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Next govt must have guts to raise subsidized fuel prices The future government should have the determination to increase the price of subsidized fuels to prevent fuel subsidy in the state budget (APBN) from soaring, an energy observer reported.

Posted in Economy @ 25 August 2014 19:41 CET by Blog Bot · permalink · 0 reactions


Deficit in draft state budget set at 2.32 pct The government has targeted a deficit of Rp257.6 trillion or 2.32 percent of the Gross Domestic Product (GDP) in the Draft 2015 State Budget, with state revenue of Rp1,762.3 trillion and expenditure of Rp2,019.9 trillion.

Posted in General @ 16 August 2014 00:25 CET by Blog Bot · permalink · 0 reactions


'Indonesia should scrap fuel subsidy' A number of business associations have called on the government to entirely scrap the fuel subsidy, instead of limiting consumption of subsidized fuel types in certain areas, in a bid to avoid a swell in state spending.

Posted in Economy @ 07 August 2014 09:03 CET by Jeroen · permalink · 0 reactions


BI: economic slowdown in Q2 in line with stabilization scheme Indonesias economic slowdown in the second quarter of this year was in line with macro-economic stability policy adopted by the government and Bank Indonesia aimed especially to control inflation and current account deficit, the central bank said.

Posted in Economy @ 06 August 2014 10:09 CET by Blog Bot · permalink · 0 reactions


House agrees to cut Bappenas budget by Rp46.47 billion The House of Representatives (DPR RI) agreed to slash the budget of the National Development Planning Agency (Bappenas) by Rp46.47 billion as part of efforts to cut budgets at 86 ministries and government institutions in 2014.

Posted in Economy @ 17 June 2014 08:24 CET by Blog Bot · permalink · 0 reactions


State Enterprises Ministry urged to assess PLN`s performance The State Enterprises Ministry must evaluate the performance of state electricity company, PT Perusahaan Listrik Negara (PLN), following power cuts in several parts of Jakarta on Monday, noted a lawmaker.

Posted in Power supply @ 13 May 2014 23:31 CET by Blog Bot · permalink · 0 reactions


Indonesia's economy predicted to grow 5.8 percent in Q1 Finance minister Chatib Basri had predicted Indonesia's economy grew 5.7 to 5.8 percent in the first quarter of 2014, primarily due to consumer spending. The minister said here on Monday consumer spending was expected to rise in March, although the impact had not been felt as of now.

Posted in Economy @ 07 April 2014 20:32 CET by Blog Bot · permalink · 0 reactions


Indonesian economy to slow down in 2014 Indonesia's economy is expected to slow down in 2014 as a result of being impacted by various domestic and foreign factors, said market analyst Surjanto Yasaputera here on Thursday. "The BI rate hike from seven percent to 7.5 percent is one of the factors holding back foreign investors from making new investments," he stated.

Posted in Economy @ 14 November 2013 16:53 CET by Blog Bot · permalink · 0 reactions


Yudhoyono opens APEC summit, stressing its important role Indonesia`s President Susilo Bambang Yudhoyono formally opened the Asia Pacific Economic Cooperation (APEC) summit here on Monday, underlining the forum`s increasing role in ensuring regional economic growth.

Posted in Politics @ 07 October 2013 22:43 CET by Blog Bot · permalink · 0 reactions


Govt to raise sale tax on luxury cars soon The finance minister will soon issue a regulation on an increase in sale tax on foreign-made luxury cars to curb their import, Industry Minister MS Hidayat said. "The ministerial regulation has been prepared," he said here on Thursday.

Posted in Economy @ 29 August 2013 14:06 CET by Blog Bot · permalink · 0 reactions


Ministry of industry issues policies to maintain growth The Ministry of Industry has issued a package of policies to maintain the growth of national industries affected by current financial market conditions and the rupiah depreciation.

Posted in Economy @ 28 August 2013 17:44 CET by Blog Bot · permalink · 0 reactions


Indoensia's inflation may reach 9 percent Indonesia's inflation may jump to 9 percent this year under the impact of the recent rise in the prices of subsidized fuel oils, World Bank economist Ndiame Diop has predicted. "The higher fuel prices will first have a greater impact on the inflation rate by increasing average annual inflation rate in 2013," he said here on Tuesday.

Posted in Economy @ 02 July 2013 17:08 CET by Blog Bot · permalink · 0 reactions


VP instructs ministers to maintain food price stability Vice President Boediono has instructed relevant ministers and officials to maintain food price stability in the face of subsidized fuel price hikes and the fasting month of Ramadhan.

Posted in Politics @ 18 June 2013 23:30 CET by Blog Bot · permalink · 0 reactions


House plenary enacts bill on revised budget into law The House of Representatives finally enacted the Bill on the 2013 Revised State Budget into law through a voting mechanism in its plenary session here on Monday night.

Posted in Politics @ 18 June 2013 01:55 CET by Blog Bot · permalink · 0 reactions


Yudhoyono: 'Set aside political interests over fuel subsidy' President Susilo Bambang Yudhoyono appealed to political elites in the country here on Wednesday to set aside their political interests with regard to fuel price. He said there was a bigger national interest behind the government`s plan to raise the subsidized oil prices and give compensation to the poor.

