{
    "success": true,
    "data": {
        "id": 1593348,
        "msgid": "reply-to-fitch-purbaya-they-think-the-finance-minister-might-not-be-able-to-do-the-maths-1772798443",
        "date": "2026-03-06 17:51:54",
        "title": "Reply to Fitch, Purbaya: They Think The Finance Minister Might Not Be Able to Do the Maths",
        "author": "",
        "source": "CNBC",
        "tags": "",
        "topic": "Finance",
        "summary": "Finance Minister Purbaya Yudhi Sadewa responds to Fitch Ratings\u2019 negative-outlook on Indonesia, suggesting the outlook reflects policy communication gaps under a new administration. He defends the policy mix while Fitch warns of risks from aggressive policy easing, fiscal pressure, and external reserves; the piece also notes February 2026 state revenue, expenditure, and deficit figures.",
        "content": "<p>Jakarta, CNBC Indonesia\u2014Finance Minister Purbaya Yudhi Sadewa has\nresponded to Fitch Ratings\u2019 assessment of Indonesia published a few days\nearlier. According to Purbaya, the outlook for Indonesia\u2019s debt rating\nwas trimmed to negative because the government\u2019s programme had not been\ncommunicated effectively. \u2018Maybe because there is a new administration\nand a new Finance Minister, they might be sceptical. Perhaps the Finance\nMinister cannot count. So perhaps it is my fault for not having gone\nabroad,\u2019 he told a press conference on Friday, 6 March 2026. \u2018I thought\nthat if growth hadn\u2019t reached 6% I wouldn\u2019t go abroad, but I was wrong;\nit seems I must go abroad in April.\u2019 April is the IMF-World Bank\nmeetings in Washington, DC, USA. Indonesia is one of the members\nexpected to attend alongside other delegations.<\/p>\n<p>In Fitch\u2019s latest assessment, Indonesia\u2019s debt rating is still BBB,\nor investment grade. Their assessment notes that the change in outlook\nreflects rising policy uncertainty and a reduced consistency and\ncredibility of Indonesia\u2019s policy mix. Their focus highlights risks of\npolicy loosening being too aggressive amid high growth ambitions,\npotential fiscal pressures, investor sentiment, and external\nreserves.<\/p>\n<p>\u2018Their note also points to tax and customs revenue, among others, as\na risk because last year was lower than the previous year, but we are\nconfident this will improve this year,\u2019 he said.<\/p>\n<p>State revenue reached Rp358 trillion (up 12.8%), with taxes as the\nmain driver, growing 30.4% to Rp245.1 trillion. Meanwhile, state\nexpenditure reached Rp493.8 trillion, up 41.9%, with the largest share \u2013\ncentral government spending \u2013 Rp346.1 trillion, up 63.7%. Accordingly,\nthe deficit in the State Budget (APBN) as of February 2026 stood at\nRp135.7 trillion or 0.53% of GDP. Financing was recorded at Rp164.2\ntrillion.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/reply-to-fitch-purbaya-they-think-the-finance-minister-might-not-be-able-to-do-the-maths-1772798443",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}