"I welcome the swap and repo agreement between BI and Monetary Authority of Singapore valued at US$10 billion," President Joko Widodo (Jokowi) said in a joint press statement after the Annual Leaders Retreat with Prime Minister Lee Hsien Loong on the sidelines of the annual meeting of the International Monetary Fund and the World Bank 2018 here on Thursday.
The two central banks agreed on swap facility up to US$10 billion in value between rupiah and Singapore dollar.
President Jokowi said the global economic uncertainty had driven the two countries closer in economic cooperation.
President Jokowi and Prime Minister Lee witnessed the signing of three memorandums of understanding by representatives of the two countries.
"Two of the three MoU was on financial economic cooperation covering promotion and protection of investment and on financial technology (fintech)," katanya.
The agreement was the first signed by Indonesia after the government revised the investment agreement in 2014.
"I hope this would increase the confidence of Singaporean investors in doing business in Indonesia. The agreement will also serve as model and reference for investment agreement in the future," he said.
The two countries came with big delegations to the meeting. Indonesian delegates included a number of his cabinet ministers - Defense Minister Ryamizard Ryacudu, Trade Minister Enggartiasto Lukita, Minister at the State Secretariat Pratikno, Coordinating Minister for Economy Darmin Nasution, Coordinating Minister for Law, Security and Political Affairs Wiranto, Coordinating Minister for Community and Cultural Development Puan Maharani, Cabinet Secretary Pramono Anung, Education and Culture Minister Muhadjir Effendy, Bank Indonesia Governor Perry Warjiyo, National Development Planning Minister Bambang Brpdjonegoro, Industry Minister Airlangga Hartarto, and Foreign Minister Retno LP Marsudi.
Reporting by Hanni Sofia
Editing by A Saragih, Yoseph Hariyadi