SBY-Era Economic Officials Invited by Prabowo to the Presidential Palace to Discuss 2008 Crisis

Jakarta, VIVA m - President Prabowo Subianto invited a number of economic officials who served during the presidency of Susilo Bambang Yudhoyono to share their experiences in dealing with the 2008 economic crisis at the Presidential Palace in Jakarta, on Friday, 22 May 2026. This was stated by Coordinating Minister for the Economy Airlangga Hartarto after accompanying President Prabowo at the meeting. In addition to Airlangga, Minister Purbaya Yudhi Sadewa also attended. ‘I was accompanied by Finance Minister Purbaya, who helped the President in receiving several figures who had previously served as ministers or governors of Bank Indonesia,’ Airlangga said. The attendees included former Governor of Bank Indonesia for 2003-2008 Burhanuddin Abdullah, former Minister of State for National Development Planning/Head of Bappenas for 2005-2009 Paskah Suzetta, and former Deputy Minister for PPN/Deputy Head of Bappenas for 2010-2014 Lukita Dinarsyah Tuwo. According to Airlangga, the figures shared experiences of facing the crisis during the 2004-2014 period. ‘In the meeting, several points were shared that represented their experiences in facing the crisis in 2008. Coincidentally, their tenures largely fell between 2004 and 2014,’ he said. One of the topics discussed related to inflation which briefly reached around 17 percent and exchange-rate volatility due to rising global oil prices in 2005. Airlangga said world oil prices at the time briefly touched 140 US dollars per barrel and contributed to inflation rising to as much as 27 percent. He said that compared with today’s conditions, Indonesia’s macroeconomic situation is relatively better, with stronger fundamentals and rupiah depreciation around 5 percent, far lower than in many past cases. ‘If we look at today’s context, our macro situation is relatively better, fundamentals stronger, and the rupiah depreciation around 5 percent — much lower than earlier cases. From this, we should learn how to anticipate and what is required to face future situations,’ Airlangga said. He said the President also asked the government to monitor regulations to strengthen the financial sector and maintain prudence in the national banking system. In addition, the government will review strengthening bank capital given the large number of banks in Indonesia.