April 17, 2026 | 10:38 am
TEMPO.CO, Jakarta - Economist Head of Trimegah Sekuritas Indonesia, Fakhrul Fulvian, believes that Indonesia needs to be driven towards the ability to finance growth more strategically and sustainably. This comes in response to Bank Indonesia's statement claiming that the International Monetary Fund (IMF) and global investors appreciate Indonesia's consistency in maintaining macroeconomic stability.
According to Fakhrul, the challenge today is not just about stability, but whether Indonesia has a strong enough funding architecture to support future growth ambitions.
"We have been too comfortable with the fiscal discipline narrative-deficits below 3 percent, and controlled debt ratios. While these are important, they are not sufficient. The market today wants to know more: what is the funding story? and how credible is the path forward?" he said in a written statement on Thursday, April 16, 2026.
Amid the increasing costs of dollar-based funding, Fakhrul stated that Indonesia needs to take a more aggressive approach to building alternatives, including local currency settlement schemes. Local currency settlement involves bilateral transactions conducted in each country's respective local currency.
In this context, Fakhrul highlights the opportunities to use low-yielding currencies such as CNH (offshore renminbi) as a more efficient source of liquidity, especially to support bilateral trade and investment. "There are pockets of liquidity with lower costs, and we must be able to access them-both through bilateral cooperation and the design of more innovative financial instruments," he added.
Previously, Bank Indonesia (BI) stated that IMF Managing Director Kristalina Georgieva referred to Indonesia as one of the bright spots in the global economy. This statement was made during a meeting between Kristalina, BI Governor Perry Warjiyo, Minister of Finance Purbaya Yudhi Sadewa, and members of the House of Representatives (DPR) as part of the IMF Spring Meetings.
"The IMF and global investors appreciate Indonesia's consistency in maintaining macroeconomic stability through the synergy of solid fiscal and monetary policies, discipline in maintaining deficits below 3 percent of GDP, and responsive policies that are adaptive and forward-looking in addressing external pressures," said BI's Communications Department Director, Anton Pinoto, in a press release on Wednesday, April 15, 2026.
Read: BI Governor, Purbaya Meet US-ASEAN Business Council at IMF Meeting
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