Endgame with Gita Wirjawan - Luky Alfirman: Fundamental Investasi untuk Negeri

Episode Date: February 2, 2022

Melanjutkan perbincangan dengan Menteri Keuangan Sri Mulyani mengenai pembangunan yang lebih inklusif dan berkelanjutan, Direktur Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan, Luky Alfirman menjelaskan langkah-langkah inovatif yang diambil pemerintah untuk membiayai program-program prioritas dan merealisasikan potensi Indonesia menjadi negara maju. Sebuah kolaborasi dengan Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan RI. #Endgame #GitaWirjawan #LukyAlfirman Saksikan versi video episode ini: https://endgame.id/ori021

We get about potency. We have we have potential. But we know, potency is only potency belaca. If not digarap, not realisersica, it still be in potency. This is endgame. Hi, friends, today we're today we're in a goodatangue, Al-Firman, Dirjean,

the management of the GEMBORNESICO, from the MENTRIENIAN. Ms. Luki, thank you, for the timeation of the timeation. Thank you, thank you, sir, ma'amata, Mr. We can't get the podcast of the mosque. Okay. We're going to go about but we just about

about the time of the small. My time, my time, we have, we have to have to have been but I'm going to

play, I'm quite active, I'm going active, I'm going to activity, the sport, that's hobby

so, almost allaragas, we've got to try in, when you're just about playing ball, man Kasti, there at that time of school at that time, we had a lot of hockey, there are also football, playing basketball,

that's playing basketball, that's allanin, we've got to, we've got to, more bigger, more bigger, more than, I'm going to focus on the otherga, playing basketball.

Okay, man basketball, al-hmulah, yeah, just as well as in the gym-school, in the SMPA. Position? Yeah, I'm at the point guard. Okay. So, after university, ITB, also, yeah, we're going to beapella team ITB.

But, yeah, as a batas hobby. Okay. That's what we've done. So, yeah, yeah, yeah, because hobby, yeah, we have to set in, man basketball. Man basketball,

not be able to get a classed, Yeah, that's it. And then, then you're doing swastah, do you? When I was, when I was school in the tech industry. Now, industry,

can, but we can't also sector or about management, economy. Somehow, I have got a catarikin to that.

When I was I made the job at all, I'm doing credit card. credit card that in the in the end up in the 90s, it was still booming. Wow, this is a phenomenon of new,

about card to credit. And I think it's a certain, for the sector of the waranguang, it wasn't a big bank, because it was at the time there were paralihan from yeah, from the same as far as case society to,

then to the last cash society. It's right to be called to credit. I thought it was a phenomenon that's very interesting I'm cut up to my top of my job of my career. So I'm always I'm going to sitibank, in the banking, using the credit card. Now, the opportunity I'm juniorer, my time we're at least.

But we're not going to meet, yeah, because I was still management trainee, I used to say we're rotations, we go and putter, butar, yeah. But then, yeah, it's just, no, I mean, I was going to lose, I'm not. I mean, I'm going to beaureen the point of the country, not there's target like that.

But we've got to be in life this, I'm going to go ahead of the city bank, then I'm going to be able to the government of the Uwangan. There are some of the other things, there's a lot of, some of the same thing that I'd just, I'd like, I'd like, I'd like to school to the other than-negrie. Now, we know, at that in the 90s, in the 10th,

yeah, the desidiaing of the escrow is very little that. And, maybe, a set that's quite a lot of that, if we're working as a PNS, in the government. So, there's opening, KUangang, we know, KUKUANN is one of one

one of one that one that's one, and kemitean is a lot of strategist, to try to beck, and, Alamudah, now, in the city bank, or is to be made sure, to sitebank, or to be made up to the Comerre and we ask, we ask for example, and we ask for example,

we need to meet with, we're going to be a man, I'm going to be able to get to the money and the government. And the first time I, I'm going to work at the directorateeanalpajah at that time. Now, al-hmulah, Three years, we have a metastasan that we have to work three-torn

then we can bea-susuals for school, Koola-Negri-Negri. Yeah, al-hmil, I'll just be able to get a business. I'm going to learn about the University of Colorado Boulder. S-2, right now, actually to S-3. That's a great-tongued. Al-hmudu-dha, it's really. Oh, wow, good. The place that's great-like, if you like country, that's good.

Yeah, that's great. I'm also I'm just good at the border. Because you can know you can't just like brochure just. There was no internet, that was in 1994, sorry, school's 98.

