Sri Mulyani’s Memory of Jokowi’s Profitable Business During the 1998 Crisis

JAKARTA, KOMPAS.com – Minister of Finance Sri Mulyani Indrawati recalls meeting with President Joko Widodo which happened on August 14, 1998, or exactly 22 years ago.

Sri Mulyani, who was then an economist who taught at the University of Indonesia (UI), was invited to a seminar in Solo.

The seminar was sponsored by President Joko Widodo who is a furniture entrepreneur or exporter furniture.

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“The invitation and sponsor of the seminar was Mr. Jokowi, a furniture exporter entrepreneur, “Sri Mulyani explained as quoted from her Instagram account, @smindrawati, Friday (14/8/2020).

Sri Mulyani explained, at that time Indonesia experienced economic crisis terrible. Economic growth declined to -13.7 percent and the rupiah rupiah exchange rate, from Rp 2,350 per US dollar to Rp 16,000 per US dollar.

However, at that time Jokowi made a big fortune. Sri Mulyani said that in the midst of a crisis, Jokowi was able to get enormous profits because export revenues in US dollars had increased more than six times.

“Pak Jokowi used his windfall profit wisely by increasing his production capacity, successfully taking advantage of the crisis situation to develop his business, “explained Sri Mulyani.

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Reflecting on this situation, Sri Mulyani also said that currently in the midst of a crisis situation triggered by a health crisis, she and the team led by President Jokowi are trying to overcome.

Various economic recovery programs have been launched and promoted to help the community, restore and revive small and medium enterprises, and to regenerate economic activity.

“22 years later, Pak Jokowi is the President of the Republic of Indonesia, and I was asked by him to become Minister of Finance. The world is facing a crisis due to the Covid-19 pandemic. Under the leadership of President Jokowi, we are working to solve it, “said Sri Mulyani.

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