Following the meeting held in Washington on Tuesday, Purbaya explained that global uncertainty will likely persist due to geopolitical tensions and energy price dynamics.
The IMF admitted that it does not have the authority to reduce the level of global uncertainty but is preparing financial support for countries in need of assistance.
"Of course Indonesia does not need assistance because our budget is quite good and we still have a substantial buffer of Rp420 trillion," Purbaya said in a statement on Wednesday.
The minister noted that this buffer is equivalent to approximately US$24.48 billion at current exchange rates to provide a significant cushion against external shocks.
Furthermore, the State Treasurer revealed that the IMF is paying close attention to the ability of Indonesia to survive amidst the current global economic climate.
He explained that the government has undertaken a strategic maneuver by changing the direction of its fiscal policy since the end of last year.
The impact of this policy shift is already beginning to be seen in the current economy through improved stability.
This strategic shift also empowers Indonesia to better respond to international pressure including the spike in global oil prices.
"Georgieva seems happy with the situation in Indonesia," the minister added regarding his discussion with the IMF leader.
Although the IMF has not formulated specific policies to alleviate global pressure, Purbaya said the institution will announce countries that have maintained good performance.
In this context, he is optimistic that doubts about the fiscal policy of Indonesia have eased among international observers.
In addition to meeting with the IMF, Purbaya also held strategic meetings with World Bank officials and representatives from international rating agencies.
Both the World Bank and global rating agencies such as S&P Global Ratings have endorsed the national fiscal strategy under President Prabowo Subianto.
He added that the World Bank expressed interest in deepening cooperation with Indonesia particularly in long term development and poverty alleviation.
The organization is also looking to partner on financing strategic projects across various developing countries.
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Translator: Imamatul Silfia, Yashinta Difa
Editor: Arie Novarina
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