Posted in Politics @ 13 June 2013 00:33 CET by Blog Bot · permalink · 0 reactions


President calls on people to save on fuels President Susilo Bambang Yudhoyono called on the people to seriously help save on fuel oil consumption in an effort to alleviate the burden of the state budget and preserve the environment.

Posted in Economy @ 16 May 2013 08:09 CET by Blog Bot · permalink · 0 reactions


Minister: 'Budget for education and culture ministry not cut' Chief Economic Minister Hatta Rajasa said the government would not cut the Education and Culture Ministry`s budget as part of its plan to reduce ministries` swelling expenditures.

Posted in General @ 15 May 2013 15:03 CET by Blog Bot · permalink · 0 reactions


Indonesian budget deficit predicted to widen Finance Minister Agus Martowardojo said the country's budget deficit is expected to widen to more than the previously set target of 2.23 percent as a result of growing energy subsidy.

Posted in Economy @ 03 December 2012 18:29 CET by Blog Bot · permalink · 0 reactions


President: 'Indonesia to raise civil servants` salaries by 7%' President Susilo Bambang Yudhoyono said the government would increase the basic salaries of civil servants, military and police personnel by seven percent in 2013.

Posted in Economy @ 16 August 2012 22:05 CET by Blog Bot · permalink · 0 reactions


President urges massive savings effort in all sectors President Susilo Bambang Yudhoyono has instructed all departments in the government to begin a massive savings campaign in all sectors to avoid creating a deficit in the State Budget (APBN), Coordinating Minister for the Economy Hatta Radjasa said on Tuesday.

Posted in Economy @ 03 April 2012 15:11 CET by Blog Bot · permalink · 0 reactions


Observer: state budget increasingly comes under pressure The 2012 state budget will increasingly come under pressure from soaring fuel subsidy due to a rise in global crude price, an economist said. "With the global crude price reaching US$126 a barrel, the fuel subsidy may soar to Rp238 trillion," Ikhsan Modjo of Brawijaya University in Malang, East Java, said on Sunday.

Posted in Economy @ 26 March 2012 13:18 CET by Blog Bot · permalink · 0 reactions


Indonesia to lower economic growth target Indonesia will revise downward its growth target for the 2012 budget from 6.7 percent to 6.5 percent, Finance Minister Agus Martowardojo has said.

Posted in Economy @ 07 March 2012 14:16 CET by Blog Bot · permalink · 0 reactions


China-Indonesia trade could reach $50 billion this year Bilateral trade between China and Indonesia is expected to reach $50 billion this year, in the non-oil/non-gas sector, officials said Friday.

Posted in Economy @ 14 May 2011 02:08 CET by Blog Bot · permalink · 1 reaction


Indonesia beats Malaysia 2-1 but loses AFF Cup final Despite losing 2-1 in the second leg in Jakarta on Wednesday, Malaysia secured the 2010 Asean Football Federation (AFF) Cup with an aggregate victory of 4-2 over Indonesia.

Posted in Sports @ 30 December 2010 03:44 CET by Blog Bot · permalink · 0 reactions


Indonesia claws its way to economic superpower status Indonesia is one of the "rising stars" of emerging Asia and some economists believe this vast nation will one day become a regional superpower, behind only China and India, as global economic activity increasingly shifts towards east Asia, away from the faltering developed nations of the west and Japan.

Posted in Economy @ 03 October 2010 03:29 CET by Jeroen · permalink · 0 reactions


Parts of Riau without power six times a day State owned power company PLN does not seem to be able to supply power to residents of Indonesia. Large parts of Riau, on the island of Sumatra, will be blacked out for many times a day. The reason for this, according to a spokesperson of PLN in the area, are several problems with power stations in northern Sumatra.

Posted in Power supply @ 16 May 2010 05:40 CET by Jeroen · permalink · 0 reactions


73 rivers in Bali have run dry The prolonged dry season currently being experienced in Bali is having profound impact on the island's ecology. As reported by Bali Post, of the 165 rivers found on the island, 73 have now run dry. Of the remaining 92 river still flowing, most of these are doing so with substantially reduced flow rates. Many of the dried-up rivers are in West Buleleng, East Buleleng, Kubu and Seraya areas of Bali.

Posted in Weather @ 25 October 2009 02:26 CET by Jeroen · permalink · 0 reactions


Rolling blackouts on Bali until early December As announced earlier, Bali will be the scene of rolling blackouts for two months to come. These planned outages are performed to lessen the use of power to prevent an overload on the entire Bali power grid. A gas plant in Gilimanuk is currently under maintenance, which causes a 130 megawatt drop in power supply for the resort island. The maintenance lasts until early December and will cause a power deficit of some 20 megawatts during evening hours.

Posted in Economy @ 11 October 2009 04:24 CET by Jeroen · permalink · 0 reactions


Get ready for higher power rates The state-owned PLN is in desperate need of more funds to cover operating deficits and undertake a much needed expansion of the Indonesian power grid. The House of Representatives has recently increased the subsidies paid by the government to PLN, while PLN president director, Fahmi Mochtar, has declared his desire to raise power tariffs - both moves intended to put the Company in a better position for what has been termed a "fast track" energy program.

