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A Number of Banks in the US Bankrupt, Economists Believe in the Ministry of Finance’s Efforts to Save Indonesia from the Global Crisis


 The financial and economic crisis is currently hitting a number of western countries, including the United States (US), where several banks have experienced bankruptcy in these countries. A number of experts believe that Minister of Finance Sri Mulyani can save Indonesia from an economic crisis.

The Minister of Finance has stated that Indonesia’s condition is quite safe. The financial sector in Indonesia is far more prudent than before because it has experienced crises.

This was stated by the Dean of the Faculty of Economics and Business, University of Indonesia (UI), Dr. Teguh Dartanto, Ph.D., in the Sapa Indonesia Malam dialog on Kompas TV, entitled Support the Minister of Finance, the Dangers of the US Banking Crisis Stalk RI, (18/3)

“The Asian financial crisis in 1998 changed the architecture of Indonesian banking so that it was much more prudent in managing risk,” said Dr. firm.

In addition, according to Dr. Teguh, Indonesia also has experience during a pandemic. Indonesia has become one of the best economies which has performed quite well during the pandemic.

“Indonesia can properly control issues related to finance and policies in the real sector,” he said.

It is undeniable that Indonesia’s economic sector, where Sri Mulyani serves as Minister of Finance, remains stable amid the threat of a global recession. Meanwhile, many other countries are experiencing crises, even going bankrupt.

When other countries experienced economic downturns, Indonesia, with the policies initiated by Sri Mulyani, tended to increase steadily.

Dr. Teguh Dartanto, Ph.D. also said that appreciation must be given to the President as the Head of State who always warns that we must be vigilant against the threat of a global economic crisis. According to him, what the government needs to do is be alert and monitor.

“That is, we believe that Indonesia is immune and relatively unaffected, but also cannot be overbearing. On the other hand, the Minister of Finance with his data and analysis also shows that Indonesia is safe,” said Dr. firm.

Meanwhile, Chairman of the Bank Indonesia Supervision Agency (BI), Muhammad Eddie Purnawan, Ph.D. said that the Indonesian economy was not affected by the bankruptcy experienced by a number of banks in the US. The banking sector is relatively safe, however, the government must remain vigilant.

“We all have to fully believe in the statement of the Minister of Finance, that there will not be a relatively large impact on the incident at American banks,” said Muhammad Eddie.

According to him, banks in Indonesia are relatively safe because the relationship between the three bankruptcies in America and Indonesia is not high. What needs to be considered is the companies being financed, especially start-ups that are linked to big banks in Europe or America. Banks in Indonesia do not need to worry about that.

He also said that the public should have confidence in the government, in this case the Minister of Finance and Bank Indonesia (BI) who continue to make efforts so that there will not be a big impact like in western countries.

For your information, three banks in the United States, namely Silicon Valley Bank, Silvergate Bank, and Signature Bank have gone bankrupt,

President Joko Widodo asked all parties to be vigilant, after receiving news regarding the bankruptcy of several banks in the United States (US) in a short time. [-rw]

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