Indonesia, US finance ministries establish cooperation on fiscal

Jakarta (ANTARA News) - The Finance Ministry of Indonesia and the United States Treasury have established fiscal cooperation in order to boost strong and inclusive economic growth and strengthen the ongoing strategic partnership.

The strategic partnership between the two countries has been running well.

"The US and Indonesian Finance Ministries hope the relations between the two institutions will be ever stronger and will help bolster the strategic partnership built by President Barack Obama and President Jokowi in October 2015," US Secretary of the Treasury (Finance Minister) Jacob J. Lew said here on Friday.

He added that the cooperation between both the countries has been possible because of the strong relationship based on principles of good governance, and a strong and inclusive economy.

The fiscal cooperation was aimed at improving the tax policy, the tax system administration, creation of good environment for domestic and foreign businesses and expanding public infrastructure and financial market.

The US Treasury will help broaden the participation of Indonesian Finance Ministry in five sectors.

First is related to the implementation of tax reforms. The US Treasury will share best practices and lessons learned from the US federal tax system.

Second, the US Treasury and the Indonesian Ministry of Finance will work together to support the development and regulation of the financial sector in Indonesia.

Third, the US Treasury will launch cooperation on technical assistance in fall to strengthen the institutional capacity of Indonesia.

Fourth, the US Treasury will begin to provide additional technical assistance by early 2017 to support treasury and cash management reforms.

Fifth, the US Treasury will hold a policy dialogue on macroeconomic and financial issues on a regular basis so that the two countries can understand each others macroeconomic and financial conditions.(*)