Posted in Economy @ 01 September 2009 01:29 CET by Jeroen · permalink · 0 reactions


12 hours per day without power nothing special as well Earlier today there was a blog item about the fact that some 7.500 villages all over Indonesia's most remote islands did not have power supply from the state power company PLN. But it can be much worse than that. In the civilized world that we call Riau, in Southern Sumatra at just a stones' throw away from the Indonesian capital Jakarta, they do have power lines, but no power.

Posted in Oddly enough ... @ 16 July 2009 11:06 CET by Jeroen · permalink · 0 reactions


Java and Bali brace for higher electricity rates Electricity rates for customers on the Indonesian islands of Java and Bali are likely to be higher than elsewhere in the Republic if current plans to introduce regional electrical tariffs are enacted by the government.

Posted in Economy @ 23 June 2009 10:36 CET by Jeroen · permalink · 0 reactions


Indonesia secures five billion dollar emergency loan Indonesia has secured emergency loans worth five billion dollars to help plug its budget deficit and boost growth, authorities have said. "The loans, which come from the World Bank, the Asian Development Bank, Japan, Australia and France, can be drawn upon whenever Indonesia needs them," finance ministry official Rahmat Waluyanto told on Saturday.

Posted in Economy @ 06 December 2008 02:00 CET by Jeroen · permalink · 0 reactions


Indonesia’s debut rupiah sukuk falls short of expectations Indonesia has sold only 4.7 trillion rupiah of its debut rupiah-denominated Islamic bond, or sukuk, an amount slightly below its target. As a result, the government is likely to increase the size of its global dollar sukuk later this year in a bid to make up for the shortfall, people close to the deal told Dow Jones Newswires on Friday.

Posted in Economy @ 24 August 2008 05:20 CET by Jeroen · permalink · 0 reactions


Eastern Java also gets rolling blackouts State owned PT Perusahaan Listrik Negara (PLN) for the eastern Java region has made a schedule for roling blackouts in 38 districts and cities in the region. The schedule was made in order to inform the people that will be affected by the blackouts in time. The areas will each receive blackouts lasting four to eight hours.

Posted in General @ 12 July 2008 15:57 CET by Jeroen · permalink · 0 reactions


Rolling blackouts to hit Jakarta again for two weeks State owned power company Perusahaan Listrik Negara (PLN) will enforce rolling blackouts for at least two weeks between 11 and 25 July. This decision was forced following shortages in supply of power from two plants in Muarakarang and Tanjung Priok.

Posted in General @ 05 July 2008 03:48 CET by Jeroen · permalink · 0 reactions


Fuel prices most likely to be hiked by almost 30% The government in Indonesia is planning to hike prices of subsidized fuels by an average of some 28.7 percent. The price hike should become effective on June 1 and is aimed to prevent deficit in the state budget to grow to as much as 2.5% from 2.1% after the last revision last month. The last time that prices of subsidized fuels were hiked in Indonesia was in October 2005, when prices were almost doubled.

Posted in General @ 01 May 2008 05:29 CET by Jeroen · permalink · 1 reaction


Indonesia settles power crisis as fuel supply back to normal Indonesia's state-run electricity company PLN has tackled disruption in fuel supplies to major generators that put the country in the threat of massive blackouts, the company said Thursday. Electricity supplies in the main island of Java suffered a deficit of 1,000 megawatts Wednesday and the government planned to issue a state of emergency when the figure reaches 1,500 megawatts.

Posted in Power supply @ 23 February 2008 04:02 CET by Jeroen · permalink · 0 reactions


Tourism Minister: 'Doubts that tourism targets will be achieved' Following several pronouncements expressing confidence that the target of 6 million foreign visitors to Indonesia would be achieved in 2007, Indonesia's Minister of Culture and Tourism is now expressing some misgivings as to whether national tourism targets can be achieved.

Posted in Tourism @ 09 September 2007 02:27 CET by Jeroen · permalink · 0 reactions


Indonesia plans to privatize more state firms The government is planning to add several more state-owned companies, BUMN, SOEs) to the program for privatization this year in a bid to raise more cash to fill up the budget deficit, according to an official. "We will identify the SOEs that are ready to go public this year while taking a look at the market conditions," said State Minister for State Enterprises Sofyan Djalil. "If it is feasible, we'll ask for more divestment approvals from the House of Representatives."

Posted in General @ 15 May 2007 11:16 CET by Jeroen · permalink · 0 reactions


Indonesia sees 6.3% economic growth in 2007 Indonesia projected 6.3 percent economic growth next year, Finance Minister Sri Mulyani said in Jakarta on Wednesday. The minister said that the government assumed the country's rupiah exchange rate against one U.S. dollar was at 9,400 rupiahs and inflation rate at 6.5 percent for 2007.

Posted in Economy @ 22 June 2006 08:05 CET by Jeroen · permalink · 0 reactions


Moody's ups Indonesia rating by one notch to B1 Moody's Investors Service said on Friday it had upgraded Indonesia's sovereign rating by one notch to B1, citing substantial and steady improvement in government finances. The outlook on the rating is stable, it said in a statement.

Posted in Economy @ 19 May 2006 07:03 CET by Jeroen · permalink · 0 reactions


Currency market movements and impact on Indonesia Currency markets are attracting considerable attention from international investors and politicians. In particular, investors are showing increased sensitivity to stories that investors (particularly central banks) may reduce holdings of U.S. assets. The dollar has recently exhibited vulnerability in stories that China or Middle Eastern government's may switch their holdings of U.S. dollars into some other. Even if denied, the effects of these stories often linger in the currency markets.

