Tuesday, October 28, 2008

Govt announces steps to overcome financial crisis

10/29/08 07:22

Jakarta, (ANTARA News) - The government will buy back state debentures (SUN) and cut down crude palm oil (CPO) export tax to zero percent in an effort to face financial crisis, Finance Minister Sri Mulyani said Tuesday night.

The minister said the decision to buy back the SUN and cut the export tax of CPO were among the ten point-policy taken by the government in the face of the present economic condition. The ten-point decision was decided in a limited cabinet meeting at the Presidential office Tuesday night, which was chaired by President Susilo Bambang Yudhoyono.

The meeting was also attended by Vice President Yusuf Kalla, cabinet ministers and Bank Indonesia (BI) Governor Boediono.Finance Minister Sri Mulyani told the press that the SUN buy-back would be carried out in an effort to stabilize market conditions and to maintain market players` confidence.

"The buy-back of the SUN will be carried out in stages," the minister said. The government also is taking a step to maintain the continuation of the balance of payment and the availability of foreign exchange reserves.

She said the government will accelerate infrastructure development, provide an export rediscount facility and secure market for Indonesia`s crude palm oil (CPO) exports. Beginning November 1, 2008, the government cut its CPO export tax from 2.5 percent to zero percent.

In an effort to prevent the entry into Indonesia of illegal imports, the government will issue a regulation which will limit the import of certain goods which will also be enforced beginning November 1, 2008.

The government will also issue a home affairs minister`s regulation on the establishment of an integrated task force to charged with the task of supervising goods in circulation.All policies taken by the government are intended to cope with market turbulence and to protect three pillars that the government has to safeguard, namely the balance of payment, BI credibility and the credibility of the state budget.(*)

source: antara.com

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