Purbaya Affirms Not To Continue Burden Sharing Policy With BI
Minister of Finance Purbaya Yudhi Sadive emphasized that the government will not continue the burden sharing policy or the distribution of the interest expense of Government Securities (SBN) between the Ministry of Finance (Kemenkeu) and Bank Indonesia (BI).
According to Purbaya, the burden sharing policy has the potential to obscure the boundaries between fiscal and monetary policies, so as to interfere with central bank independence.
"We from the palace never asked for burden sharing, actually, because it clearly eliminates as if it was a boundary between fiscal and monetary," Purbaya said at Sarasehan 100 Indonesian Economists, Tuesday, October 28.
He added that although currently there is still an agreement regarding burden sharing, the government will try its best not to use it again.
"Now there is also a burden sharing agreement. I will not use burden sharing as much as possible. Let the monetary side walk on its own according to the standard. I will walk with fiscal stalls," he said.
Purbaya reminded that the separation between the central bank and the government was carried out so that monetary policy would not be affected by political interests.
"Why was the central bank separated from the government in the past? So that the government or politics does not affect central bank policies, which can have a long-term impact," he explained.
He described the principle of separating monetary and fiscal policies as fundamental.
"If politics is five years old, then it is separated. If we run burden sharing, it continues as if we combine the government with the central bank again. This means that the central bank monetizes fiscal policies that are not actually allowed, in monetary it is a holy grain that cannot be used as one. But the time of the crisis may be okay. But in the future, we will avoid it as much as possible," he said.
SEE ALSO:
Lebih lanjut, Purbaya menjelaskan, skema burden sharing pertama kali diterapkan saat pandemi COVID-19, ketika pemerintah membutuhkan pembiayaan besar untuk penanganan krisis kesehatan dan ekonomi.
Namun setelah pandemi berakhir, BI memperkenalkan bentuk burden sharing baru untuk mendukung pembiayaan program prioritas pemerintahan Presiden Prabowo Subianto yang tertuang dalam Asta Cita.
Adapun pembelian SBN oleh BI dilakukan dalam jumlah besar namun tetap melalui pasar sekunder, berbeda dengan masa pandemi ketika pembelian dilakukan di pasar primer.
- https://voi.id/ekonomi/528151/ekspor-udang-ke-as-sempat-dihentikan-kkp-percepat-sertifikasi-produk-perikanan-ri
- https://voi.id/ekonomi/528152/purbaya-larang-salurkan-kredit-rp200-triliun-di-himbara-ke-konglomerat
- https://voi.id/ekonomi/528155/menko-zulhas-tim-koordinasi-penyelenggaraan-mbg-akan-rapat-tiap-hari
[/see_also]
Furthermore, Purbaya explained, the burden sharing scheme was first implemented during the COVID-19 pandemic, when the government needed large financing for handling the health and economic crisis.
However, after the pandemic ended, BI introduced a new burden sharing form to support the financing of President Prabowo Subianto's government priority program as stated in Asta Cita.
The purchase of SBN by BI was made in large quantities but still through the secondary market, in contrast to the pandemic period when purchases were made in the primary market.