President Jokowi: Use Monetary, Fiscal Instruments to Strengthen Economic Competitiveness

President Jokowi, accompanied by Vice President Ma’ruf Amin and Cabinet Secretary Pramono Anung, before a Limited Meeting on Further Discussion on the Impact of Covid-19 on Indonesia’s Economy on Tuesday (25/2), at the Presidential Office, Jakarta. (Photo by: Jay/PR)

President Joko “Jokowi” Widodo instructed his Cabinet to prepare and use all monetary and fiscal instruments in strengthening economic resilience and competitiveness.

“In monetary instruments, I welcome central Bank Indonesia’s decision to lower BI rate and relax monetary policy in supporting the national economic development,” President Jokowi said when leading a Limited Meeting on Further Discussion on the Impact of Covid-19 on Indonesia’s Economy on Tuesday (25/2), at the Presidential Office, Jakarta.

According to the President, in the Limited Meeting, the Government will stipulate fiscal policies to support the economy, be it consumption, investment, and measures to boost tourist sector particularly in Bali, North Sulawesi, and Riau Islands as a result of coronavirus outbreak.

Since tourists visiting that regions are mainly Chinese and the Government has imposed travel ban to and from mainland China due to the outbreak of coronavirus, the three regions is experiencing a major decline in Chinese tourists visit.

“I want Meetings, Incentives, Conferences and Exhibitions (MICE) to be held in those regions. We also need to intensify promotion to international tourists seeking alternative tourist destinations to China, Korea, and Japan,” he added.

The President went on to say that incentives and measures to stimulate the economy should be taken in line and simultaneously.

Also attending the Limited Meeting were, among others, Indonesia Onward Cabinet Ministers, Presidential Chief of Staff Moeldoko, Financial Services Authority (OJK) Chief Wimboh Santoso, Indonesian National Defense Forces (TNI) Commander Marshal Hadi Tjahjanto, Indonesian National Police (Polri) Chief Idham Azis, and echelon I officials of presidential institution. (MAY/SM/EN)

Translated by : Rany Anjany
Reviewed by : Yuyu Mulyani