ASIATODAY.ID, SAN FRANCISCO – Minister of Finance of the Republic of Indonesia, Sri Mulyani Indrawati emphasized the importance of structural reform while attending the Asia Pacific Economic Cooperation (APEC) High Level Conference in San Francisco, United States.
“Challenging times like these are the right time to carry out various structural reforms,” said Sri Mulyani in a written statement received in Jakarta, Tuesday (14/11/2023).
According to Sri Mulyani, global economic challenges are increasingly complex, especially regarding higher conditions in the long term which are increasingly deteriorating the fiscal position of a number of countries.
In this context, Indonesia has taken structural reform steps, which are reflected in the enactment of the Law on Harmonization of Tax Regulations and the Law on Financial Relations between the Central and Regional Governments.
Apart from that, the State Revenue and Expenditure Budget is also a catalyst for efforts to accelerate economic transformation, such as focusing investment on infrastructure and human resources.
Sri Mulyani said these examples were a form of effort to resolve various development issues.
On the same occasion, Sri Mulyani also conveyed the release of policies related to the issue of climate change which could trigger global crowding out.
This massive financing need has the potential to put great pressure on the market and lead to increased interest rates. In the end, this condition increases pressure regarding financing in developing countries, including Indonesia.
“Facing all these global dynamics, adopting a mature and wise fiscal policy is very important,” said Sri Mulyani.
Sri Mulyani attended the Asia Pacific Economic Cooperation (APEC) agenda as Indonesia’s representative at a series of Finance Ministers’ Meetings. It was recorded that 21 finance ministers from APEC member countries were also present at the discussion.
Sri Mulyani hopes that this discussion and the various series of APEC agendas in the future can present joint solutions in facing world challenges. (AT Network)
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