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Rabu, 16 Agustus 2023

Protecting his legacy the underlying goal in Jokowi's penultimate State of the Nation address: Analysts - CNA

RUNNING A MARATHON

In his speech, Jokowi said that the future leadership will set a path forward for Indonesia’s future.

“This is not about who the president is. No, it’s not,” he added.

“The question is whether or not the future leaders are ready to work in line with what we have started today, or whether or not they are brave or consistent enough,” he said.

Mr Widodo also said that running the country is like running a marathon which requires endurance.

“We are not walking leisurely here, and we are not running a sprint either. We are running a marathon to reach a Golden Indonesia,” he added, referring to Indonesia’s centennial in 2045 where it is hoped the country would be a developed nation by that time.

Mr Perdana noted that Mr Widodo’s remarks showed that he wants to convey that whoever becomes the next president, there is already the foundation to develop Indonesia further, which he has cemented in the past 10 years.

Mr Perdana believes despite saying that he is not intervening in the presidential elections, Jokowi clearly has hopes. This shows he does want to have some say in the next presidential election, so his programmes will continue.

Mr Adi Prayitno, a politics lecturer with Universitas Islam Negeri Syarif Hidayatullah, said Jokowi believed the traits of the next president are vital as it will determine whether the person can carry on with his programmes, especially to reach the grand target of making Indonesia a developed country by its 2045 centennial.

Analysts cited how Jokowi had especially emphasised his infrastructure and downstreaming programmes where commodities are processed locally to give higher added value.

“Whoever will be the next president will be someone who can gain an advantage of the situation to make Indonesia a developed country,” said Mr Prayitno.

“That is why he talked about downstreaming, and infrastructure because that is a precondition, the foundation to make Indonesia developed, and Jokowi has built it.”

The downstreaming policy requires minerals to be processed in Indonesia to give higher added value before it is sold or exported.

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2023-08-16 12:09:00Z
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Relocation of Indonesia's capital city 'one of the biggest question marks' of Jokowi's leadership: Analyst - CNA

Even as Indonesian president Joko Widodo underscores his presidential achievements as he approaches the end of his term, his plan to move the country’s capital from megacity Jakarta to East Kalimantan will be “one of the biggest question marks” of his leadership, an analyst said on Wednesday (Aug 16), following Mr Widodo’s annual State of the Nation Address ahead of the country's 78th Independence Day.

The proposed new capital, Nusantara, is the flagship project of Jokowi, as the president is popularly known, and is expected to be a green, smart city spanning nearly 260,000 hectares. It will take a vast sum of money to partially bring the plan into fruition, Emeritus Professor Greg Fealy told CNA’s Asia Now.

“As much as Jokowi wants it to be his signature element of his 10-year presidency, I think once he leaves office in October next year, his successors are going to have to look at this very closely,” said Prof Fealy, from the Department of Political and Social Change at the Australian National University

“It’s going to absorb so much money and that money could potentially be used for a whole lot of other things that will deliver a bigger dividend for Indonesia nationally.

While Mr Widodo is likely to be able to partially open the new capital, which is slated to be officially declared in the first half of 2024, there are “increasing doubts” on whether the full plan of the capital city relocation will take place, he said.

The project has attracted very few international investors and will create enormous pressure for Indonesia if the country has to fund most of it independently, he added.

The relocation is expected to come with a price tag of US$34 billion.

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2023-08-16 11:59:00Z
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Indonesia president tables US$216 billion 2024 budget to parliament - CNA

JAKARTA: Indonesian President Joko Widodo on Wednesday (Aug 16) proposed to parliament a budget of 3,304.1 trillion rupiah (US$216.24 billion) for 2024, his final year in office, promising to guard the economy against global challenges and keep food prices stable.

The budget proposal is about 6 per cent bigger than this year's spending plans, which have been revised up to 3,123.7 trillion rupiah.

It also assumes 5.2 per cent economic growth next year, below 2023's target of 5.3 per cent.

Jokowi, as the president is popularly known, said he targets the 2024 budget deficit to be at 2.29 per cent of gross domestic product, roughly the same as the latest outlook for this year's deficit of 2.28 per cent.

Some economists, however, described the budget assumptions as too optimistic when global growth is expected to remain weak next year.

"The 2024 state budget architecture must be able to respond to economic dynamics, address challenges and optimally support the development and welfare agenda," Jokowi said in his annual budget speech to parliament, a day ahead of the anniversary of Indonesia's independence.

The president offered no specific fiscal policy for 2024, but he underscored the importance of food and energy security and building a competitive defence industry, amid global supply chain disruption due to geopolitical fragmentation.

Jokowi proposed allotting 108.8 trillion rupiah for food security, to maintain stable prices, increase farm output and further develop the government's ongoing food estate programme.

Infrastructure was allotted 422.7 trillion rupiah, including for Jokowi's flagship project to build a new capital city on Borneo island, called Nusantara.

Jokowi has previously set a target to move some government offices to Nusantara next year from Jakarta.

The budget proposal targets government revenues to rise 5.5 per cent next year to 2,781.3 trillion rupiah, from this year's 2,637.2 trillion rupiah.

His proposal also assumed the rupiah exchange rate to average around 15,000 a dollar and the 10-year bond yield at 6.7 per cent and Indonesia's oil and gas lifting at 625,000 barrels per day and 1.03 million barrels of oil equivalent per day.

"The government must mitigate food inflation risk so that inflation expectations can be anchored," said Joshua Pardede, economist with Bank Permata, arguing that the severe dry season brought on by the El Niño weather pattern could pressure food prices.

Irman Faiz, Bank Danamon's economist, said monetary tightening by many central banks in the world could bring downward risk to the government's GDP outlook.

Parliament typically takes a few months to debate the government's budget proposal.

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2023-08-16 11:52:30Z
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