[FULL] Blak-blakan! Menkeu Purbaya Bongkar Masalah Ekonomi Era SBY-Jokowi di DPR RI

Summary

The speaker, an experienced economist, addresses Commission 11, reflecting on past financial crises, including the 1997-1998 Asian Financial Crisis and the 2008 global meltdown, highlighting lessons learned in monetary and fiscal policy. He explains Indonesia's economic challenges, emphasizing the importance of liquidity, budget absorption, and coordination between government and central bank. Drawing on his experience across multiple administrations, he outlines strategies to revive growth, strengthen the private sector, and accelerate investment programs. He stresses transparency, accountability to parliament, and active policy monitoring to prevent past mistakes, aiming to stabilize and stimulate Indonesia's economy while fostering long-term sustainable growth.

Takeaways

• 😀 The speaker emphasizes the importance of friendship, companionship, and professional collaboration as fundamental human values.
• 😀 The speaker highlights his extensive experience in economics and financial sectors, having worked since 2000 and contributed to policy during multiple administrations.
• 😀 He discusses lessons learned from the 1997-1998 financial crisis, emphasizing the mistakes in monetary policy that worsened economic conditions.
• 😀 The speaker explains that economic growth depends on both fiscal and monetary policies, not solely on interest rates, emphasizing the role of base money growth.
• 😀 He stresses the importance of maintaining liquidity in the economic system to support growth, particularly in times of crisis.
• 😀 Past policy errors, such as delayed budget spending and overly tight monetary policies, contributed to economic slowdown, according to the speaker.
• 😀 The speaker asserts that private sector activity is critical for economic growth and that government policies should create favorable conditions for business operations.
• 😀 He mentions the implementation of measures to inject money into the economy, accelerating budget absorption and supporting fiscal and monetary coordination.
• 😀 The speaker highlights the importance of monitoring and ensuring that government funds and loans are effectively utilized to benefit the economy.
• 😀 He indicates that achieving sustainable economic growth requires a combination of learning from past crises, proactive fiscal and monetary policies, and empowering economic agents to operate efficiently.

Q & A

Who is the main speaker in the transcript and what is his professional background?

The main speaker is Mr. Purbaya, an experienced economist who has worked in the financial sector since 2000, served in high-level advisory roles, and participated in crisis management during the 1997–1998 Asian Financial Crisis and the 2008–2009 global financial crisis.

What are the speaker's main lessons from the 1997–1998 Asian Financial Crisis?

He notes that Indonesia's mistake was raising interest rates to over 60% while base money grew by 100%, showing that interest rates alone do not reflect the tightness of monetary policy. The policy inadvertently worsened the crisis.

How did the government respond to the 2008–2009 global financial crisis according to the speaker?

The government implemented fiscal expansion and lowered interest rates to maintain liquidity, prevent economic collapse, and promote growth. The speaker emphasizes that these interventions helped stabilize the economy.

What does the speaker identify as the main driver of Indonesia’s economy?

Approximately 90% of Indonesia's economy is driven by domestic demand, making government fiscal and monetary policies critical to economic stability and growth.

What economic challenges did Indonesia face in 2024, and what caused them?

In 2024, Indonesia experienced an economic slowdown due to tight monetary policy and delayed government budget spending, leading to reduced liquidity and pressure on the real sector.

What immediate actions does the speaker propose to revive the economy?

He proposes speeding up budget spending to inject money into the system, coordinating with the central bank to avoid over-absorption, and enabling private sector growth through pro-growth policies.

How does the speaker view the role of the private sector in economic growth?

He believes the private sector is the main driver of economic growth and should be allowed to operate freely, while the government should create conditions that support and enable private sector activity.

What historical comparisons does the speaker make between different administrations?

During Mr. SBY's era, economic growth averaged 6% with base money growth of 17% and credit growth of 22%. During Jokowi's era, growth was around 5% with base money growth of only 7%, reflecting tighter monetary conditions and slower economic expansion.

What measures does the speaker recommend to ensure effective budget absorption?

He suggests forming specialized teams within ministries to accelerate program implementation, closely monitoring budget disbursements, and ensuring borrowed funds are used productively to stimulate economic growth.

How does the speaker address accountability and communication with parliament and the public?

He stresses transparency, providing updates on budget absorption and economic measures, and taking responsibility for explaining policies publicly. This ensures both political and economic accountability.

What is the speaker's long-term vision for Indonesia's economy?

The speaker aims to restore both fiscal and monetary engines, empower the private sector, accelerate investments, and create sustainable economic growth above previous averages while ensuring policy lessons from past crises are applied.