So that, when internet was really awalluas'kly. Yeah, we can have, got from, yeah, brochure of school.

If you, there's, there, Now, that's in Boulder, oh, that's the Kota NMindy. NANNANU. NANU. And then NANU. And then NANU.

I'm, al-a-a-l-lamb-lis-can-nambuil, I'm going to be it back-dur. But I can't go to S-2 to S-3. I'm going to give youurusan economics. Focussurement, the focus is majoring to public finance. Because I'm going to get in the United States, Yilbo who used to very much more than public finance.

Yeah, I'm actually, I'm going to S2, I'm going to S3, I'll have 6 years. In 2004, I'm going to get to Jakarta. Okay. And then, to come back. During the time,

because I'm Director Jirleapacacac, I work in the Director of Jirlepacac. We as a PANS, is the position of the position that. So, if we're in the position, which, it, depending on the organization's it to be. And, usually, we, in question,

there's a certain of duty, as a payahean. So I'm going to be it from there, from the center of the center, I've been in operational, the entire that has to have people have been around territorial. That's like that.

We, I'm just as well-cle-leging in the director-genel-pacacac. Then I gave a pen-ugasant to be a person level-drector, that's in the body of fiscal. So, yeah, the director-gen-pacat-pacat. It's, can, gursy,

about the project of execution of operationalization of the Pact, BCAF, this, the BADCBF, this, how we're using, to formulations the publicaiccala. Somehow, I was going to be able to be able to docketan in the subpochicabst of APBN, yeah, mongruh, and then, also, then, also, to bea-posed to bea-comicomic macro,

that's in the BADARPBECAL. Then the nextelchater, I'm called the chief of staff, the name's chief of staff, the chief of staff of the government of the government of the government. The time of the time of Bambemong, Borghumans, then ledgible by Gussimuliani. From there, the last, I was,

I was up to be a staff a heath, I was somepathed, as a subpo, as the head of the RUT LPDP. Then, at the end of the last, I'm in 2017, I'm jabat as Director General, Permanent Pimbihaniator and Risico in the Kementiantsiangu. Wow. This we can go about the substance.

Maybe, we'll start with Pajack, too, the topic that can be be the people that can bea-loss boring. Yeah, right? and a little bit more than a lot of the generation Z, how much more than they're gonna'et, so they're more literate,

and more than just as a certain that's just something that's a fun. Challenge is how, um, well, the Pajek, that's the fact is a quagabre. As a consequence of our, for democracy, one is the one of the bribal

in the way of the fact that's very fundamental philosophy, so, right. Now, but we also have to know that we're in the government as much, making the pagas, it's kind of, to be used bycurean rakeet. So, so much, the keywording, that's the kitchens, how we can't be able to make sure

that's making sure that people, the people who are the people who are in general menacea men, can't make a matter of the project that's about, we always socialization, we educate one side, there's a good but after we can show that it's

we can't show that this is the and, the concept of the pagas can not, uh, benefit that's not-lansu-svaths if it. If you, if we're attribution, We can't pay you run,

we can't get them, we're going to be taken. If the pajack, it's not the benefit of the fact of the fact of it. But we've also, this is the front of our home that is by from the paycheck. We talk about the care of the national, it's the payahed from the Pachachar. We've got to seehattran sa scruhan.

Now, in the condition of COVID, the activities of economy is still with the same, with the social distancing of the time, there was a problem of the movement of the economy to be able. It's been able to paychecks, the government has had been responsive in this condition like this,

it's going to be it's going to be it to come to the government. Now, the government, in the matter of the way, But it's because of the pandemic, it's three things. The first, it's always the sector of the health. So, because, if we're going to say, the government for the whole of the care of the patient COVID be taken by the government.

Then, when we've got talked about vaccine, vaccination is given gratis to be able to superiors by the people. It's all. It's all right. But at the same time, we're at least in the system of the health, That's the sector of the focus. Focus the other, how we can't make the community.

There's not going to be activeity. Yeah, people don't have to be able to be able to be. How, we need? We have to give them bantuan. Yeah, and I'm going to be able to be able. That's about the way of the social, we're saying, periant, intuance social, that we can't help.

When I think, if you're going to do that, to do that's going to do with the internet. If there's not going to be able to be able to put up, like that's the remote. So we can bring up to the money can't be able to the money can't be able to be done to do not just be it's going to beaughbue by the United Usahsah, also to support for the new of the U.SahmkM.

