Jakarta, April 9th, 2010 – The Organization for Economic Cooperation and Development (OECD) upgrades the ranking of Indonesia’s Country Risk Classification (CRC) to 4 (0-7 scale) as of April 2.
Indonesia is thus on the same level with Egypt, Uruguay, and Philippines. Earlier, Indonesia was ranked 5 as of April 2005.
Bank Indonesia (BI) informed that the major factor of the improvement is the better indicator of Indonesia's macro economy. Indonesia is classified a resilient country amid the global economic downturn.
The fine macro economy and economic stability is resulted from the combination of precise economic policies that may go on in the log run, on going structural reform and quite solid debt management.
“It’s the time that the Indonesia’s CRC is elevated,” said BI Deputy Governor Hartadi A Sarwono.
According to him, this will affect the decrease in the cost of fund over export credit loans that the government has. "By December 2009, the government's export credit loans reached 10.5 percent of the total government's foreign debt.”
Out of the 161 countries, Indonesia is the only one having the advancement in the CRC position.
Earlier on March 12, 2010, international rating agency Standard and Poor's also upgraded Indonesia's long-term foreign currency rating from BB- to BB. The long-term local currency remained at BB+.
Heri Susanto reported for vivanews.com |
Add to custom report kit
