Indonesia’s incoming president Prabowo Subianto will allow the national debt to increase to 50 per cent of GDP to fund his ambitious spending programmes, provided the government can boost tax revenue, one of his closest advisers has said.
Hashim Djojohadikusumo, Prabowo’s brother and a prominent tycoon, told the Financial Times that Indonesia could still retain its investment-grade rating if the debt-to-GDP ratio rose to 50 per cent, from 39 per cent at present.
“The idea is to raise the revenue and raise the debt level,” Hashim said in London. “I’ve talked to the World Bank and they think 50 per cent is prudent.” Under Indonesian law, Indonesia’s debt-to-GDP ratio cannot exceed 60 per cent.
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