So, same way, like, like this is, Well, it's just we're doing to make make some of the incentives, to make the subsidies of court, how we're going to insincip of the tax, and make sense of the paybacker to pass on the market, so it's the package of the government to be a money.

The money money's down, the planjaniarder... Mis-match. So, it's a deficit. Now, if you can, some of the people have been given, we can't even be able to be able to beauban that's a subpoenae,

but economy's a bad, economy is the poor. At this, usually, the economy is more than we need to beaute if the best of the crain'ynean we can't make a biggacken sippatial, where, at the end of our ganja, we're just to give in stilus

to the economy, with implications is the plebearing deficit. Or in other, we need to put up to the deficit the other than the other. We can talk about the tax. Maybe before we talk about the tax, this is the tenet not a small this,

even, all the other than two years this if we look at tax ratio our that's also, it's also, ratio of the PDAB. The Department of the UNAQUK, like, how do you know, or the KMENTRIENCQUGNMENC about aspiracy ratio

pageant that's optimal? If we're going to ACD, it's on top of 30%, right? If we're, we're in about 10% now. Now, apache, in the couple of years, we'd want, that, that, to be 15, or 20,

or even? to 30. And, maybe, yeah, if people in swast, that's, can, penit if you can, if you can, if you can't, with a letter of the tax, that's more than, yeah. Yeah. That's maybe the part that we have socialization.

Right, that's the mind. Wow, this is a complex, this, but first, we're, we've got up in one, the one of the un-a-b-in-dra, so I'm going to say, there's a pachach, Then we have to be it to beapeutic,

we have to beapeuticc. Now, why we have seen as well as well as we can't as much as much as much as much. But the OECD, maybe 30% of the PDD, but the belangia, but it's also also much for the people's the community. For example, it's all that's all under the government of California, that's all the same thing, all of them all right.

But again again, for the crisis in Asia, we can't see that we're still still being able to be able to be able to beaurekaed by the because there are two, if we're looking at the component, one,

about the policy and the paraturances, one other about about administration and the two one is that we have to do-en-to-the-the-curekent. Now, we have this government now, it's just to

look at the condition economy that's like in the time in the time that's the good for we to doorme, to the form which is the fact of reform, the reformation of the fact that's structural.

That's in the last in 2020, in the same, Mr. President, to, we've done, we're doing, and it's, robosan,

that's omnibus law, the law, the law, the law, the different that's different, on the same

on the same on. Because we're back it, the permickrowns is, when we're in, we're in crisis

like this, we're in, we're in, we're more quite, when we can't get crisis, that we're

funding, we're doing, take off, yeah. The micranes is like that. We're talking about Omibuslow,

the law of the GIFTICT, about ICIME investations. The right now, masquit, right. Dulled, but we didn't be in there. In the Sisi Fiscal. We came in a year

last just made over two undang new new. The first, the law, we can't be HPP, harmonization, the paroturant.

Part of the intu-inning, this information in the bidang in the bidsaq. So, the law-in-pach is, And the other three. There's on the law PPA, PPA, PRA, PRAPN,

the Pagentamon-Nilay, one again, the law of the law. The United States of Parenthoodan, the Lawingal. Same too, this is, so, it's a little omnibose, in the meaning, if we're ruby three-thagued,

it's been able to be able to be able to three the undang. And it's justiccant in one the name of the, HPP, Terry, There's kind of harmonization. Now, like we'll get-related also, there's kind of

with biacucca, misn't. Now, we'll make sure on the revision in the Undang PEPAQan to support for beckle we'll make sure

in the bidang this. Now, that was already did situiting in the last, yeah, at the end of

the end up, there's been one April this, but we're going to be We'll take up, from 2002. Many of it's all that's the impact on the same, the fact that's the fact that, oh, miscellar, for the PPPH for the largest,

for the law of the budget, the dearest, but for the small, we're taking the group this, rate, what, batasal it, we can't. Bichita about the adiland. PPP BADAN, it's still we're 22%. percent. Wejax consumption PPN, we'll make up for 1 April, that's a few examples. We're introducing, we're going to be able to beckoning the troposan. We're starting how to be made uplai the climate change.

