Economic Outlook

State Bonds Not Recommended

VIVAnews - PT Bank Mandiri Tbk Managing Director Agus Martowardojo suggested that the government do not finance the 2009 budget deficit by issuing state bonds.

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"Issuing state bonds will absorb people's funds," said Agus in Jakarta, Nov 20. "It will tighten banks' liquidity," he added.

Head of State-Owned Banks Alliance recommended that the government seek funds from non-financial communities in Indonesia. It can be afforded by proposing bilateral loans to other countries as well as such multilateral financial institutions as the World Bank and Islamic Development Bank.

He said that Indonesia was often imprudent in signing contracts with foreign creditors. However, Agus believed that the current government will be cautious in applying risk management; assess legal matters well and maintains the nation's autonomy.  

He also said that the government will take wise decisions. In addition, he believed that the government will reduce 2009 budget deficit. "In fact, the budget should not necessarily be in deficit. It means that it is sufficient to take from tax and non-tax revenues."

Translated by: Bonardo Maulana W

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