Jakarta (ANTARA) - Indonesian President Prabowo Subianto emphasized that the government would continue working to safeguard national interests amid various global challenges, including developments in financial markets and issues related to Morgan Stanley Capital International (MSCI).
Prabowo acknowledged that Indonesia still faced challenges and had more work to do to meet public expectations.
“We have done a good job, but we know that the challenges remain enormous. Our people expect more, and we still face many difficulties and disruptions. We continue to face obstacles,” he said at a Plenary Cabinet meeting in Jakarta on Wednesday.
Prabowo expressed his confidence in Indonesia’s ability and resilience to withstand various pressures through hard work and sacrifice.
He said the government would continue striving to protect national interests without overlooking existing challenges.
The President also underscored the importance of perseverance in navigating difficult circumstances, and Indonesia has the strength to overcome challenges.
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“There are all kinds of challenges, right? They want to intimidate us. I will say just one thing to MSCI: the Indonesian nation fears no one and will not be intimidated,” he said.
The president also said the government was prepared to implement deeper spending cuts if necessary to maintain the country's fiscal resilience and ensure it could navigate future challenges.
“We have the courage, we are willing to make sacrifices, and we never give up. Ladies and gentlemen, if necessary, we will implement sweeping spending cuts. We will tighten our belts even further,” he added.
MSCI previously announced a consultation with market participants on a proposal to reclassify Indonesia’s stock market from Emerging Market to Standalone Market status.
The announcement triggered an 11.57 percent drop in Indonesia’s Composite Stock Price Index (IHSG) to 5,185.11 on Friday.
Following a meeting with MSCI on Monday (Oct 19), Indonesian stock market authorities announced several measures, including enhanced disclosure of share ownership and the exclusion of stocks with high shareholding concentration from the IHSG.
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Translator: Maria Galuh, Kuntum Khaira
Editor: Bayu Prasetyo
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