Posted in Economy @ 16 May 2006 07:04 CET by Jeroen · permalink · 0 reactions


Cleaned-up Ciliwung set to go with the flow In the not-so-distant future, the murky waters of the Ciliwung River will flow clean and bright -- and be good enough to drink. Or that is what the government envisions in an ambitious, long-term plan that will upgrade the quality of water in the notoriously polluted river. It also plans to clear the riverbanks of unlicensed residences, who are blamed for the bulk of pollution.

Posted in Environment @ 13 April 2006 14:45 CET by Jeroen · permalink · 0 reactions


Kalla says no hike in power rates this year Vice President Jusuf Kalla confirmed Friday the government would drop a planned increase in electricity rates this year amid widespread opposition. Kalla said the government would likely provide around half of the extra subsidies needed by state electricity company PT PLN to cover rising fuel costs without having to increase rates, while the other half would have to be shouldered by PLN chiefly through efficiency measures.

Posted in Power supply @ 18 March 2006 07:33 CET by Jeroen · permalink · 0 reactions


Revealing BPK audit may slash power rate hike The Supreme Audit Agency (BPK) has found the actual cost for electricity generation for this year will be 4.3 percent lower than state power firm PT PLN's projection, sparking hope that a planned rate hike will be minimal or scrapped altogether. BPK revised down costs by Rp 4.9 trillion (US$524 million) to Rp 93.23 trillion, or Rp 833 per kiloWatthour (kWh), agency chief Anwar Nasution told reporters after submitting the audit report to the House of Representatives on Thursday. PLN previously estimated the average cost to generate one kWh of power at Rp 870.

Posted in Economy @ 09 March 2006 15:06 CET by Jeroen · permalink · 0 reactions


S&P: Sovereign credit rating outlook raised to 'positive' Standard & Poor's Rating Services said it has raised its outlook on Indonesia's sovereign credit rating to 'positive' from 'stable'. S&P also affirmed Indonesia's 'B+/B' foreign currency and its 'BB/B'local currency sovereign credit rating. 'The outlook revision takes into account the more favorable policy setting that emerged in the wake of significant adjustments in (the government's) fiscal and monetary policy stance, and the expectation that this will improve deficit and debt ratios further,' S&P said in a statement.

Posted in Economy @ 10 February 2006 07:10 CET by Jeroen · permalink · 0 reactions


Inflation rate at 33-month high in September Indonesia's inflation accelerated at its fastest pace in 33 months in September, adding to expectations the central bank will raise interest rates again to curb the price pressures expected from the government's Oct. 1 fuel cost increase.

Posted in Economy @ 03 October 2005 10:12 CET by Jeroen · permalink · 0 reactions


Subsidy cut to fuel the fire In the wake of a two-month "mini crisis" that saw the rupiah hit a four-year low of 11,750 per dollar on August 30, Jakarta has finally announced an imminent and substantial reduction in fuel subsidies. The exact date and the level of cuts have yet to be announced, though there is widespread speculation over both. Vice President Jusuf Kalla has said fuel prices may rise as early as October 1 while National Development Planning Minister Sri Mulyani Indrawati has said an increase in November would be too late to help reduce subsidies to the level of Rp89.2 trillion. She said fuel prices might increase by at least 50% in October.

Posted in General @ 27 September 2005 00:00 CET by Jeroen · permalink · 0 reactions


Indonesia set for fuel cost rise Indonesia is to raise nationwide fuel prices from 1 October, President Susilo Bambang Yudhoyono has announced. The controversial decision comes as the country moves to cut fuel subsidies in response to the soaring cost of oil. President Yudhoyono said his government would go ahead with the fuel price rise, but did not say by how much.

Posted in General @ 23 September 2005 09:27 CET by Jeroen · permalink · 3 reactions


Indonesia may raise fuel prices by 50% in October Indonesia's government may raise fuel prices by at least 50 percent in October to avoid missing the budget deficit target as surging global prices boost the cost of subsidies, Planning Minister Sri Mulyani Indrawati said.

Posted in Economy @ 14 September 2005 07:14 CET by Jeroen · permalink · 3 reactions


Why Indonesia must consider abolishing Rupiah The crisis of confidence that has come back to haunt the rupiah for the second time in eight years is making some analysts wonder if Indonesia would be better off without a central bank. After all, what's the good of having a monetary authority when it can't protect the purchasing power of the currency it issues?

Posted in Economy @ 01 September 2005 00:00 CET by Jeroen · permalink · 0 reactions


SBY: Indonesia to wait until after October to raise fuel prices Indonesia will wait until at least after October to raise fuel prices, President Susilo Bambang Yudhoyono said on Wednesday, despite a prolonged fall in the rupiah due to soaring world oil prices which has hurt investor confidence. The global price rise has prompted the government to snap up dollars to pay for oil imports and put pressure on the budget due to expensive fuel subsidies.

Posted in Economy @ 31 August 2005 23:24 CET by Jeroen · permalink · 0 reactions


Indonesia full year fuel subsidy seen at Rp. 138.6 trln Legislators and government officials agreed to raise fuel subsidy spending under Indonesia's 2005 state budget for a second time to 138.6 trln rupiah from 76.5 trln after raising the oil price assumption to 54 usd a barrel from 45 usd previously, legislator Amin Said Husni said. The exchange rate assumption has also been raised to 9,800 rupiah to the dollar from 9,500 previously, said Husni, who chairs a working committee at the House of Representative's Budget Commission.

