About 154 regulations and laws will be amended.Jakarta (ANTARA News) - President Joko Widodo (Jokowi) will hold a marathon session of meetings at the Bogor Presidential Palace to discuss a plan to deregulate 154 laws considered unfavorable for businesses and investment.
Following a plenary cabinet meeting chaired by Jokowi on Wednesday, Cabinet Secretary Pramono Anung said the President will respond the economic situation by holding marathon meetings.
"About 154 regulations and laws will be amended," he stated.
Limited cabinet meetings will be organized starting Thursday to discuss the 154 regulatory barriers, Anung remarked.
The plenary cabinet meeting on Wednesday also discussed the low spending of budgets in most regions, he revealed.
"The Home Affairs Minister has been asked to implement reward and punishment policies in the regions," he added.
In the meantime, President Joko Widodo reiterated during the plenary meeting that Indonesias economy was in much better shape now than in 1998 or 2008.
"Our current economic condition, compared with 1998 or 2008, and based on the data I have received is said to be better," he stated during the meeting at his office.
He however noted that Indonesia is racing against time with regards to deregulating laws that have so far hindered businesses and investment and despite the fact that on-field data had revealed positive developments in the countrys economy.
"We are racing against time, although data, such as the capital adequacy ratio in Indonesias banks is still above 20 percent," he emphasized.
He also pointed out that the figure was still good when compared with other countries globally and even one of the best in Asia.
The President stated that Indonesias foreign exchange reserves are currently pegged at US$107 billion.
"This is adequate to pay for seven and half month's worth of imports," he noted.
He added that Indonesias foreign debt ratio is currently 34 percent, which implies that it is far below the 120 percent recorded in 1998, which had led to a monetary crisis.(*)
Editor: Heru Purwanto
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