Indonesia Pledges Better Fiscal Governance After Moody's Downgrade

Tempo02-10 19:44

TEMPO.CO, Jakarta - The Ministry of Finance is committed to improving fiscal governance and economic policies following Moody's decision to downgrade Indonesia's credit outlook from stable to negative...

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According to Deputy Minister of Finance Juda Agung, the measures will not compromise fiscal discipline, especially concerning the commitment to keep the budget deficit under control.\"We must make improvements across all aspects, including governance, policy governance, and other risks,\" said Juda Agung after attending the Economic Outlook 2026 event at Hotel Kempinski, Jakarta, on Tuesday, February 10, 2026.The deputy ministerensured that despite receiving feedback from international rating agencies, the government remains steadfast in adhering to the maximum budget deficit of 3 percent of the Gross Domestic Product  as mandated in Law Number 17 of 2003 concerning State Finance. For the 2026 State Budget, the government has even set a lower deficit target of 2.68 percent.","collect":0,"end_time":0,"defaultTopTitle":"tempo.co","property":[],"viewcount":null,"language":"en","relate_stocks":{"GDP":"古德里奇","BK4213":"石油与天然气的勘探与生产","MBG":"SPDR Bloomberg Barclays Mortgage Backed Bond ETF","MBG.AU":"MB Gold Limited"},"translate_title":"穆迪下调评级后印度尼西亚承诺改善财政治理","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MBG.AU":1,"GDP":1,"MBG":1},"content_text":"TEMPO.CO, Jakarta - The Ministry of Finance is committed to improving fiscal governance and economic policies following Moody's decision to downgrade Indonesia's credit outlook from stable to negative. According to Deputy Minister of Finance Juda Agung, the measures will not compromise fiscal discipline, especially concerning the commitment to keep the budget deficit under control.\"We must make improvements across all aspects, including governance, policy governance, and other risks,\" said Juda Agung after attending the Economic Outlook 2026 event at Hotel Kempinski, Jakarta, on Tuesday, February 10, 2026.\nThe deputy minister ensured that despite receiving feedback from international rating agencies, the government remains steadfast in adhering to the maximum budget deficit of 3 percent of the Gross Domestic Product (GDP) as mandated in Law Number 17 of 2003 concerning State Finance. For the 2026 State Budget, the government has even set a lower deficit target of 2.68 percent.\n\n\n\n\n\n\n\n\n\nJuda Agung stated that the budget deficit commitment is non-negotiable for the Indonesian government. \"Oh yes, the 3 percent rate is non-negotiable,\" he said.Juda Agung added that the Moody's report will be used as an evaluation material to face assessments from other rating agencies. Fitch Ratings is scheduled to announce its assessment of Indonesia on February 23, 2026, followed by Standard & Poor's (S&P).\"That's what I call 'lesson learned' from Moody's yesterday,\" he said.Earlier, Moody's downgraded Indonesia's government debt outlook from stable to negative, although it maintained the credit rating at Baa2 level, one level above the minimum investment grade. In its report, Moody's highlighted three main factors, namely economic governance, fiscal risks, and the existence of sovereign wealth fund Danantara.Moody's believes that increasing policy uncertainty has the potential to weaken the effectiveness of governance. The rating agency also highlighted fiscal pressures due to increased state expenditure amid limited revenue, especially from the expansion of social programs, such as nutritious free meals (MBG) and public housing.In addition, Danantara has been seen to add policy and financing uncertainty. With around US$900 billion in assets, Moody's believes that this new institution has the potential to influence future investment priorities and fiscal policies.Anastasya Lavenia Yudi contributed to the writing of this article.Read: Danantara Urged to Clarify Indonesia's Fiscal Policy to Moody'sClick here to get the latest news updates from Tempo on Google News","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2610467571","isCrawlerRequest":true}