Posted in Economy @ 31 August 2005 18:20 CET by Jeroen · permalink · 0 reactions


Diesel prices set to rise once more in Indonesia JAKARTA Pertamina, a state-owned oil company, said Monday that it planned to raise the price of diesel sold in Indonesia to mining, oil, cement and export companies next month for the fourth time in half a year after crude oil costs surged. The company will set the prices based on the average crude oil price in August, Achmad Faisal, head of the fuel division, told reporters.

Posted in Economy @ 16 August 2005 07:17 CET by Jeroen · permalink · 0 reactions


Indonesia to sell 10 pct stake of state-owned gas company Indonesia plans to sell as much as 10 percent stake of state-run gas distributor PNG this year, part of a strategy to bridge budget deficit, local media reported on Tuesday. "For PNG, the stake that will be sold is maximum 10 percent," State Enterprises Minister Sugiharto was quoted by the Jakarta Post as saying.

Posted in Economy @ 19 July 2005 11:38 CET by Jeroen · permalink · 0 reactions


More power plants likely to be shut down due to fuel shortage A 750-megawatt power plant in Grati, Pasuruan, East Java Province of Indonesia, stopped operation on Monday as it ran out of fuel stock, the Antara news agency reported on Tuesday.

Posted in Power supply @ 21 June 2005 13:12 CET by Jeroen · permalink · 0 reactions


Ministery: Govt to hike fuel prices starting Tuesday Indonesia's government will implement long-planned fuel price increases starting Tuesday, including a 32% increase in the price of gasoline, Minister of Energy and Mines Purnomo Yusgiantoro told reporters late Monday. The price increases will result from a reduction in massive fuel subsidies that have crippled the government's ability to fund economic development and have prompted illegal imports of petroleum products, Purnomo told a special press briefing attended by top government ministers.

Posted in Economy @ 28 February 2005 00:02 CET by Jeroen · permalink · 0 reactions


Yudhoyono fears unrest on fuel price hike Indonesian President Susilo Bambang Yudhoyono on Friday said he hoped the government's controversial plan to hike fuel prices in the "near term" would not lead to social unrest. Yudhoyono did not give details about the plan, but the government told parliament this week it wanted to raise fuel prices by an average of 29 percent to cut subsidies weighing on the budget.

Posted in Economy @ 25 February 2005 00:01 CET by Jeroen · permalink · 0 reactions


Moody's changes Indonesia rating outlook to positive Moody's Investors Service has changed the outlook to positive from stable on Indonesia's B2 foreign currency country ceiling for bonds, its B3 foreign currency country ceiling for bank deposits, and the Indonesian government's B2 foreign and local currency ratings.

Posted in Economy @ 18 February 2005 00:01 CET by Jeroen · permalink · 0 reactions


Indonesia 2004 GDP +5.1%, fundamentals improve Indonesia's economy grew 5.1% in 2004 from a year earlier due to improved growth in investment and exports, the Central Statistics Bureau said Wednesday. The growth rate beat both government and analysts' predictions, suggesting the economy is on track to reach the government's 5.5% growth target this year. In the last quarter of 2004, the economy expanded 6.7% on year, although it contracted 1.6% from the July-September period due to shorter working days, the bureau said.

Posted in Economy @ 16 February 2005 00:02 CET by Jeroen · permalink · 0 reactions


Indonesia's economy grew 6.7% in 4th quarter Indonesia's economy expanded at its fastest pace in at least four years in the fourth quarter as the cheapest credit since 1998 spurred consumers to increase spending on goods including cars, motorcycles and mobile phones. Southeast Asia's largest economy grew 6.7 percent in the three months ended Dec. 31 from a year earlier, the statistics office said in Jakarta. The economy expanded 5.1 percent last year, the most since 1996.

Posted in Economy @ 16 February 2005 00:01 CET by Jeroen · permalink · 0 reactions


Donors pledge $5.1 billion to Indonesia A grouping of donor nations has pledged to provide Indonesia with $5.1 billion in aid this year, comprising $3.4 billion in regular assistance, as well as $1.7 billion to help rebuild northern Sumatra, where about 166,000 people were killed by last month’s earthquake and tsunamis.

Posted in Earthquake @ 21 January 2005 00:01 CET by Jeroen · permalink · 0 reactions


Jakarta stock market hits new record high Driven by optimism of higher economic growth next year and continuing macroeconomic stability, the Jakarta stock market soared on Tuesday to another record high. The Jakarta Composite Index closed 1.42 percent, or 12.642 points, higher at 901.380 on a trading volume of 873.35 million shares worth Rp 1 trillion (about US$111 million).

Posted in Economy @ 10 November 2004 00:01 CET by Jeroen · permalink · 0 reactions


Megawati says 2005 deficit to narrow Indonesia's budget deficit will fall by almost a third, President Megawati Soekarnoputri said, as the fastest economic growth in nine years boosts revenue. The government's deficit next year will probably be 16.9 trillion rupiah ($1.83 billion), or 0.8 percent of gross domestic product, Megawati said in a speech to parliament to present the 2005 draft budget. That is 31 percent less than the 24.4 trillion rupiah projected for this year.

