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The International Monetary Fund has praised Indonesia for maintaining economic growth and containing inflation amid mounting pressure from external factors but emphasizes that the country needs the right “policy mix” to secure the future.
Deputy Finance Minister Thomas Djiwandono has said that the BRICS-initiated multilateral development bank will not be similar to the International Monetary Fund, amid calls from BRICS nations for a change to the IMF’s European orientation.
The joint statement by the group's finance ministers marks the first time the BRICS countries haveagreed on a unified position on the proposed reforms. They agreed to back the shared proposal at an IMF review meeting coming up in December, which will discuss changes to a quota system that defines contributions and voting rights.
Global finance leaders came to Washington this past week seeking clarity on what it would take to get some relief from President Donald Trump's multi-layered tariff assault and on just how much pain it will bring to the world economy.
The government is holding onto its target for 5 percent gross domestic product (GDP) growth this year despite the International Monetary Fund revising down its projection for Indonesia’s economy in a recent update.
Worldwide economic output will slow in the months ahead as US President Donald Trump's steep tariffs on virtually all trading partners begin to bite, the International Monetary Fund said on Tuesday, as global finance chiefs swarmed Washington seeking deals with Trump's team to lower the levies.
