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March 19, 2025 | 12:34 pm
TEMPO.CO, Jakarta - Indonesian Finance Minister (Menkeu) Sri Mulyani Indrawati responded to the slump of the Composite Stock Price Index (IHSG) that occurred at the close of the first trading session on Tuesday, March 18, 2025. She hopes the market will calm down.
She said that the gross state revenue of the State Revenue and Expenditure Budget (APBN) grew by 6.6 percent in March 2025. According to her, there has been a change or turn around, better than what was reported by the Ministry of Finance (Kemenkeu) last week.
"This is to calm the media and market," said Sri Mulyani in a press conference at the Directorate General of Tax (DJP) Office of the Ministry of Finance, Jakarta, on Tuesday, March 18, 2025.
She revealed that the state revenue position has shown a positive trend since March 1-17, 2025. Previously, she acknowledged that the gross state revenue had been minus 3.8 percent by the end of February. Furthermore, amid market fluctuations, she also assured that State Debt Papers are still attractive to investors.
She also ensured that state financial management will be carried out properly. She emphasized that the 2025 APBN deficit will be maintained at 2.53 percent of the gross domestic product (GDP).
"We will continue to update this," said the State Treasurer.
It is known that stock trading in the first session at the Indonesia Stock Exchange (BEI) on Tuesday, March 18, 2025 was temporarily halted (trading halt) for 30 minutes. The IHSG dropped by 5.02 percent to 5,146.
Corporate Secretary of the Indonesia Stock Exchange PT Kautsar Primadi Nurahmad announced it in a written statement. "With this, we inform that today, Tuesday, March 18, 2025, there has been a temporary suspension of trading (trading halt) in the trading system at PT Bursa Efek Indonesia (BEI) at 11:19:31 Jakarta Automated Trading System (JATS) time triggered by a 5 percent drop in the Composite Stock Price Index (IHSG)."
Furthermore, Chair of BEI Iman Rachman explained that the decline in IHSG was caused by internal and external factors. Although he considered such a significant decline as something unusual, he asked the market to view it in a broader context.
"There are several global factors contributing, including global economic uncertainty. At present, many investors are still in a wait-and-see mode," said Iman at the BEI Building, Jakarta, on Tuesday, March 18, 2025.
However, he did not deny that the significant decline in IHSG was also caused by domestic factors. Nevertheless, he did not specify whether the plunge of IHSG was due to government policies, such as the Himpunan Bank Negara (Himbara) which was mentioned to finance the 3 million homes program or other policies by President Prabowo Subianto.
He stressed that the companies listed on the BEI fundamentally have solid performance. If looking at the previous year's financial statements, he continued, then most show recovery compared to 2023.
"So, what is happening now is more of a sentiment and investor perception towards the macroeconomic conditions of Indonesia," said Iman.
Ilona Estherina, Aisha Shaidra, and Dinda Shabrina contributed to the writing of this article.
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