Deputy Finance Minister Suahasil Nazara while speaking at the 29th APEC Finance Ministers’ Meeting in Bangkok, Thailand, said Indonesia would find new sources of economic growth and continue structural reforms after COVID-19 .
“For Indonesia, it is important to find new sources of growth and continue structural reforms, including infrastructure development,” he said in a statement here on Sunday.
Indonesia also implemented three exit strategies, including returning the State Revenue and Expenditure Budget (APBN) deficit to pre-pandemic levels, obtaining liquidity for the central bank, and restoring prudential supervisory policies after tightening due to COVID-19.
“The three exit strategies need to be coordinated, including support from development partners, and communicated well, and it is necessary to maintain discussions with other countries regarding an adequate exit strategy,” he said.
The 29th APEC FMM was chaired by Thai Minister of Finance Arkhom Termpittayapaisith amid increasing economic risks such as geopolitical fragmentation, volatility in energy and food prices, supply chain disruptions, weakening economic growth, tightening financial conditions, and climate change.
At the 2022 APEC Chair, Thailand carries two priority agendas for the financial pathway, namely sustainable financing and the digital economy. Indonesia also expressed its support for Thailand’s priority agenda for sustainable financing.
“Indonesia has just updated its National Determined Contribution (NDC) to 31.89 percent with domestic resources and 43.2 percent with international support,” said Nazara.
Indonesia, he said, would continue its commitment to reduce net zero emissions by 2060 or earlier, in collaboration with ADB through the establishment of the Energy Transition Mechanism (ETM) country platform and a plan to implement new tax regulations that include a carbon tax.
On the sidelines of his working visit in Bangkok, Nazara also held several bilateral meetings with partners, such as the US Deputy Secretary of Treasury, the Minister of Finance of Hong Kong, the State Minister of Finance of Japan, and the Minister of Finance of Thailand, to discuss the latest economic developments and support for the agenda of the 2023 ASEAN Indonesia’s chairmanship.
Source: Antara News