TEMPO Interactive, Jakarta: The government and Bank Indonesia (BI) have prepared an umbrella in an anticipatory step against an economic crisis possibly hitting Indonesia again.
Paskah Suzetta, State Minister for National Development Planning and concurrently Head of the National Development Planning Agency (Bappenas), said that the general public need not be concerned about a monetary crisis occurring again like what happened between 1997 and 1998.
“We don't have to worry because a long time ago we created what is called the Indonesian Financial Safety Net as protection in facing such a crisis,” said Paskah after attending a Closed Coordination Meeting regarding the evaluation results of the National Development Planning Conference at the Finance Department, Jakarta, Monday (14/5)
By the protection, he is of the opinion that even if Indonesia were hit again by an economic crisis, it would not be as bad as in 1997-1998.
The Financial Safety Net is a form of solid coordination between monetary and fiscal authorities.
“In the past, (the government and BI) blamed each other. But not anymore,” said Paskah.
AGUS SUPRIYANTO
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