Misbakhun Criticises Finance Minister Purbaya's Communication, Reminds of Importance of Investor Confidence
Jakarta – Muhammad Misbakhun, Chairman of Commission XI of the Indonesian House of Representatives, has called on Finance Minister Purbaya Yudhi Sadewa to improve communication with global rating agencies to protect investor confidence in the Indonesian economy. He assessed that the perceptions created by rating agencies can influence investment interest as well as the stability of the national financial market.
“Making new deals with the old rating agent. Answer well what they ask, because their perception will determine how investors see Indonesia,” Misbakhun stated during the Road to Indonesia IRF event at the Indonesian Stock Exchange in Jakarta on Tuesday, 10 March 2026.
The politician from the Golkar Party faction explained that rating agencies such as Moody’s and Fitch typically assess a country’s macroeconomic conditions and fiscal policy. Although not directly related to capital market activities, changes in their outlook can influence global investor perceptions of risk.
He cited the increase in Indonesia’s credit default swap (CDS) spread following negative assessments from international rating agencies. The rise in this risk indicator showed that some investors became more cautious in placing funds in Indonesian financial instruments.
In his view, the government must also explain its fiscal policies in detail to rating agencies, particularly programmes requiring large budget allocations.
“What needs to be explained to them about the Free Nutritious Meal (MBG) programme is regarding its fiscal sustainability, because the amount is large and they want to know how budget continuity will be maintained,” Misbakhun said.
According to him, such explanations are important so that rating agencies understand the government’s policy objectives comprehensively, not merely from the perspective of budget burden. State programmes, he continued, should also be viewed as part of a long-term development strategy.
As an emerging market country, Indonesia is assessed as having significant investment opportunities whilst facing high market volatility.
“As an emerging market, the opportunity to profit and the opportunity to lose always exist. Therefore, transparency and market perception become very important,” he said.
In this situation, Commission XI of the House of Representatives will continue to play a bridging role in communication between the government, regulators, and market participants. This effort is undertaken to ensure that adopted policies maintain a balance between the stability of the financial system and investor interests.
Additionally, Misbakhun also highlighted the importance of protecting retail investors, whose numbers continue to increase in the capital market. Investor confidence, he said, must be maintained through policy transparency and clear communication from the government and financial authorities.