Posted in Economy @ 16 August 2004 00:02 CET by Jeroen · permalink · 0 reactions


Foreign investment in Indonesia down Foreign direct investment in Indonesia fell by almost 35 percent in the first half of the year, underscoring the troubles facing the country's economy, the government said Wednesday. The country's official investment board did not provide any reason for the drop to US$3.05 billion from US$4.65 billion invested over the same period last year.

Posted in Economy @ 15 July 2004 00:04 CET by Jeroen · permalink · 0 reactions


If oil-crunched Indonesia goes nuclear As the only Asian member and current president of the Organisation of Petroleum Exporting Countries (Opec) oil cartel, Indonesia should be capitalising on the high prices for crude oil and laughing its way to the bank. South-east Asia's largest country, and by far its most populous, has the world's 16th largest proven oil reserves. However, output has declined in the past three years from an average of just over 1.2 million barrels per day to about 1.1 million now, below its Opec quota of 1.27 million. Official figures published in Jakarta last month show Indonesia became a net importer of crude oil for the first time in February and March.

Posted in Nuclear power @ 05 June 2004 00:01 CET by Jeroen · permalink · 0 reactions


Bank Indonesia intervenes to support rupiah Indonesia's central bank said it will continue to sell dollars in the currency market to help the beleaguered national currency, which hit an 18-month low Tuesday. The rupiah traded at 9,230 to the dollar Tuesday morning, its lowest level since Nov. 4, 2002. The rupiah has lost 8.8 percent against the U.S. currency since the beginning of this year. Dealers said Bank Indonesia sold dollars early Tuesday to curb the rupiah's decline.

Posted in Economy @ 25 May 2004 00:02 CET by Jeroen · permalink · 0 reactions


IBRA raises IDR26.1T from assets sales in 2003 The Indonesian Bank Restructuring Agency has raised as much as IDR26.1 trillion (EUR 2,47 billion) from its sales of assets this year, compared with a year-end target of IDR26 trillion, said IBRA Chairman Syafruddin Temenggung. He said in a statement that the funds are being used to help finance the country's 2003 budget deficit.

Posted in Economy @ 26 December 2003 00:01 CET by Jeroen · permalink · 0 reactions


BRI has people queuing If there remains a lack of confidence in Indonesia’s economy, no-one told the “huge crowd” that queued for a slice of the initial public offering of Bank Rakyat Indonesia (BRI) on Thursday (23/10/03). The Jakarta Post noted that very little noise has been made about the float, but word has clearly got around that, of all the banks on the market, this is the one that is producing the goods.

Posted in General @ 27 October 2003 00:03 CET by Jeroen · permalink · 0 reactions


Bumps on Indonesia's Tobacco Road Every afternoon at 4:30, the thousands of women who roll clove cigarettes for Hanjaya Mandala Sampoerna file out of the company's three factories here, the pungent aroma of cloves clinging to their uniforms as fast as the company logo. For anyone who has visited Indonesia, nothing evokes memories of the trip like the smell of those cigarettes, the lingering odor of cloves blended with tobacco serving as a sweet, but toxic, national perfume.

Posted in General @ 10 October 2003 00:02 CET by Jeroen · permalink · 0 reactions


Sampoerna launches new clove cigarette brand Indonesia's second largest cigarette maker PT Hanjaya Mandala Sampoerna on Wednesday launched "Sampoerna Exclusive", a new product of clove cigarettes, in a bid to increase sales. Sampoerna said it expects cigarette consumers will be attracted to its new product even though national cigarette sales are on the decline. It didn't reveal a sales target for the new brand, however.

Posted in General @ 04 September 2003 00:01 CET by Jeroen · permalink · 0 reactions


Indonesia faces up to post-IMF reality After five years under the harsh tutelage of the International Monetary Fund (IMF), Indonesia, Southeast Asia's largest economy, is to break free from the IMF's bailout program and loan lifeline at the end of this year when its US$5 billion line of credit expires. A government committee has drafted an economic blueprint, a White Paper for post-IMF Indonesia that will be revealed on Friday, simultaneously with the draft budget for 2004, by President Megawati Sukarnoputri.

Posted in Economy @ 17 August 2003 00:02 CET by Jeroen · permalink · 0 reactions


Indonesia to allocate $202 mln for Aceh offensive Indonesia said on Tuesday it would allocate 1.7 trillion rupiah ($202 million) from the 2003 state budget to finance the military offensive in Aceh province. The military (TNI) launched a major operation against separatist rebels in the westernmost province on Monday just hours after President Megawati Sukarnoputri put Aceh under martial law. "The funds will come from the reserve account in the budget, 1.2 trillion will be allocated to the TNI and half a trillion for the Indonesian Police," Finance Minister Boediono told reporters.

Posted in Aceh conflict @ 20 May 2003 00:01 CET by Jeroen · permalink · 0 reactions


Indonesia's post-IMF soon reality Indonesia is set, later this year, to exit the International Monetary Fund's lending program, the last country to graduate the post-Asian crisis of 1997-1998. Many economists agree it is time to leave the program but what will happen next remains open to debate.

