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INDONESIA: Country Wrap:  Budget Cuts Prabowo’s Focus.

INDONESIA
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  • The Public Works Ministry is set to slash targets on infrastructure projects, including dams and irrigation systems essential for boosting agriculture outputs, following budget cuts ordered by President Prabowo. Due to his proximity to power throughout his military career, he entered politics in 2004 to pursue his dream of becoming the nation’s president, which experts warned could derail his very own food self-sufficiency goal. The Prabowo administration recently decided to cut more than 70 percent of the ministry’s budget from an initially earmarked Rp 110.95 trillion [US$6.79 billion] to only Rp 29.57 trillion this year. This was part of broader cuts aiming to save over Rp 306 trillion to fund costly priority programs, particularly the free nutritious meals program. (source: Jakarta Post)
  • Indonesia's consumer confidence fell to 127.2 in January from 127.7 in December, according to Bank Indonesia.  Index for economic condition fell to 113.5 and Consumer expectations index rose to 140.8 (source: BBG)
  • The Jakarta Composite continued its poor run down -1.50%, to be down for a fifth successive day of trading.
  • IDR: as with regional currency peers lower, the rupiah was weaker by -0.098% to 16,374.
  • Bonds: a front-end rally dominated today with yields up to 6bps lower with the 2YR at 6.629%, -6.8bps lower.  INDOGB 10YR was steady at 6.847%
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  • The Public Works Ministry is set to slash targets on infrastructure projects, including dams and irrigation systems essential for boosting agriculture outputs, following budget cuts ordered by President Prabowo. Due to his proximity to power throughout his military career, he entered politics in 2004 to pursue his dream of becoming the nation’s president, which experts warned could derail his very own food self-sufficiency goal. The Prabowo administration recently decided to cut more than 70 percent of the ministry’s budget from an initially earmarked Rp 110.95 trillion [US$6.79 billion] to only Rp 29.57 trillion this year. This was part of broader cuts aiming to save over Rp 306 trillion to fund costly priority programs, particularly the free nutritious meals program. (source: Jakarta Post)
  • Indonesia's consumer confidence fell to 127.2 in January from 127.7 in December, according to Bank Indonesia.  Index for economic condition fell to 113.5 and Consumer expectations index rose to 140.8 (source: BBG)
  • The Jakarta Composite continued its poor run down -1.50%, to be down for a fifth successive day of trading.
  • IDR: as with regional currency peers lower, the rupiah was weaker by -0.098% to 16,374.
  • Bonds: a front-end rally dominated today with yields up to 6bps lower with the 2YR at 6.629%, -6.8bps lower.  INDOGB 10YR was steady at 6.847%