This moment, marked with numerous challenges, is an opportune time to undertake structural reforms
Jakarta (Antara) – Indonesia’s Minister of Finance, Sri Mulyani Indravati, who attended the Asia Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting held in San Francisco, California, USA, stressed the importance of carrying out structural reforms.
„This moment, marked with many challenges, is the right time to undertake structural reforms,” Indravati said in a statement received in Jakarta on Tuesday.
The minister observed that the world was facing complex global economic challenges, such as the issuance of „higher for longer” policies on interest rates that would further worsen the financial conditions of many countries.
The minister then outlined several steps taken by Indonesia to carry out structural reforms.
Indonesia highlighted that in 2021 it released the Tax Regulation Harmonization (HPP) Law and the Fiscal Relations between the Central Government and Regions (HKPD) Law.
He noted that Indonesia is improving the State Budget (APBN) to support efforts to accelerate economic transformation, including focusing on investment in infrastructure and human resources to address development issues.
The state treasurer also mentioned policies related to climate change that could have a „crowd-out” effect on a global scale, leading to more pressure on markets, resulting in higher interest rates.
He elaborated that such a situation could increase pressure on the financial sector in developing countries, including Indonesia.
„Adopting mature and intelligent fiscal policies is critical to counter these global dynamics,” he stressed.
A total of 21 finance ministers from APEC member countries participated in the Finance Ministers’ Meeting, which is part of the agenda of the APEC Economic Leaders’ Week from November 11-17.
Indravati expressed hope that other agenda items of the event would also serve as forums for APEC member countries to develop solutions to the challenges currently facing the global community.
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