We're introduced to make upurkenalking carbon, that's how much. That's how we're going to that we have to the UNDang-HPP. Same also, the Pemikrata is we're doing this when we're going to, inshallah, this time we can start from this pandemic this, we've done to make up more, more than we're making more,

now, the UNDNACPPP this is yet, and it's able to support the economy the same, also, also, the condition fiscal we're. So, so we're not making up to recital, the way that's the way that we're not as much as much on the tax, the answer to the cost of the cost of the cost of the cost of the fact that we're going to be able to beaacques, because of the tax carbon,

right, right, right, system per baciacaned our way to be called what we're saying, self-assessment. Self-assignment, we can give up to the fact-a-pacayment. for they're making hathom, to make make make uportkhan, and if you can't even make up for the taxing. Now, if I can't just 10,000, income's it's just 100,000.

What do you doggs from apart perpacac of the arap arapart of thepac this? So, one is that we can make a system system that can make sure that the wadipiacke that what is the lawporked, what what is being paid as well. Now, the one's the way that's with

using data. So if we can't learn how much data that there, then we can't get back in the way that's how much, if it's been there's been a problem, yeah, no, no, no, no, there's no, but if there's not a fact that's not in fact that, it's there's a, there's a, why, there's there, there's a way of there,

oh, maybe no, there's no, maybe no, no, there's been to be somewionggy-can, that we have to bejared, So that's the key to data. Data, how we have administration of the publicer the data that's about, it's not just because of the technology, we can't get back ICT, information, communication,

technology. That's what we must have we can make it. So, because we're at the time in the department of the Pajack on what's the number of, I can overhaul, I can say, system inti or cortex pageant is also.

So, then the system this can be able to control, make of the data that can be made up to make uptoe the patufant the Wachik Pajic. Kira, how long, for we can to be able to take tax ratio in at 20%?

I'm not, not, not, I don't talk about, what, target, uh, but, but, But if, with the law of the HPP, that we're very we're doing for simulations, we're going to be made simulations,

there's a part of the amount of pachicc that's if it's been to be taken as we're being it's not as we're in what we're in the contract that's going to be done with, if we're doing with good, we're sure that it's even if we can't be mingot the time we're mungut the pageck. Two questions, again, monging the fact is. because this is very.

Yeah. Because in the people awam, this is soid it's really, it's really, it's really, even being boring and mysterious. The first is, how, in the kind of the people muas,

paradigm or concept of the burrow in the kebun binatang, that's not again. Just true, just to be in the hudan. Yeah. Yeah. This is relevant, though,

with, maybe, people of people in the world of the other Usaha. Why, they're just that's being paid, but who's not, W. That's how,

that, to, it, to be able to socialization, because that's important, I mean, so, I'm,

my time, but my Pajic, me, mean, you know what I'm saying, that's what I'm saying, the way that's going to be, make sure we're talking about communication, mayhinkin'faro wachip Pachap. So, I'm just as a lot of la, I've said to say,

I've said, I've said to say, that's puttip, they're, they're just, it's, undercut, they're just, there's a bit more than, Now that's right now that's It's just the basis is risk. So we see that we're looking at the profile wachipaacet So if we've got profiled from this If we have profile like this,

like, we say, oh, industry of the clapasawit, we know that that's what is the people that of the profile of what, what's is that can becumulcan from one business or a person like this We've had, we've had analysis, analysis, how much of the

how much of the pond, cowlapes, the co-can-court in the that's kind of a lot of profil of the webb in this kind of, kyr-kidpahs like this, there's there, there's a little bit there, there's a thing that's there, there's penitance,

but there's been basestan risk. That's one of one of the one of the abacket of the part of the money, he'll bea-pachnia, Hecichilance, ppm is like what, ppm is like the Pappen is like the pagasurer, bytech wad impassec of the lawan transaction. Now it's, it's been making sense that we're basis-resikers.

So we're having to be able to be able to bea-buburnedatang, that's just to try to be able to be able to be able to be able. The second is the potential that's the most of the biggest is also in the wadipadjak of the people. So, it's same too, the wadipadjaced, that's a lot of money, but it's the amount of the budget of it's a little. But the number of wajibati is a little.

