April 28, 2025 | 06:50 am
TEMPO.CO, Jakarta - Governor Bank Indonesia Perry Warjiyo underlines the importance of the International Monetary Fund (IMF) in facing global challenges arising from trade policy changes. This statement was made by Perry during the IMF and World Bank Spring Meeting held in Washington DC, United States.
Perry believes that IMF needs to firmly advocate the importance of open international trade policies to stimulate growth. "IMF plays a strategic role in delivering a firm stance, especially in responding to common challenges that could threaten macroeconomic stability and the global financial system," Perry said in a statement from Bank Indonesia, quoted on Sunday, April 27, 2025.
As a representative of the region, Perry also expressed ASEAN's commitment to realizing an open, inclusive, and rules-based multilateral trading system. Perry stated that BI welcomes IMF's guidelines to promote intra-regional trade, export market diversification, capital market integration, and structural reforms to stimulate domestic demand.
BI also welcomes IMF's efforts to enhance systematic and sustainable supervision based on the Integrated Policy Framework (IPF), while still considering the specific conditions of each country. "BI also looks forward to concrete steps by the IMF to strengthen the global financial safety net, including through enhanced cooperation with the Chiang Mai Initiative Multilateralization (CMIM), as well as real progress in quota reforms to strengthen the IMF's financial capacity as a quota-based institution," said Perry.
Meanwhile, Finance Minister Sri Mulyani, who also attended the Spring Meeting, stated that the forum provided an opportunity for countries to reduce tension due to US import tariffs. The former Managing Director of the World Bank took the opportunity to compare notes with other countries' finance ministers regarding approaches to the United States. "The aim is to ultimately find a comprehensive solution that will create global certainty," Sri Mulyani said in a virtual press conference in Washington DC on Friday, April 25, 2025.
IMF has revised its economic growth projection for Indonesia to 4.7 percent in 2025 and 2026. This figure decreased from the January 2025 projection of 5.1 percent.
This projection is outlined in the World Economic Outlook report for April 2025, which analyzes the impact of US tariff adjustments. "Emerging Asian countries, particularly the Association of Southeast Asian Nations (ASEAN), are among the most affected by the (US) tariffs," IMF wrote in its report. The projected economic growth for emerging Asia in 2025 and 2026 is 4.6 percent.
Not only Indonesia, the reciprocal imposition of US tariffs also has a global impact. Global economic growth in 2025 is predicted to decrease to 2.8 percent from the January 2025 projection of 3.3 percent.
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