BigBussiness – Finance Minister Sri Mulyani Indrawati said the Dutch colonialists not only left a dark legacy of torture at the time, but also left a legacy of extraordinary debt.
In the opening webinar of the Financial Professional Expo, Monday (12/10/2020) where Sri Mulyani was the keynote speaker, she said that the Dutch company left a debt of 1.13 billion US dollars.
“This debt will be the debt of the Republic of Indonesia. The legacy is 1.13 billion US dollars, at that time Indonesia’s GDP was still very small,” said Sri Mulyani.
Sri Mulyani said, when Indonesia started the government at that time, the wealth was not owned by Indonesia enough, not even to take the spoils of war with the Dutch.
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“The existing assets were damaged by the war, all funds and previous investments booked by the Dutch became investments by the Indonesian government,” he said.
When he started developing Indonesia, he said, the state budget deficit was very large, which created enormous pressure.
At that time, financing of the central government budget deficit could not be done through the sale of government debt securities as it is now.
So what he said at the time, Bank Indonesia asked to print money to finance the budget deficit.
“What happened was that there was more money in circulation than the economic situation or the situation, so that inflation increased enormously,” said Sri Mulyani.
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