"Basically, we explained our position as comprehensively as possible so that they can understand the foundations of our economy," Sadewa told reporters at the Parliamentary Complex here on Thursday.
One of the key points conveyed by the government was its commitment to keeping the state budget deficit (APBN) below 3 percent of gross domestic product (GDP).
The finance minister also outlined measures to maintain the deficit at that level this year and next year.
In addition, the government presented improvements in national economic conditions, including state revenue performance, which is considered better than in the previous year.
Sadewa said tax revenue showed significant growth. In May 2023, tax revenue rose by 22.1 percent compared to the same period last year.
He said the development was a positive signal for Indonesia’s fiscal condition amid global economic challenges.
"So that is something encouraging. That is what I conveyed to them," he added.
The minister said the meeting with S&P Global Ratings was part of the government’s obligation to explain Indonesia’s economic conditions.
After receiving information from the government, S&P will discuss it further with its internal team.
"For the response, they will discuss it there with their team. They were just seeking information, and we explained it as comprehensively as possible," he said.
To maintain the stability of the national financial system, the government and the House of Representatives (DPR) have approved revisions to Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK).
The new law contains 17 key provisions aimed at boosting national economic growth. The more adaptive regulation is considered important to address financial market dynamics while enhancing the competitiveness of Indonesia’s financial sector at both regional and global levels.
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Translator: Imamatul, Kenzu
Editor: Azis Kurmala
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