The statement, posted on his social media platform Truth Social, did not offer further details. 

For more than one year the government has failed to relocate hundreds of Rempang Island residents to make way for what is promised to be the world’s second-largest glass and solar panel manufacturing site.

“This [move] highlights that there is no coordination between [ministries]," said Andry Satrio Nugroho of the Institute for Development of Economics and Finance (Indef).

The plan comes as the country is estimated to lose over 100,000 hectares (ha) of rice fields each year due to land conversion. Meanwhile, the country has projected it could only create 60,000 ha of new rice fields annually.

Following widespread backlash late last month on the government's plan to hike the VAT rate to 12 percent from Jan. 1, House Commission XI is proposing a selective implementation of the new rate to just luxury goods, both domestic and foreign.

The Industry Ministry has hinted at possibly expanding exemptions from the luxury sales tax and VAT to non-EVs in a bid to bolster the lagging car industry, though the announcement was short on details about the potential incentive.

The government will continue to “prioritize domestic interests” as long as energy transition technology remains expensive and the Indonesian economy is not yet strong, Energy and Mineral Resources Minister Bahlil Lahadalia said in a speech at the Indonesia Mining Summit.

While the organization raised its 2025 global growth forecast to 3.3 percent, it cautioned that "greater trade protectionism, particularly from the largest economies" poses a "downside risk" along with geopolitical tensions and high public debts.

The head of Indonesia’s state-owned electricity company noted that retiring coal-fired power plants ahead of schedule will incur significant expenses, including the cost of building renewable energy power sources with the same capacity and reliability as the retired facilities.

The European Commission in October proposed a 12-month delay until Dec. 30, 2025 after complaints from 20 EU countries, some companies and countries such as Brazil and Indonesia. EU governments backed the move.

A slew of Australia's most lucrative export commodities were effectively banned from China starting in 2020, as relations between the two nations started to fray.

In response to a rise in low-cost goods shipped in from abroad, the government has temporarily suspended imports of sheep carcasses and lamb meat to reduce pressure on local farmers and protect the country’s livestock businesses.

Hashim Djojohadikusumo, Prabowo’s top adviser and biological brother, said on Sunday that the Third Deputy Finance Minister Anggito Abimanyu is set to take helm of the planned body once it is established.

"We require a commitment... that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100 percent Tariffs," Trump wrote on his Truth Social website, referring to the grouping that includes Brazil, Russia, India, China, South Africa and others.

Washington is expected to further curb exports to Chinese semiconductor toolmakers and sales of certain chipmaking equipment, including products manufactured in Malaysia, Singapore and Taiwan, sources have told Reuters.

The IESR estimates the government would need around US$1.2 trillion worth of investment in order for the country to meet all of its electricity needs from clean energy and billions more in order to retire its coal plants early.

BP Taskin head Budiman Sudjatmiko said on Thursday that the administration sought to gradually reduce social assistance spending, which later could be reallocated for “empowerment programs”.

Builders are calling for more detailed guidelines on the execution of the housing program to align their business strategies accordingly.

The Organisation for Economic Co-operation and Development’s (OECD) latest Indonesia Economic Survey includes recommendations for increasing tax revenue as a share of GDP, with a key focus on better tax administration.

A lawmaker has defended a new tax amnesty as a way to make up for lower-than-planned state revenue from value added tax (VAT), given that a VAT hike initially meant to take effect on Jan. 1 will probably be pushed back.

Bureaucratic hurdles in Indonesia complicate business procedures in various sectors, according to the newly released United States-Indonesia Investment Report 2024, including the import of medical devices and consumer electronics.  

Luhut Pandjaitan, head of the National Economic Council, said a value-added tax (VAT) hike might be pushed back by two or three months as the government seeks to roll out social aid to keep the economy going.

Coordinating Infrastructure and Regional Development Minister Agus Harimurti Yudhoyono said that, over the past two weeks, the Transportation Ministry, PT Angkasa Pura, Pertamina and domestic airlines had been collaborating to make air travel more affordable.

The output of rice, the country’s major staple food for instance, dropped to 30.34 million tonnes last year from 31.31 million tonnes in 2019, BPS data show. Similarly, farmland has also been shrinking over the past years.

While the fund will still consider investments in foreign assets, Muliaman emphasized that its primary focus will be on financing local development and government projects, and foreign investors can provide funding alongside Danantara.

For renewable hydrogen, the planned legislation will establish a tax incentive worth A$2 ($1.31) per kilogram of renewable hydrogen produced during the same period.

Business associations and netizens have expressed disapproval of the planned value-added tax (VAT) hike set to go into effect at the turn of the year, arguing that the timing is not right as spending power has been losing vigor.

Luhut cited findings from audits prepared by the Development Finance Comptroller (BPKP), stressing they are “serious problems”.

The Manpower Ministry has issued a circular requesting that governors wait for the central government to determine the 2025 provincial minimum wages (UMP), which were supposed to be announced on Thursday.

Achieving food and energy self-sufficiency is “a must” for Southeast Asia's largest economy, Prabowo said early in October prior to his inauguration.