JAKARTA (TheInsiderStories) – Good morning. The opposition presidential candidate Prabowo Subianto used his speech at an event organized by Indonesia Institute of Islamic Dakwah to deliver a scathing attack against the current government which is busy playing the good host to the World Bank-International Monetary Fund Annual Meeting in Bali.
Subianto took a trick out of US President Donald Trump’s playbook by calling for “Indonesia First” and “Make Indonesia Great Again”. A similar slogan was used by Trump during his presidential campaign in 2016.
Specifically, Subianto called for employment priorities for Indonesians, playing into the sentiments that foreign workers were stealing local jobs.
Highlighting the income disparity and private ownership in natural resources an land, he accused the current government running an economy of stupidity. Furthermore, Subianto said the ruling elite had betrayed the nation by abandoning the spirit and aspiration of the founding fathers.
The ruling coalition countered by highlighting Subianto’s history of being dismissed from the military. The reason for his dismissal is still unclear and Subianto’s camp even claimed it was a resignation.
Subianto’s use of trump slogan also drew criticism from the ruling coalition, saying that the challenger is lacking in creativity by imitating other people’s political slogan, particularly that of a foreign nation.
As the nation is still reeling from last month’s tsunami in Central Sulawesi, a 6.4 magnitude earthquake hit Situbondo in East Java, killing at least three people.
The series of natural disaster that hit Indonesia called for a better policy approach with regard to mitigation and preparedness. Some experts suggested for disaster preparedness to be included in the school’s curriculum.
Regional markets were in the red on Thursday (11/10), following a steep drop in the wall street. The Jakarta Composite Index was down 2.0 per cent to 5,703 with foreign investors net sold stocks worth Rp1.2 trillion.
The massive equity sell-off put pressures on the Rupiah, which weakened to 15,253 per US$1 from 15,215 per US$1.
Volatility in the domestic market might also because the government’s flip-flop on gasoline price hike. The government’s decision to cancel the hike just shortly after it was announced created uncertainties and speculations.
The government had resisted the pressures due rising oil price and weakening rupiah to hike the price of RON 88 gasoline, despite the second cheapest variant, RON 92 gasoline, had been raised four times this year.
Domestic financial market might be less volatile on Friday as the lower-than-expected US inflation rate in September would lessen expectations over the Federal Reserve’s accelerating course in its monetary tightening. The US economy recorded an inflation rate of 2.3 per cent in September, slowing from 2.7 per cent in August.
US inflation rate has become the most-anticipated data release of late as it can gauge the policy direction of the world’s most influential central bank.
May you have a profitable day.
Written by TIS Intelligence Team