28 Countries Request Funding Assistance To The IMF, Minister Of Trade Zulhas: Crisis This Time Worse Than 1998

Minister of Trade Zulkifli Hasan. (Photo: Mery Handayani/VOI)

JAKARTA - Trade Minister Zulkifli Hasan said the impact of this crisis could be more severe than the 1998 economic crisis.

This was conveyed by him in response to President Joko Widodo's statement regarding 28 countries lining up for the International Monetary Fund (IMF).

Zulhas, as Zulkifli Hasan is familiarly called, also repeated Jokowi's statement that there are 14 countries that have entered to receive IMF funding. Meanwhile, 14 other countries are still queuing for the same thing.

He stressed that with the number of countries asking the IMF for funding assistance, it indicates the world is not doing well.

"Mr. President always gave us directions, that the world is not doing well, what's more now, the World Bank, the IMF corrects economic growth, including IMF patients who are now adding, 14 who have entered, 14 queues, so 28," he said at the opening of the Jakarta Muslim Press Conference. Fashion Week, at the Ministry of Trade, quoted Thursday, October 13.

The general chairman of the PAN Party assessed that with that much, the impact on the economy would be worse than the 1998 crisis. Because, in the 1998 crisis, only about 5 countries asked for funding assistance to the IMF.

"(The year) 98, if I'm not mistaken, only 5-6 countries, the impact is like that, now 28 countries, therefore it is indeed next year that is expected to be difficult to predict what will happen in a slowing economy, and even a number of observers have said that the recession will enter a period of recession," he explained.

Not only that, Zulhas also mentioned the Russia-Ukraine war which did not stop.

According to him, the impact could be worse in the future, especially with the involvement of the western country.

"Also the unpredictable war between Russia and Ukraine. This is already, these two countries have involved the west and are concerned about self-esteem. It is feared that all countries are worried, if they cannot withstand themselves, they are worried that the first occurrence will occur after the hioshima, nuclear use, whatever is used," he said.

Zulhas said, with the conditions of various countries having difficulties, coupled with the impact of the war between Russia and Ukraine, conditions in the future are full of uncertainty.

Furthermore, Zulhas assessed that the impact would be felt on the government's efforts to maintain prices for basic commodities in the country, especially foodstuffs.

"Indeed, we are facing a world full of uncertainty. And this also results in an energy crisis and a food crisis, I have received calls 2-3 times about food prices. So that's us, we do it all day and night, because it involves the lives of many people," he said.

Even so, Zulhas emphasized that the condition of the trial performance is still in a position that needs to be grateful for.

He gave an example of a trade balance surplus in August of 34.95 billion US dollars. Coupled with the trend of economic growth which still shows a figure above 5 percent.

"It is also predicted that next year our economy will continue to grow by an average of 5 percent, a slight correction from 5 comas to 5.2, if I'm not mistaken. So in the midst of a pandemic that has not fully recovered, a world like that, our economy is growing, the trade is in surplus," he said.