Posted in General @ 06 May 2003 00:01 CET by Jeroen · permalink · 0 reactions


IMF: Indonesia may surpass 2004 GDP growth target The International Monetary Fund said Friday that Indonesia's economy in 2004 could grow by more than the government's forecast of between 4% and 5%. The IMF's director for Asia Pacific, Daniel Citrin, who is leading a review of Indonesia's economy, also said the government's 2004 budget deficit target of 1% of gross domestic product was "reasonable."

Posted in Economy @ 03 May 2003 00:01 CET by Jeroen · permalink · 0 reactions


Poland offers Indonesia military cooperation Poland on Thursday offered visiting Indonesian President Megawati Sukarnoputri extensive cooperation in the military field. "We are proposing a vast cooperation in the military and arms domain," President Aleksander Kwasniewski told a joint conference with Megawati at the outset of her 48-hour visit. "We discussed political, economic, trade, military and tourism cooperation," Megawati said.

Posted in Military @ 25 April 2003 00:02 CET by Jeroen · permalink · 0 reactions


OPEC, Indonesia fear oil price slide OPEC, which pumps 40 per cent of the world's oil, may meet earlier than planned if the "price of oil falls too fast", Indonesia's Energy and Mineral Resources Minister Purnomo Yusgiantoro said yesterday. OPEC's next meeting is scheduled for June 11 in Doha, Qatar. "There is an oversupply of 1.3 million barrels a day in the world," Mr Yusgiantoro said.

Posted in Economy @ 25 March 2003 00:02 CET by Jeroen · permalink · 0 reactions


Graft forces Indonesia to beg for money Indonesia would not need to "beg" for money from the international community if it tackled the corruption costing the cash-strapped country some $28.4 billion a year, an outspoken minister said. In typically blunt comments, Planning Minister Kwik Kian Gie told donors meeting in Bali that among the losses to the state from graft, Indonesia was losing around $9 billion from stolen or smuggled logs, fish and sand and $8 billion from tax leakages.

Posted in Economy @ 22 January 2003 00:02 CET by Jeroen · permalink · 0 reactions


Fuel en electricity prices down again Indonesia's government cut selected fuel and electricity prices after recent hikes sparked popular protests last week, but tried to appease its international creditors by saying the move won't have any effect on the 2003 budget. Indonesia pushed fuel and electricity prices higher this month as part of a policy to slash the budget deficit under an International Monetary Fund approved reform program.

Posted in Protests @ 20 January 2003 00:02 CET by Jeroen · permalink · 0 reactions


Mega support wanes as protests continue When she became president 18 months ago, Megawati Sukarnoputri was lauded as a champion of the poor, a mother figure who promised to look after the "orang kecil" - the downtrodden little guy. But mention her name in the narrow alleys of Indonesia's hideously overcrowded slums and impoverished rural villages nowadays and you'll hear cries of "sellout" and "traitor."

Posted in Protests @ 20 January 2003 00:01 CET by Jeroen · permalink · 0 reactions


Price protests echo Suharto stepdown Indonesian protest leaders have warned the Government to roll back sharp price rises for fuel and power or face even larger demonstrations and more radical action, including a blockade of a major port. Protesters have hit city streets across Indonesia throughout the week. Violent protests over prices in 1998 helped topple strongman Suharto, who stepped down as president with his nation in chaos at the height of the Asian financial crisis.

Posted in Protests @ 10 January 2003 00:01 CET by Jeroen · permalink · 0 reactions


Protests and transport disruption over price hikes Hundreds of Indonesians took to the streets here Monday to protest the government's decision to raise electricity and telephone rates and fuel prices, while elsewhere in the country higher fuel costs were likely to cause transport disruptions. More than 150 students from the Committee Against Price Rises and from the militant Democratic People's Party picketed the Merdeka Palace to protest the hikes.

Posted in Protests @ 07 January 2003 00:02 CET by Jeroen · permalink · 0 reactions


Inflation rate 10.03 % in December Indonesia's annual inflation rate in December reached 10.03 percent, slightly above the government's nine percent target, Central Bureau of Statistics (BPS) chief Sudarti Surbakti said here, Antara news agency reported. The annual inflation rate for 2001 was 12.6 percent. Last month's consumer price index rose 1.2 percent from November due to higher food prices, Sudarti said.

Posted in Economy @ 03 January 2003 00:03 CET by Jeroen · permalink · 0 reactions


Indonesia mulls cut in corporate, value-added taxes Faced with the bleak prospect of a continuing decline in foreign direct investments, Indonesia is mulling the possibility of cutting corporate and value-added taxes after its 2004 general election. The move, revealed by Finance Minister Boediono at the World Economic Forum in Kuala Lumpur, is also aimed at improving the government's tax collection base, which is among the lowest in the region.

Posted in Economy @ 09 October 2002 00:02 CET by Jeroen · permalink · 0 reactions


Indonesia to sell homes, apartments and warehouses Indonesia is offering to sell 1,700 pieces of property in its effort to clear its books of assets taken over after the 1997 financial crisis, officials said Thursday. The land, shops, apartment blocks, warehouses and villas are valued at dlrs 67 million. The money is to go toward balancing the country's budget deficit - expected to reach 2.5 percent of gross domestic product this year.

