A definitive new president

INDONESIA - Report 30 Apr 2024 by Cyrillus Harinowo

Indonesia’s Constitutional Court made a ruling on April 22, 2024, rejecting the challenges from the losing presidential candidates for a re-run of the presidential election. With that ruling, the Election Committee made its final decision on the presidential election result, with Prabowo Subianto and Gibran Rakabuming Raka confirmed as the President and Vice President-Elect for the 2024-2029 term.

Thus, there should be no more speculation on the outcome of the election. The new thoughts are about the line-up of the Cabinet for 2024-2029, with speculation about who is to be the next Finance Minister at the top of the list. Professor Djiwandono, who has been seen as an important influence in the formulation of the Economic Ministers portfolio for the next cabinet, stated in an interview with Kompas TV that there are candidates who are as good as or even better than Finance Minister Sri Mulyani.

On the economic front, Central Board of Statistics released its report on the Indonesian trade balance for March 2024, which resulted in a large surplus. While in February 2024 the surplus stood at $833.5 million, the surplus in March rose to $4,473.1 million. The significant increase in the trade surplus was because of a sharp rise in exports in March, while imports fell slightly. Exports in March rose by 16.4% to $22,434.2, while imports declined by 2.6% to $17,961.1 million. The decline in imports was due to the peak of imports prior to Ramadhan month, which took place in February 2024, while imports of raw materials in March were no longer that high. The peak of imports in Indonesia always takes place two months prior to the Ramadhan month.

The Board of Statistics also reported that the inflation rate in March reached 0.52%, leading to Y/Y inflation of 3.05%, still within the target corridor of the Central Bank. However, the surprise attack by Iran on Israel led to sharp volatility in the rupiah. Given that situation, the Central Bank of Indonesia decided to raise the benchmark interest rate by 25 basis points to 6.25%.

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