SBY Urges Government Not to Panic in Facing Global Market Turbulence
Sixth President Susilo Bambang Yudhoyono (SBY) stated that geopolitical conditions are beginning to have a negative impact, leading to rising prices of oil, gas, and petroleum products in various countries. According to him, this global market volatility has also affected Indonesia.
He urged the government of President Prabowo Subianto not to panic in handling the market disruptions resulting from the Middle East conflict. “Although, our steps must not be late or misguided,” said SBY in a post on his official X account @SBYudhoyono, on Wednesday, 25 March 2026.
The Chairman of the Democratic Party’s Supreme Council recounted experiencing a similar crisis during his tenure as head of state. SBY said that world oil prices skyrocketed in several years, such as 2004-2005, 2008, and up to 2013.
He stated that the surge in oil prices at that time exerted real pressure on the nation’s economy. “Fiscal conditions and the budget deficit widened, inflation or price stability was shaken, and the impact on the poor was deeply felt,” he said.
SBY stated that the conditions at that time were not easy to navigate. His government, he said, then decided to increase subsidies and raise fuel prices as policy measures in response to the global oil price increase.
“The government also launched a massive energy-saving campaign,” he said.
SBY acknowledged that his decision to raise fuel prices and add subsidies at that time created massive waves of pro and contra reactions. He said the legislative body was in uproar, and the public took to the streets to protest the policy.
“But in the end, our economy was saved, and the poor were protected through the BLT (direct cash assistance) programme,” he said.
The current global market volatility under the Prabowo administration has not escaped SBY’s attention. He stated that he is following the policy steps prepared by Prabowo in responding to the global situation. SBY alluded to the energy-saving movement launched by the Prabowo government.
According to him, this energy-saving measure is being carried out to reduce the occurrence of a state budget deficit. Nevertheless, SBY said that the government actually has several policy options to save the state’s finances this year.
“The important thing is that our economy is saved, including maintaining growth, managing inflation, and preventing large-scale layoffs,” he said. SBY also reminded the government to continue paying attention to the fate of the poor so that their situation does not become even more difficult amid the current circumstances.