• BUSINESS
    • FINANCE
    • LEGAL
    • RETAIL & CONSUMER
    • AUTOS & TRANSPORTATION
    • HEALTHCARE & PHARMACEUTICALS
    • MEDIA & TELECOM
    • AEROSPACE AND DEFENSE
    • ENERGY
  • MARKETS
    • EUROPEAN MARKETS
    • ASIAN MARKETS
    • U.S. MARKETS
    • COMMODITIES
    • EMERGING MARKETS
    • DEALS
    • RATES & BONDS
  • WORLD
    • UNITED STATES
    • EUROPE
    • UNITED KINGDOM
    • ASIA PACIFIC
    • MIDDLE EAST
    • AFRICA
    • CHINA
    • INDIA
    • JAPAN
    • AMERICAS
    • FRANCE
    • GERMANY
  • POLITICS
    • GOVERNMENT
    • UNITED STATES
    • US SUPREME COURT
  • TECH
    • ARTIFICIAL INTELLIGENCE
    • CYBERSECURITY
    • SPACE
    • DISRUPTED
  • COMMENTARY
  • BREAKINGVIEWS
    • BREAKINGVIEWS PREDICTIONS
  • MONEY
    • WEALTH
    • FUNDS
    • ETFS
  • LIFE
    • LIFESTYLE
    • SPORTS
    • SCIENCE
  • SECTORS
    • ENERGY
    • HEALTHCARE
    • MEDIA & TELECOM
    • SUSTAINABILITY
    • ENVIRONMENT
    • RETAIL & CONSUMER
    • AUTOS & TRANSPORTATION
    • AEROSPACE AND DEFENSE
FinanceTime
  • August 20th, 2026

FinanceTimeFinancetime

  • BUSINESS
    • FINANCE
    • LEGAL
    • RETAIL & CONSUMER
    • AUTOS & TRANSPORTATION
    • HEALTHCARE & PHARMACEUTICALS
    • MEDIA & TELECOM
    • AEROSPACE AND DEFENSE
    • ENERGY
  • MARKETS
    • EUROPEAN MARKETS
    • ASIAN MARKETS
    • U.S. MARKETS
    • COMMODITIES
    • EMERGING MARKETS
    • DEALS
    • RATES & BONDS
  • WORLD
    • UNITED STATES
    • EUROPE
    • UNITED KINGDOM
    • ASIA PACIFIC
    • MIDDLE EAST
    • AFRICA
    • CHINA
    • INDIA
    • JAPAN
    • AMERICAS
    • FRANCE
    • GERMANY
  • POLITICS
    • GOVERNMENT
    • UNITED STATES
    • US SUPREME COURT
  • TECH
    • ARTIFICIAL INTELLIGENCE
    • CYBERSECURITY
    • SPACE
    • DISRUPTED
  • COMMENTARY
  • BREAKINGVIEWS
    • BREAKINGVIEWS PREDICTIONS
  • MONEY
    • WEALTH
    • FUNDS
    • ETFS
  • LIFE
    • LIFESTYLE
    • SPORTS
    • SCIENCE
  • SECTORS
    • ENERGY
    • HEALTHCARE
    • MEDIA & TELECOM
    • SUSTAINABILITY
    • ENVIRONMENT
    • RETAIL & CONSUMER
    • AUTOS & TRANSPORTATION
    • AEROSPACE AND DEFENSE
An Indonesian Army personnel reacts as he attends a security preparation before the inauguration of President-elect Prabowo Subianto and Vice President-elect Gibran Rakabuming Raka at the National Monument (Monas) in Jakarta, Indonesia, October 18, 2024. REUTERS/Ajeng Dinar Ulfiana
An Indonesian Army personnel reacts as he attends a security preparation before the inauguration of President-elect Prabowo Subianto and Vice President-elect Gibran Rakabuming Raka at the National Monument (Monas) in Jakarta, Indonesia, October 18, 2024. REUTERS/Ajeng Dinar Ulfiana
Indonesian Defense Minister and President-elect Prabowo Subianto talks with Japanese Defense Minister Minoru Kihara (not pictured) at the start of their talks at the Defense Ministry in Tokyo, Japan, April 3 2024.   KIMIMASA MAYAMA/Pool via REUTERS/File Photo
Indonesian Defense Minister and President-elect Prabowo Subianto talks with Japanese Defense Minister Minoru Kihara (not pictured) at the start of their talks at the Defense Ministry in Tokyo, Japan, April 3 2024. KIMIMASA MAYAMA/Pool via REUTERS/File Photo
Home
World
Asia Pacific

What policies to expect from Indonesia's new President Prabowo

October 18th, 2024 | 03:51 AM WORLD Asia Pacific 4

Facebook Twitter Google+ LinkedIn Pinterest

Worth reading...

UN says two staff members detained in Afghanistan have been freed
China exports to US rise of rare earth critical to aerospace sector
Micron unveils $10 billion AI memory research lab in Boise
Former PM Imran Khan would not confront Pakistan army chief if freed, close aide says
By Reuters

Retired General Prabowo Subianto will be sworn in on Sunday as the president of Indonesia, the world's third-biggest democracy with the largest economy in Southeast Asia.

The following is a summary of Prabowo's policy pledges:

BOOSTING GROWTH

Prabowo has set a target to accelerate economic growth to 8%, from 5% now, by developing industries that process Indonesia's rich natural resources and relying on the economic impact of his flagship programmes, such as giving students free school meals.

Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.

Prabowo, currently defence minister, also plans to raise funds by selling carbon credits overseas to fund green projects that will create jobs, an adviser told Reuters.

