May 22, 2026 | 09:48 pm
TEMPO.CO, Jakarta - Amid turbulent economic conditions, President Prabowo Subianto hosted a number of former state officials from the era of 5th President Susilo Bambang Yudhoyono at the Presidential Palace in Jakarta on Friday, May 22, 2026.Among them were the former Governor of Bank Indonesia during the 2003-2008 period, Burhanuddin Abdullah; former Minister of National Development Planning/Head of the National Development Planning Agency during the 2005-2009 period, Paskah Suzetta; and the Deputy Minister of National Development Planning during the 2010-2014 period, Lukita Dinarsyah Tuwo.Coordinating Minister for Economic Affairs Airlangga Hartarto said these former high-ranking state figures recounted past crises faced by Indonesia, particularly the economic crisis in 2008. "They assumed office between 2004 and 2014," said Airlangga.These former state officials made several notes regarding their experiences in dealing with global economic pressures, such as the surge in oil prices, inflation rates, and the depreciation of rupiah."According to them, our inflation rate was around 17 percent and there were also exchange rate changes due to the oil crisis. In 2005, there was an oil crisis where the oil price reached up to US$140 (per barrel)," he said.According to Airlangga, Indonesia's current macroeconomic conditions are relatively better compared to past crises. "The fundamentals are stronger. And the rupiah depreciation is about 5 percent, so much lower than in the past," he said. The Indonesian government could learn necessary measures to anticipate future crisis possibilities from the former state officials. Prabowo also urged his aides in the Red and White Cabinet, including Finance Minister Purbaya Yudhi Sadewa, to monitor regulations that can strengthen financial sector stability and maintain banking prudential principles.Separately, former Bank Indonesia Governor Burhanuddin Abdullah explained that the meeting did not specifically address the recent rupiah plunge into its lowest since 1998, but rather the comprehensive impact of global conditions on the domestic economy.He mentioned that addressing economic issues requires coordination among government agencies. "How the fiscal and monetary work together to resolve this issue," said Burhanuddin.Read: Prabowo Unveils Macroeconomic Assumptions for 2027Click here to get the latest news updates from Tempo on Google News