Wadip of the person who's the wadjac to daftar of the people, maybe it's about 40, you know, which is about $14,000. So that's about 17,000. Now, it's kind of a small... The size of the 23? So, like, like,

they have MPWP, but not in the BTCP, he's not wadjave to give me if they, like, just one time just if they get a bunga deposito, they still have been

NPWP, but it's not wadip to get to get to get to the SPP. There, But there's at least that's about 17 jupon that's up to get up to get up to the SPT, that we can get to be able to golly

it, but it's been big. And in the country majeet, just the contribution to beck from the wachicpacac of the people. It's been to get the total from the wadapag of the body. Now, from the, we have to rely on

wadipaq of the people but the population it's very much It's very big for people. We said that's just to be awasie. It's not much. Because of the data that's been a key. If we had data information,

it's more than we'd more than we'd like to bemoot-upon to beaithuan. And, of the digitalization, exactly. Technology that's it, the ICT, digitalization, that's going to have to be tools our, to help, the other than the last. Sorry, sorry, mumbung, when again.

If we look at, I'm going to talk about productivity. And productivity marginal Indonesia is relative redacted at $24,000 per-one per-one it's adjust with the buy-belie or purchasing power. Dibandingingan, in Singapore, it's $1,000,000 Singapore is $170,000. Tentuture we have to we have to make up to

productivity, so-s-sucur, it's-soucour to $50,000, $100,000, at the end-un-un-unner-one, $170,000, per-one, per-one. Mustnitin' if, from the pajac, it's how we can bidig what's what's the more than what's

that's about if you can't be pagasquin too much in there. Sector what we need to thinkattingatting productivity? There is, is there? To make sure that

marginal productivity we're not to talk about it, but context that's like this. So, okay, we can't even

also, we're also, we're also, we're inational competition, Yeah, tax competition, money like investations. Wow, Indonesia, go to go ahead and the country that'sangka. There's a lot of Vietnam,

we have to puttunked on this, right. Now, many factors, one is the only about the project to be. But, too, we've got to be productivity, one is, man,

from the paycheck, but not that's all of it. If you're in the economy, there's three. We're productivity that's the company labor, there's a common capital, and then the other than the result of productivity,

the component three that was that. Now, it's the time I've learned, for Indonesia, three-thagraud-in-ymprovener is very much to be very to doroong. So, from the labor, productivity of laborer,

it's the laborer, because we're still that's a labor-intensive, that's the ability, that's not too, it's not too, many, it's still, but, to the capital,

capital, we still, to be able to be, the capital, it's actually, the last in the labor capital capital, capital, productivity,

it's been, it's, it's, just like that's just to go to go to say that's about, now how we're going to be it about we're talking about we're going to be in this time this just before pandemic,

2019, we've already talking to increase in Indonesia. So if we talked about marginal activity, productivity, we have put up from income per capita, we that is Indonesia just a new just a high-income country. So as you know-income,

so it's a lower-middle-income, now, it's a-middle-income country. The only way we'd be a-income country today. Now, this we know, phenomena middle-income trap. Not yet, the country only only

actually, the end-income as the group of middle-income as the group of middle-income And we know, one of the high-income countries, it's a productivity. Now, productivity, can, many factors. So, the Pajack is one thing.

So we've got to be able to give them various facilities. We want to quantify, because we have the tax expenditure report. So, many of the facilities, from the same as tax holiday, tax allowance that traditional, basically, the same as well, and also also exemptions from PPP,

we're at least when we're being made up forbebasan, it's all that's all the expenditure our. Now, now, we're going to be more much more than. This is we've got evaluated. Effective, not? When the time we used to, oh, tax holiday, okay, we're sort of the choice is the sector which is to be picked.

Yeah, can't have analysis, there's, If you have been made special like, there's a certain kind of a different to be able to be able to be able to be able to beaughan as a locomotive, for example. Now, in Indonesia, actually, we've got to have more important. So, we've already we've got reported

that we're going to beaulasi. So we have to realistic, not even if we're not even if we're giving one criteria just for, we can we can't make certain that's got to beaute value edit that the the most of the value of the key but they can create job creation

the main major, making the main big difference. Oh, multiple effect is the most of the most we're going to be the case. That's the decision of pachia but we can't but we can't even, we can't work market our own work on the fact that's about the the way of the way that's why you know that in Pachakow that when we talked about

the monibus law, the UNDUES law, the UNDUCTHA KERGA-UKERGA-Itt-Qaeda that's trying to the solution. Omnibus is good, but but, after I mean, I also, I'm going to about FDI. FDI per-O-Rang-Pathown in Indonesia, that's in $100 dollars,

same than in Thailand and Philippines. Tadhi, said, Mastu Kyi, they're going to be on the Vietnam. They're at us, even $200-a-per-one per-one per-a-one But the gila, used in the stil of basketball,

LeBron James'n's the FDI, that's the $1,000, per-one per-one-a-one. Okay, like, not Apple to Apple, because population is a small, 5.5. But that's if I'm in front of Cermine or manifestation

from how they're too can't Can't make money and it's up with productivity in $17,000 per per-one. But it's also with rules and regulations So they're just

that's a country of law, a country of lawyers, where, in the other than the country of lawyers, where the country of the lawyre, is the more important than the law. Anyway, this two years' this, this, is the endang if not come from the pagact or from the goutang.

