On Fitch Ratings' Negative Outlook, Purbaya: They Think the New Finance Minister Can't Do the Math

Jakarta — Finance Minister Purbaya Yudhi Sadewa responded to Fitch Ratings’ decision to cut Indonesia’s debt rating outlook from stable to negative. He suspects the move is based on the current condition of Indonesia’s new administration and on his status as the newly appointed finance minister. ‘Perhaps because they think it’s still a new administration, and the finance minister is also new, so they assume the finance minister might not be able to calculate,’ Purbaya told a press conference at the Ministry of Finance in Jakarta on Friday, 6 March 2026.

Nevertheless, Purbaya said he understood that Fitch’s move was partly due to his own lack of travel abroad to introduce himself to international observers as the new finance minister. ‘Indeed that is partly my fault, because I have never travelled abroad,’ he said.

Purbaya argued that he did not want to travel overseas before the national economy could grow to 6 percent. Therefore, he said, he would change that perception in order to publicise Indonesia’s economic condition, which he says is stable and under control. ‘Initially, I thought that before Indonesia’s economy grew 6 percent, I would not go abroad. But now that must change because I also need to market our situation,’ he said.

He suspects Fitch’s move stems from a belief that there are structural weaknesses in the Indonesian state budget (APBN). In fact, looking at the debt-to-GDP ratio, the economy is assuredly under control. ‘Our deficit-to-GDP is safe. Our growth is even the highest among the G20. But why are they targeting Indonesia?’ asked Purbaya.

Therefore, Purbaya confirmed that he would undertake an overseas work visit in April 2026 to attend the IMF-World Bank meetings in Washington DC, United States, and to publicise Indonesia’s economic conditions. ‘So in April (2026) I will travel abroad, to ensure that our Finance Ministry understands what is being done,’ he said.