"This could create market conditions which we may say unstable and trigger oil price hike," Chief Economic Minister Hatta Rajasa said.Jakarta (ANTARA News) - Indonesian Chief Economic Minister Hatta Rajasa expressed worries here on Thursday over possible impact of political upheavals in Egypt on regional security stability and the world`s oil price.
"This could create market conditions which we may say unstable and trigger oil price hike," he said.
A price hike resulting from the crisis in Egypt could disrupt national fiscal resilience and affect badly on the country`s economic growth in the long-term.
"I hope no speculation would happen causing the crude price to soar. If that happens it would hurt us, increase our imports and drain our foreign exchange reserves," he said.
In view of that he expressed hope that situation in Egypt could be restored soon and the political crisis could be overcome so that stability would occur in the Northern African and Middle Eastern regions.
"We hope situation in Egypt could be restored immediately and internal political tension there could be reduced to give a positive economic impact on the region," he said.
The Indonesian has assumed the Indonesia Crude Price at US$108 per barrel for the 2013 revised budget while the average ICP in June had already reached US$106.5 per barrel.
The Commander of the Egyptian Armed Forces, General Abdel Fatah Al Sisi on Wednesday (Egyptian time) officially announced the road map for that country`s future and dethroned President Mohammad Morsi and appointed the Constitutional Court`s chairman to carry out the presidential duties.
The Indonesian government through Foreign Minister Marty Natalegawa has expressed concern over the political crisis in Egypt that has led to the ousting of its president, Mohammad Morsi.
"We hope situation in Egypt could be restored soon and democratization process could run well following the wish and hope of the Egyptian people and nation," he said.(*)
Editor: Heru Purwanto
Copyright © ANTARA 2013
