Former Finance Minister Says Issue of Replacing Purbaya is Resistance to New Paradigm

Former Finance Minister Fuad Bawazier has brushed aside the issue of replacing Finance Minister Purbaya Yudhi Sadewa which has been circulating in the public sphere recently. Fuad assessed that the news is part of an effort to build a negative perception of the new direction of economic policy under President Prabowo Subianto’s administration. Fuad emphasised that the issue of Purbaya’s replacement has no clear basis. According to him, there has been no official discussion within government circles regarding the replacement to date. Fuad believes the emergence of the news is related to the economic paradigm shift currently being undertaken by the government. He mentioned that various new policies oriented towards strengthening the state’s role are beginning to face resistance from groups that have so far benefited from the old system. “I do not see any strong basis regarding the replacement issue. As far as I know, there is no official discussion about replacing the Finance Minister,” Fuad said in Jakarta on Thursday (11/6). During the forum, Fuad reminded that the direction of Indonesia’s economic development must remain guided by the constitutional mandate, particularly Article 33 of the 1945 Constitution. He stressed that economic debates should not become trapped in neoliberal or socialist labels, but rather focus on implementing the constitution. “If we ourselves do not uphold our constitution, then who else will guard it? The most important thing is to carry out the constitutional mandate for the greatest prosperity of the people,” he explained. Fuad also expressed support for the single-door export concept being promoted by the government. According to him, such a policy can strengthen supervision of export foreign exchange proceeds while increasing transparency and accountability in the management of national resources. He explained that so far, a portion of Indonesia’s export foreign exchange proceeds has been kept abroad. This condition means the economic benefits that should be enjoyed domestically are not optimally strengthening the national economy. “A single-door export policy will strengthen foreign exchange reserves, increase state revenue, and reinforce the implementation of Article 33 of the 1945 Constitution,” he stated. Besides strengthening the rupiah exchange rate, Fuad believes the policy can boost national economic growth. With better foreign exchange management, the government has more room to finance development and strengthen strategic sectors. Fuad assessed that various criticisms of the government’s new policies need to be addressed proportionally. He reminded that in every economic transition period, there will always be attempts trying to thwart the ongoing changes. According to him, the public should not be swayed by various speculations deliberately built to create uncertainty. “I see issues like this more as an attempt to create a certain condition. As long as the policies being implemented aim to strengthen the national economy and improve people’s welfare, the government must remain consistent in carrying them out,” Fuad said. Fuad also assessed that fluctuations in the rupiah exchange rate are normal within the dynamics of the global economy. However, he reminded that strengthening the foundation of the national economy must continue through enhancing energy self-sufficiency, optimising natural resources, and reinforcing state revenue. Therefore, he urged the government to remain steadfast in carrying out the economic transformation agenda that has been designed, as the success of the economic paradigm shift will greatly determine the long-term future of Indonesia’s development.