{
    "success": true,
    "data": {
        "id": 1682958,
        "msgid": "indonesia-needs-to-strengthen-new-funding-sources-to-finance-growth-1776397858",
        "date": "2026-04-17 10:10:03",
        "title": "Indonesia Needs to Strengthen New Funding Sources to Finance Growth",
        "author": "",
        "source": "TEMPO_ID_BISNIS",
        "tags": "",
        "topic": "Economy",
        "summary": "Fakhrul Fulvian, Head of Economics at Trimegah Sekuritas Indonesia, argues that while Indonesia's macroeconomic stability is praised by the IMF and global investors, the country must now focus on building a robust funding architecture to support future growth ambitions. He highlights the need for more aggressive alternatives to dollar-based financing, such as local currency settlements and leveraging low-yielding currencies like offshore renminbi for efficient liquidity in trade and investment. This comes amid Bank Indonesia's reports of positive feedback from IMF Managing Director Kristalina Georgieva on Indonesia's fiscal discipline and adaptive policies during the IMF Spring Meetings.",
        "content": "<p>Head of Economics at Trimegah Sekuritas Indonesia, Fakhrul Fulvian,\nassesses that Indonesia\u2019s narrative of stability needs to be advanced\nfurther towards the ability to finance growth more strategically and\nsustainably. This is in response to Bank Indonesia\u2019s claim that the\nInternational Monetary Fund (IMF) and global investors appreciate\nIndonesia\u2019s consistency in maintaining macroeconomic stability.<\/p>\n<p>According to Fakhrul, today\u2019s challenge is no longer merely\nstability, but whether Indonesia has a sufficiently strong funding\narchitecture to support future growth ambitions.<\/p>\n<p>\u201cSo far, we have been too comfortable with the narrative of fiscal\ndiscipline\u2014deficit below 3 percent, debt ratio maintained. That is\nimportant, but not enough. The market today wants to know more than\nthat: what is the funding story? and how credible is the path forward?,\u201d\nhe said in a written statement on Thursday, 16 April 2026.<\/p>\n<p>Amid rising costs of dollar-based funding, Fakhrul says Indonesia\nneeds to be more aggressive in building alternatives, including through\nlocal currency settlement schemes. Local currency settlement is a\nbilateral transaction that uses each country\u2019s local currency.<\/p>\n<p>In that context, Fakhrul highlights the opportunity to utilise\nlow-yielding currencies like CNH (offshore renminbi) as a more efficient\nsource of liquidity, particularly to support bilateral trade and\ninvestment. \u201cThere are pockets of liquidity with lower costs, and we\nmust be able to access them\u2014both through bilateral cooperation and more\ninnovative financial instrument designs,\u201d he stated.<\/p>\n<p>Previously, BI said IMF Managing Director Kristalina Georgieva\ndescribed Indonesia as one of the bright spots in the global economy.\nThat statement was made during a meeting between Kristalina and BI\nGovernor Perry Warjiyo, Finance Minister Purbaya Yudhi Sadewa, and\nmembers of the House of Representatives as part of the IMF Spring\nMeetings.<\/p>\n<p>\u201cThe IMF and global investors appreciate Indonesia\u2019s consistency in\nmaintaining macroeconomic stability through solid synergy of fiscal and\nmonetary policies, discipline in keeping the deficit below 3 percent of\nGDP, and adaptive and forward-looking policy responses in facing\nexternal pressures,\u201d said Director of the Communications Department of\nBI, Anton Pinoto, in a press release on Wednesday, 15 April 2026.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/indonesia-needs-to-strengthen-new-funding-sources-to-finance-growth-1776397858",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}