Posted in General @ 19 September 2002 00:01 CET by Jeroen · permalink · 0 reactions


Debt relief for Indonesia Indonesia is expected to secure $6bn in debt relief from the Paris Club of creditors when the group meets in April. What is not clear, however, is what strings will be attached and whether private lenders will shoulder some of the burden. The debt falls due between April this year and December 2003 and around 50% is owed to Jakarta's biggest creditor and strategic ally Japan.

Posted in Economy @ 22 February 2002 00:01 CET by Jeroen · permalink · 0 reactions


Mixed reaction over fuel price Several legislators of the three largest factions of the House of Representatives gave mixed reactions on Monday to the government's proposal to raise fuel prices by 30 percent next year. Husni Thamrin of the second largest faction, Golkar, said the government should delay the plan given the hardships people suffer due to the prolonged economic crisis.

Posted in General @ 11 September 2001 00:01 CET by Jeroen · permalink · 0 reactions


Fuel price hike effective today The government finally raised fuel prices by a hefty 30 percent late on Friday, just one day after it had decided to delay the plan due to concerns over its social and security implications. Newly appointed Coordinating Minister for the Economy Burhanuddin Abdullah said the new fuel prices would take affect as of Saturday.

Posted in General @ 16 June 2001 00:01 CET by Jeroen · permalink · 0 reactions


Government delays fuel price hike The government abruptly delayed on Thursday the planned fuel price hike a day before it was due to come into effect, saying it had to weigh further the political, social and security implications which might arise. The decision was announced by Minister of Energy and Mineral Resources Purnomo Yusgiantoro, after an economic meeting chaired by Vice President Megawati Soekarnoputri at Merdeka Selatan Palace.

Posted in Economy @ 15 June 2001 00:01 CET by Jeroen · permalink · 0 reactions


Indonesian economy headed for sharp fall Indonesia's fragile economy appears to be heading for a sharp fall this year as the ongoing political tussle in the country is undoing all the gains of last year. High-level sources told The Business Times that the government is now bracing itself for a possible Budget deficit that is between 20 trillion and 30 trillion rupiah (S$3.3 billion to S$5 billion) higher than earlier forecast.

Posted in Economy @ 04 April 2001 00:01 CET by Jeroen · permalink · 0 reactions


Indonesia starting to gain from reforms Indonesia is beginning to reap the benefits of its economic reforms, Trade Minister Luhut Binsar Pandjaitan said here Tuesday, urging investors not to be distracted by violence wracking the country. In a briefing to business leaders, Pandjaitan said Indonesia had revised its growth forecasts upwards, as the benefits of reforms undertaken after the 1997 Asian financial crisis began to kick in.

Posted in General @ 16 January 2001 00:03 CET by Jeroen · permalink · 0 reactions


IBRA faces tough challenges in meeting target The Indonesian Bank Restructuring Agency (IBRA) admitted that the challenges ahead would be "incredibly huge" in meeting its 2001 target. IBRA deputy chairman Slamet Sumantri said that the agency would find it difficult to obtain a good price for its banking assets because of competition from other similar agencies in neighboring countries.

Posted in Military @ 08 January 2001 00:03 CET by Jeroen · permalink · 0 reactions


Tense times for the rupiah and the economy amid Bank Indonesia's crisis at the top. Syahril Sabirin is back at work after six months away, and there's something of a celebration on. Jacket tossed over his shoulder, Indonesia's mild-mannered banking chief wades through a crowd of central bank employees welcoming him back like some dear uncle. The odd thing is, he's just spent half a year under house arrest, on charges of corruption. But Sabirin is among supporters now. He speaks of the need to rebuild staff morale and clear his name. The government still aims to bring Sabirin to court over a scandal involving $80 million in commissions paid by Bank Bali to a firm linked to Golkar, the former ruling party. Allegedly in exchange for the money, funds were released to Bank Bali with central bank approval. "It's a soap opera," sniffs a senior state official, shocked by Sabirin's return. "A farce," adds another. - It would all be funny — if it weren't for real. In fact, Bank Indonesia has joined the hated military, the bungling police and a government adrift in the gallery of faltering national entities. "This is just one more example of the institutional vacuum," says Robert Broadfoot, managing director of the Hong Kong-based Political and Economic Risk Consultancy. Sabirin's woes are not the central bank's only problem by a longshot. Recently, all but two central bank governors resigned after the Supreme Audit Agency reported that during the financial crisis, nearly $9 billion in emergency loans to private-sector banks, many controlled by Suharto cronies, were diverted to unauthorized spending and lending (see table opposite). Little of the money is likely to ever be recovered. Can Indonesia's currency and economy survive the foibles at the central bank? So far, the rupiah isn't collapsing, though it's down 25% from its 2000 high.

Posted in Economy @ 28 December 2000 00:00 CET by Jeroen · permalink · 0 reactions


Megawati unveils 2001 draft budget Vice President Megawati Soekarnoputri unveiled on Monday the draft 2001 state budget which will be unlikely to provide any stimulus to the economy because quite a large portion of the spending will go on servicing government debt and financing subsidies. The budget envisages state revenues at Rp 243 trillion (US$27.93 billion)and total spending at Rp 295.1 trillion, resulting in an estimated deficit of Rp 52.1 trillion or 3.7 percent of gross domestic product (GDP).

Posted in Politics @ 02 October 2000 00:01 CET by Jeroen · permalink · 0 reactions
    
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