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Jakarta Post

BI urges focused structural reform to boost GDP growth

  • Marchio Irfan Gorbiano

    The Jakarta Post

PREMIUM
Jakarta   /   Sat, March 30, 2019   /  07:41 am
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The picture shows Bank Indonesia building on Jl M.H. Thamrin in Central Jakarta.(Shutterstock.com/GeorginaCaptures)

Indonesia should continue with its structural reform agenda in the coming months to strengthen its economic fundamentals, as global uncertainty was expected to ease this year, a senior Bank Indonesia (BI) official has said. One of the key issues that needed to be addressed was managing the current account deficit, which was blamed for the rupiah's steep fall last year. A current account deficit means that a country is spending beyond its means in terms of foreign exchange liquidity, causing a reliance on external financing like foreign direct investments and portfolio investments. Portfolio investments are usually sensitive to global market sentiments. Considering that Indonesia was a net oil importer, BI Deputy Governor Mirza Adityaswara said it needed to step up renewable energy outputs and reduce its dependency on fossil fuels as a priority of the...