Reducing capital flight<\/p>\n
Coordinating Minister for the Economy Dorodjatun Kuntjoro-
\nJakti has requested that the local business community make
\nefforts in 2002 to return their capital deposited abroad.<\/p>\n
It's not a new appeal, but who knows, it might be effective
\nthis time.<\/p>\n
Indeed, the capital flight has also occurred in crisis-hit
\ncountries such as Thailand, the Philippines, South Korea and
\nMalaysia. However, the biggest capital flight has occured from
\nIndonesia. Anwar Nasution, senior deputy governor of Bank
\nIndonesia, mentioned that as much as US$40 billion has been moved
\nout of the country and the amount is growing unabated.<\/p>\n
And this doesn't include all those businesspeople who do not
\nbring home their US dollar income, which is deposited in foreign
\nbanks abroad, for example, in Singapore.<\/p>\n
The flight of capital has paralyzed Indonesia's economy. There
\nis no money left to manage the country's economy and to
\nrevitalize domestic industries. The circulation of money in
\nsociety has become smaller, causing widespread poverty.<\/p>\n
The state with its deficit budget has to finance its
\noperational costs. The economy will not recover as long as there
\nis no more incoming capital, both the return of capital flight
\nand new foreign investment.<\/p>\n
Now, we are only able to strike the conscience of capital
\nowners. They have to realize that what they have done has
\ntormented millions of people. The huge amounts of capital that
\nhave been obtained from state banks over the years and then
\ntransferred abroad, contributed not only to the collapse of many
\nof these banks, but also imposed enormous burdens on workers and
\ntaxpayers alike who have had to pick up the pieces.<\/p>\n
Let us show ourselves as responsible citizens and work toward
\nretaining as much capital as is possible within Indonesia.<\/p>\n
-- Republika, Jakarta<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/reducing-capital-flight-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }