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As the government scrambles to shore up tax and excise revenues, a wave of corruption arrests targeting tax and customs officials has exposed deep governance problems within Indonesia’s revenue-collecting agencies. The Corruption Eradication Commission’s (KPK) recent raids have prompted Finance Minister Purbaya Yudhi Sadewa to carry out large-scale bureaucratic rotations at both the tax and customs offices. Yet questions remain over whether these measures can deliver lasting reform or meaningfully improve revenue collection.
In what appears to be a coordinated role swap, the President has appointed a former BI deputy governor to fill the deputy finance minister post left vacant by his nephew Tommy Djiwandono, who is set to take up his new job as BI deputy governor.
Deputy finance minister Thomas "Tommy" Djiwandono, who is also a nephew of President Prabowo Subianto, has been lined up to become a deputy governor of Bank Indonesia (BI), raising questions about the central bank’s independence.
Credit growth rose 7.74 percent year-on-year (yoy) to Rp 8.3 quadrillion (US$493 billion) in November, accelerating from growth of 7.36 percent yoy in October, according to the Financial Services Authority (OJK).
The injections are part of Rp 276 trillion in government deposits redirected from the government’s accounts at Bank Indonesia (BI) in September and November to support liquidity at state-owned banks.
Among the non-essential expenditures targeted by the joint circular signed by the finance and home ministers are ceremonial activities, official trips with “non-measurable” outputs and regional grants disbursed to other institutions.
