OJK Joys Indonesia's Economy Holds Back Amid Global Uncertainty

Chairman of the OJK DK Mahendra Siregar (Photo: Antara)

JAKARTA - Chairman of the OJK Board of Commissioners Mahendra Siregar revealed the success that Indonesia has succeeded in maintaining the national economy amidst the pressures of the global economy which is full of uncertainty.

According to him, in the midst of uncertain economic conditions, all stakeholders have anticipated well and have not experienced a surprise or shock.

"In fact, we have prepared anticipation with steps with our duty in our control and authority. In fact, in the midst of the threat of the global economy, Indonesia's pace of economic growth can continue well," Mahendra said in his statement Wednesday, November 8.

Based on data from the Central Statistics Agency (BPS), amid slowing down the global economy, climate change and declining export commodity prices, Indonesia's economy grew 4.94 percent yoy and grew 5.05 percent ctoc.

Mahendra conveyed several important strategies to maintain economic performance, including increasing collaboration, anticipation and discipline in carrying out reform agendas in the financial services sector so that the economy can run well.

The keywords are in the midst of conditions like this, namely Cohesive Collaboration. We make sure the agenda for reforming the Financial Services Sector or each institution and stakeholder is carried out properly or not. In that case, I report reforms carried out by the OJK to support all sectors of financial services rising to reach real potential of Indonesia," he explained.

Furthermore, Mahendra said that the OJK had taken various steps and policies to encourage all sectors of financial services to continue to grow.

One of them, in the Capital Market sector, OJK has issued OJK Regulation No. 18 of 2023 concerning Issuance and Requirements for Debt and Sustainable Sukuk. This rule expands the scope of the types of effects that can be offered through public offerings.

In addition, the OJK has effectively launched the Carbon Exchange at the end of September 26, 2023. In the scope of transition and decarbonization, the OJK will perfect the existing regulatory framework by referring to the ISSB IFRS S2 which requires companies to disclose physical and transitional risks due to climate change with the development of their respective transitional plans.

Mahendra explained that the 2023 CEO Networking activity is the right momentum to increase strong synergy and collaboration between OJK as a regulator and market players, and all stakeholders to jointly face challenges and global dynamics that are all uncertain.

With the increasing synergy between regulators and CEOs and all stakeholders, it is hoped that it can support the acceleration of Indonesia's Capital Market growth in the future and contribute to the progress of the Indonesian economy.