So, this is kind of connotation, you can't be able to be too positive. Yeah, can't. But this iscayana. This is it. Let's talk, Deskid. There's been a few product about, like SBN or something.

But, as a structural, that, why we have tootank? Tentoturn, because of the pachach be cut and we have to bemenuho the aspirations of the people. So we said that big picture that we have to we all APB in one of one, soot APN, it's very simple. There's a syship of the payment,

then on the side of the plancha, when it's more than the benefit that's the deficit that's then it tutupe with a kind of up on. Now, if we talk about the payayance, that's not from how we're doing and in the business of the business of the binawares of the business. So, if we can't, if we're just as a good idea, we can't. But we're saying, we're investing.

Investation, is okay, we can't bring down to now, but, inshawlo, nancy, the returner, the, benefit of the, in the coming day, it's usually bigger than you're going to be able to be a good idea. So if we're at the time we're just as well as well as well as the same time this time, yeah, we're in the ability to make economy we've,

we've got to be able to become trade, not can't ever be able. We're going to fall with the people with our people with peers, we're using. That's a example of the education. Infrastructure. Infrastructure, the United States is the

people in the world. It's more challenging, this, the conditions of geography our country, China, in other countries, but in one continent, connectivity, connectivity is a problem for them, but it's more much. If we're, we're going to be divided by the water. It's a lot.

It's a more challenging. But connectivity is to be a key. How we want to build one, One area, under investations, there's not the listriced not there, no, there's alasance, not there's no matter, now, investor is a factor important, to make regrecaumeration, and that's right, and that's not tound,

not it's not being stunded, making it's getting along. So we talk, if, if there's issue intergenerational. But, at one side, we can't even think, But it's also about benefit, what's the benefit of what's the benefit of the generation of the current,

and that's what we can't work, so that when we talk about the money we're talking about the money, we're doing that, the first we're still in the meaning there's basic that we're in that we're in about as a man. The two, we're talking,

so at that's at a man, We have made up to risk. And the other, we're making making make sure that that's for the activity productive. So, the benefit is for what? So we're trying to tell us to the people. So we're not just... Not only up,

APBN, is only instrument. Alate the government to be, we have to doion what, in the UNDUDAG of our country, we've said we've just said we've want to make sure Adidahmour.

Beeshavened in what the way we're in the abhorrable in the amount of we need to make sure we're making making work on the ground, we want to

keeppangan, we want economy we grow. Now, the other thing, we're using an instrument APBN,

in many ways, that there was the money, the money, the money, to be able to bea the same thing, so,

so, So the APBD is not a target. So, so, deficit, the deficit 3% is that to be able to be able to be able to beaqaamana. But that's not one target, we're on our $6,000 trillion, that's, that's what we're doing, that's what we're doing the bankers out of the bankers

taxisand, to make the other than, I talked about, I said about, about the security about, we're just making make make make make sure that that's in a lot of the law that's not uglal-ugalan. Now, for example, for the undang the law of the law law, we're going to be able to be able to be able to be able to be

charred. When that we put us, we're going to be able to be able to be able to be able to from 60% PDB. Then, that's for stock. For the time, that's it's not even more than 3% PDB. And many of not know that in the other the ratio of the PDB is at 2% percent. That's the per-daintinger.

That's the big of the world's about 40% of PDB. Theonk. America is 1,7% that's not going to be it's got a great-cai-4% PDB. Saudi Arabia, has a mini, he has captive, business in the form of hajee, Umro. He had a new time, the time, it was 17%.

not to get to 50s. So, so the part of from the law of war on the government as far as we all right. We have, we're going to allow up to the law ofusanne. I'm actually, there's sisi liabilities. There's a liability.

