Asia & Pacific
Singaporean ministers conveyed their confidence in Indonesia's economy and pledged to root for its long-term performance amid backlash from reports of investors pulling out of its neighbor.
A car carrying Singaporean Prime Minister Lawrence Wong arrives at the Merdeka Palace in Central Jakarta on July 6 ahead of the annual leaders retreat between the prime minister and President Prabowo Subianto, in which both leaders discuss bilateral ties between the two countries. (Antara/Bayu Pratama S.)
Singapore has asserted its commitment to continue working closely with Indonesia to maintain strong ties and mutual stability, while dismissing widespread sentiment accusing the city-state of profiting from the economic slowdown facing its neighbor.The two countries were dragged into online feuds in June, following an article published by Bloomberg containing the phrase “Sell Indonesia” in its title.
It referred to reports of foreign investors pulling billions of dollars out of the country because of policy uncertainty and rupiah depreciation under President Prabowo Subianto’s administration. The rupiah dropped to multiple record lows in June, sliding to more than Rp 18,000 per United States dollar, making it Asia’s worst performing currency.