ENERGY & FOOD SECURITY

Central in Prabowo's campaign pledge was to make Indonesia self-sufficient in production of staples, as well as to cut the country's reliance of fuel imports.

In his current role as defence minister, he oversaw the "Food Estate" project, clearing swamps to make way for cassava planting.

This project will be expanded, creating three million hectares (7.4 million acres) to cultivate rice, corn and soybeans. That is roughly the size of Belgium.

Some of the agriculture products will be made into bioethanol.

Prabowo has also made preparations to increase the mandatory blending of palm oil-based biodiesel to 50% by next year, up from currently 35%, to reduce gasoil imports. Indonesia is the world's biggest producer of palm oil.

FREE, NUTRITIOUS SCHOOL MEALS

Prabowo's most well-known campaign promise is the $28 billion "Free Nutritious Meals" programme providing food for 83 million children and pregnant women to fight stunted child growth.

Considered by some economists as costly, the programme has sparked concerns from rating agencies and investors that the new government would move away from the prudent fiscal management seen under his predecessor.

Prabowo and his aides have pledged to manage the government's budget responsibly, defending the programme as necessary for long-term human development. The programme would be rolled out in stages starting from January, 2025.

TAX POLICY

Prabowo has set a target to increase government revenue-to-GDP ratio to 23% from about 12%, promising to do so using improved technology and without raising tax rates.

During campaigning, he said he was considering setting up a new tax collection agency modelled on the U.S. Internal Revenue Service, but it was unclear if this would be pursued.

The former special forces commander would review the possibility of lowering corporate income tax to 20% from 22%, according to media reports citing his adviser, though this would depend on its impact on revenues.

It also remains to be seen whether Prabowo would raise the value-added tax (VAT) rate to 12% from 11% on Jan. 1, 2025, an unpopular plan that has been set in motion by the current administration.

FUTURE OF NEW CAPITAL CITY

Outgoing leader Widodo has made the $32 billion project to move Indonesia's capital 1,200 km (745 miles) away from sinking Jakarta to Nusantara, on Borneo island, his main legacy project.

Prabowo has publicly said he would continue building the city, even as he acknowledged the project might take years to complete.

However, members of Prabowo's coalition have privately raised doubts about the capacity of the state budget to fund both the new capital and the nutrition programme, sources told Reuters.

FOREIGN POLICY

Prabowo has said his presidency will continue Jakarta's long-held foreign policy of non-alignment, promising to maintain good ties with world powers without choosing sides.

In a sign he will be more active on the global stage, Prabowo has travelled extensively since winning the election, meeting leaders from countries like Australia, China, France, Japan, Russia and neighbouring nations in Southeast Asia.

Last year, at a gathering of security officials from many countries, Prabowo as Indonesia's defence minister proposed a peace plan to end the war in Ukraine.

Months later, he took swipe at the European Union's deforestation rules, saying Europeans forced Indonesians to cut down forests when Indonesia was a Dutch colony, in a seminar explaining his foreign policy stance.

($1 = 15,120.0000 rupiah)

  • Topic
  • Indonesia
  • POLICY (FACTBOX)
  • POLITICS/INAUGURATION
Facebook Twitter Google+ LinkedIn Pinterest
Previous article UN says two staff members detained in Afghanistan have been freed

Related Posts

Asia Pacific
August 20th, 2026

UN says two staff members detained in Afghanistan have been freed

Asia Pacific
August 20th, 2026

China exports to US rise of rare earth critical to aerospace sector

Asia Pacific
August 20th, 2026

Micron unveils $10 billion AI memory research lab in Boise

Asia Pacific
August 20th, 2026

Former PM Imran Khan would not confront Pakistan army chief if freed, cl...

Asia Pacific
August 20th, 2026

North Korea raps South's 'double-dealing' remarks on US drills move

Asia Pacific
August 20th, 2026

Bangladesh elects ruling party veteran Alamgir as president

The Wire
Aug 20th 5 h ago
Formula 1

TWG Global says Cadillac F1 team and motorsport interests n...

Aug 20th 5 h ago
Soccer

Carrick praises Rashford's revival as Manchester United eye...

Aug 20th 5 h ago
Tennis

Alcaraz confirms US Open return after four-month injury lay...

Aug 20th 5 h ago
Asia Pacific

UN says two staff members detained in Afghanistan have been...

Aug 20th 5 h ago
Sports

Jets' Woody Johnson buys minority stake in Aston Martin F1 ...

TRENDING ON FINANCETIME
Aug 20th, 2026 Transactional

Carlyle-backed YipitData explores $2.5 billion-plus sale, sources say

Aug 20th, 2026 Sports

Blue Jays' Vladimir Guerrero Jr. (concussion) on rehab assignment

Aug 20th, 2026 Business

US Treasury buyback briefly eases bond rout, but debt worries persist

Aug 20th, 2026 Sports

Colts TE Tyler Warren (groin) to miss one week

Aug 20th, 2026 Cricket

Bangladesh Premier League will not take place this season, says BCB president

Markets-Sectors
TECHNOLOGY -0.29%

  • BUSINESS
  • MARKETS
  • WORLD
  • POLITICS
  • TECH
  • COMMENTARY
  • BREAKINGVIEWS
  • MONEY
  • LIFE
  • SECTORS
  • Back to top
FinanceTime
FinanceTime

World Business & Financial News, Breaking US & International News

Additional Services
  • Privacy-Policy
  • Terms and Conditions
© Financetime.org 2026. All rights reserved. Hosted by LeadsDeposit.com
Produced by C-iT