TEMPO.CO, Jakarta - Luhut Binsar Pandjaitan, chair of Indonesia’s National Economic Council, apologized to global investors over the recent economic turbulence affecting Indonesia during a meeting with international investors and fund managers in Singapore.
Luhut said discussions during the meeting focused on market volatility, including exchange rate fluctuations, capital outflows driven by high global interest rates, and escalating geopolitical tensions in the Middle East.
“I apologize if some of you have been negatively impacted by this situation,” Luhut said in a video posted on Thursday, May 21, 2026, on his Instagram account.
The former coordinating minister for maritime affairs said the Indonesian government has prepared contingency scenarios in the event global oil prices rise to US$100 per barrel. According to Luhut, such a surge could place additional pressure on the state budget.
Despite the uncertainty, Luhut maintained that Indonesia’s economy remains relatively resilient compared to many other countries. He noted that inflation has remained under control at around 2.4 percent, while Indonesia’s economy grew 5.61 percent in the first quarter of 2026.
Luhut said the government is working to anticipate the economic impact of rising oil prices and global instability.
“I told President Prabowo Subianto that we need to anticipate the impact that may emerge after July, so the government must prepare stimulus measures to maintain economic stability,” he said.
Read: Purbaya Responds as Export Agency Triggers IHSG Plunge
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