Jokowi prepares policy to prevent economic impact of Iran-Israel conflict: Okezone Economy

JAKARTA – Coordinating Minister of Economic Affairs Airlangga Hartarto said the government is preparing a number of strategic policies to ensure that the Iran-Israel conflict does not have a significant impact on the national economy.

“We must maintain the level of market confidence in the ability of the national economy to respond to the impact of the escalation of the conflict,” said Airlangga Hartarto, quoted by Antara, Monday (15/4/2024).

According to him, the domino impact of the escalation of the Middle East conflict on the Indonesian financial market will only be visible when the market opens on Tuesday morning (16/4/2024).

He said the conflict had the potential to increase prices of various commodities, including oil due to supply disruptions and gold because it was seen as a safe haven.

Airlangga said increased geopolitical tensions in the area around the Suez Canal would also disrupt the supply chain of wheat and components for production equipment imported from Europe and increase freight costs.

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and I look forward to more interesting surprises

To take anticipatory measures, the Coordinating Ministry of Economic Affairs also held a meeting with a number of ambassadors from friendly countries on Monday.

One of the meetings was to discuss responses to the impact of the conflict at regional and global levels, the performance of the banking sector and capital markets, inflation control, as well as plans for coordinating the mix of fiscal and monetary policies with the competent foreign exchange authorities. price control strategies and budget deficit management.

He said the government would continue to pay close attention to global and regional developments and take the best measures to maintain the stability of the financial system.

According to him, the Indonesian economy is still relatively strong with economic growth still above 5 percent and inflation under control.

Until February 2024, Indonesia's trade balance is still in surplus, so foreign exchange reserves in March 2024 still look strong.

“We hope that market participants will remain calm and not take speculative actions,” Airlangga said.

The latest conflict between Iran and Israel was sparked by the attack on the Iranian consulate in Damascus, Syria, on April 1.

Iran then launched a retaliatory attack by firing dozens of ballistic missiles and hundreds of drones into Israel on Saturday evening (13/4) local time.

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