Jokowi on 28 Nations Lining up for IMF Help: 'The Storm Has Come'

TEMPO.CO, Jakarta - Indonesia’s President Joko Jokowi Widodo has again reminded his cabinet ministers to exercise vigilance in dealing with the current global economic crisis. He opined that the crisis caused by geopolitical conflicts and the COVID-19 pandemic forced 28 countries to ask for the International Monetary Fund (IMF) assistance as their respective economy collapses.

“28 countries have become IMF patients. This means the storm has come. Our preparations must be thorough,” said the President in a meeting with ministers broadcasted on the Presidential Secretariat's YouTube channel on Wednesday, October 12, 2022.

In the midst of the crisis, the ministers are urged to work extra hard. “We can't just work as we do routinely, we can't do it now. Only working on details can save our country,” he remarked.

As previously reported, the IMF and the World Bank warned of an increased risk of a global recession due to a slowing advanced economy and faster inflation. These conditions forced the Federal Reserve (The Fed) to keep raising interest rates and debt pressure on developing countries.

In response to this, he mentioned that Indonesia has managed to suppress inflation to 5.9 percent from the initial prediction of 6.8 percent.

“Our inflation is 5.9 percent with a change in interest rates at 75 basis points. This means that our monetary policy is still under control,” Jokowi said, adding that it was thanks to the policies of the central bank, Bank Indonesia, and the Finance Ministry that supported each other.

M JULNIS FIRMANSYAH

Click here to get the latest news updates from Tempo on Google News