONOMY

Bank Indonesia (BI) and the Finance Ministry launched the 2022 edition of Rupiah banknotes on Thursday (18/7). A total of seven banknotes were issued in different denominations from Rp1,000 to Rp100,000.

Finance Minister Sri Mulyani said the government spending allocation in the 2023 national budget draft (RAPBN) is projected to reach Rp3,041.7 trillion or 14.5 percent of GDP.

The Indonesian government debt, which has increased to Rp7,163.1 trillion as of July 2022, is of particular concern to the People’s Consultative Assembly (MPR) conveyed at the body’s annual session to hear the government’s report on the performance of state institutions on Tuesday (16/8).

The US and the Group of Seven (G7) countries formed a coalition to impose price cap and import ban on Russian oil in a bid to bring down global oil prices which have soared as a result of the Russia-Ukraine war.

Finance Minister Sri Mulyani cautions that the heightened tension between China and Taiwan after US House Speaker Nancy Pelosi’s visit can further imperil the global economy that is already struggling due the Covid-19 pandemic and the Ukraine war.

President Joko Widodo cautioned that the current global economic situation is facing major headwinds. He reminded that based on projections by the United Nations (UN), the International Monetary Fund (IMF), and the World Bank, 60 countries are facing economic collapse and 320 million people at risk of acute hunger.

Taxation Director General Suryo Utomo said as of end of June 2022, tax revenue has reached Rp868.3 trillion, a 55.7 percent growth. It accounted for 58.5 percent of the target set forth in Presidential Regulation (Perpres) 98/2022.

Online small and medium enterprises (SMEs) in Southeast Asia has seen a significant increase in trade activities. Global e-commerce platforms connect millions of buyers and sellers across the region. According to a study conducted by eBay, Indonesia’s SMEs make up 69 percent of online businesses in Southeast Asia with products exported to ten international markets.

President Joko Widodo received the International Monetary Fund (IMF) delegation at the Bogor Presidential Palace, West Java, Sunday (17/7). The delegates were IMF Managing Director Kristalina Georgieva, IMF Asia and Pacific Department Director Krishna Srinivasan, and IMF Senior Representative for Indonesia James Walsh.

Finance Minister Sri Mulyani assured that Indonesia would not suffer the same fate as Sri Lanka. According to her, Indonesia's economy is strong and can withstand bankruptcy.

Finance Minister Sri Mulyani said the state needed up to Rp3,500 trillion to boost electricity generation and reduce GHG emissions to meet its Nationally Determined Contribution (NDC) target.