28 Nations Are Waiting for IMF Assistance, Says Jokowi, "The Storm Has Come,"
President Joko Jokowi Widodo of Indonesia has once more urged his cabinet members to be vigilant in addressing the present global economic crisis. According to his opinion, 28 nations were obliged to request aid from the International Monetary Fund (IMF) as their separate economies collapsed due to the crisis brought on by geopolitical tensions and the COVID-19 epidemic.
"28 nations have signed up as IMF clients. This indicates the storm has arrived. In a meeting with ministers that was streamed live on the Presidential Secretariat's YouTube page on Wednesday, October 12, 2022, the President declared, "Our preparations must be complete.
The ministers are exhorted to labor even harder during the crisis. "We are unable to continue operating as usual at this time. Our country can only be saved by concentrating on the specifics, he said.
IMF and World Bank officials earlier warned of a rising likelihood of a global recession as a result of a weakening of the advanced economies and a rise in inflation. Due to these circumstances, the Federal Reserve (the Fed) was compelled to continue raising interest rates and applying debt pressure to emerging nations.
In response, he pointed out that Indonesia had been able to contain inflation from the initial forecast of 6.8 percent to 5.9 percent.
"Our inflation is 5.9 percent with a 75-basis-point rise in interest rates. This indicates that our monetary policy is still under check, Jokowi said, adding that this was made possible by the complementary monetary policies of the Finance Ministry and the country's central bank, Bank Indonesia.