President Jokowi Calls on Bank Indonesia to Play Significant Role in Structural Reforms

President Joko “Jokowi” Widodo has called on central bank Bank Indonesia (BI) to play a significant role in structural reforms the Government is pursuing.

“I hope Bank Indonesia will play a more significant role in the fundamental reforms that we are currently executing,” the President said in his remarks at the 2020 Bank Indonesia Annual Meeting (PTBI), which was held virtually, Thursday (3/12).

The President also expressed hope that Bank Indonesia can provide greater contributions in driving the real sector, push for more job opportunities, and support business players, particularly the Micro, Small and Medium-sized Enterprises (MSMEs) sector so they can return to be productive.

Furthermore, the President urged all relevant stakeholders to move swiftly and precisely, as well as remove any sectoral egos.

“Do eliminate those sectoral egos, institutional egocentrism, and do not shelter behind the tall walls of respective authorities,” he said.

The President also called for joint efforts to transform into a new economic power.

“We must share the burden, share responsibility for the sake of the nation and state affairs so that our country will be able to transform into a new economic power at the regional and global levels,” he said.

On that occasion, the President ordered to work on several measures swiftly so the country can immediately rise and recover from the ongoing pandemic. Those measures will be taken, namely preparing vaccines and vaccination programs carefully and overcoming job creation issues.

“We will be faced with a large number of unemployed people due to massive layoffs due to the pandemic. We are facing a large workforce that needs job opportunities,” he said.

Therefore, he added, the Government must carry out structural reforms, fix complex regulations and complicated bureaucracies.

“We‘re all aware, (Indonesia) ranked first in the Global Complexity Index, the world’s most complex market. We must put an end to it,” he said.

Thus, the President continued, it became the spirit behind the issuance of the Job Creation Law. The Government wants to create a business climate that is more conducive and competitive so that MSMEs can be more developed and labor-intensive industries grow rapidly.

“Do simplify business license. MSME permits are made simpler through business registration, and other conveniences,” the President said. (FID/UN) (RIF/MUR)