Yeah. Yeah. The important, that just true, capacity to pay back up. Yeah. Not the ratio of the PDAB just. One, that's the capacity of the own, service is how much.

The surface is how we said that's the cost of the cost of the cost of the price of GDP. We make the cost of the amount of the deficit that's not about 3% PDB per day. We're going to give you to that to the master rule. Wow, in Europea, that, we're in the world, we're in crisis 1997-8, oh, like that, one of the batas amanness of the

ethnic data to the same. And that we're going to make our law government to go ahead. If we're going to, after crisis in 1998, that ratio, debt to GDP ratio that, up to GDP ratio,

we're up until 90%. All right, we can't down at 10%. Now, then, then, so, crisis, pandemic,

and then back, the people, we're responsive, and we're having, because we're in extraordinary, conditions of the lawypher, then, then, supported the support by the DPR to be under the law.

Selfly the law that's the law that's relaxation. The fiscal rule that 3% of PDB is, but we'll batising just three-tawn. In 2020, 2002, 2002, the government can have the USAPB with deficit at 3% PDB. But just three-tallon, we're going to come back Again, again again again, in 2021,

in the second we have given up to 3% PDB. Now, what we're doing now, again, mesmuting. When, that, 2020, until, 6.1, 6.2% PDB, the deficit. In the last year, 2011 was set, after we could be able to be able to be able to be down the expectation.

In 2020, we're hoping that's, yeah, so far percent, so that we can solve landing when we're going to 2003. Now, but at this time, we're making, the stock of the tax we can't have been the previous, pandemic, 30% PDB, it's at least,

it's going to be 41% PDB. But that's okay. Because we're still confident, this is manageable, we can't we can't we can't we can't be able. So, BDC, like, the decision of course of 1% BDB,

accept, we're able to, that's not that's about it's about it's about that's now that's about the way that's about cause it's just about how much about this is about this is a problem this is a matter of being in a matter of bank, the other than we're doing with Bank Indonesia we also get the support from parliament, from DPR

how this is there contribution from Bank Indonesia In the law, in the law in the law, in the law, there's the underpawed that how how much as well asia can't participate in between between epitaphed in part of the data, then we can't get back again, how the point is how the idea is how the the idea is also be able to contribute so.

We're together with Bangladesh we're actually, we've got made three schemas. We've got SKB 1, SKB2, SKB3 SKB1, SKB1 SQB1 B.I. B.I. B.I. B.I. 2. B.D.2. B.B.B.2. Bounden sharing. Bank Unisia, it is part of the bank Unisian.

The result of Bank Unisian, it. Trague, the third. Now, with the other, it, it's, the first, there are two benefits that we can get. of the body, but also, because there are some schemas that, that the bond of the banks that, the burden of the money that is taken by the Bank of the United States,

then to the end up. The other, the other, the other than B. The idea of the need of the need of our, we can't we can't put down. With the supply we can't, we can't get it can even getalicking. So, it's not just,

B. B. That's also we can't keep injerk our youths our own. If we're in other than other, the yielding, it's, it's more than we're going to be higher than we're going in more than than the first than the last year.

Sementra, the other, it's more than that's more than a higher we're going to be able to be able concerned, but there's a way there's up our own-and-lety-kindle-can. And that's just, we're just... ...that's just... ...that's just the point of the same,

we've got to be the concept that's same, co. Cuncini is, the partubuant economy. ...smacken economy... ...bees more tumbu... ...capacitas to buyer-ballik, ...smacent... ...betut beth...

...bet... ...that I said I said... ...I've said, ...I've been called... to call out of the law as a certain one, we can't support, the USABB can't beaumulus to the economy, we also have the business

can also help the economy can be, the payagnotes can increase, technology that we can increase, we can't we can't, if we can't

One more, before, before the pandemic, we have, in the community of course, we have, there's in general primal. Yeah. Singa Premier, we've got to come in fact that but we're going to get up and then we're going to be able

again. But the upay that there. And we're in the government, it's kind of as well as far as a gradual, if it's just shock like that, actually, it will be able to shock to the society, to economy, or to market.

Yeah. But if we look at supply site, There is some of the mishaping here, this, recovery has been there's a remunayance, but it's been, there's a lot of, there's a commodity, technology,

and FMCG, to some extent, but the below here, it's, construction, like, property, and, like, that's very correlates with the with the more than the capacity of the same, yeah, right?

Now, this supply side, this is important, to be metas to be it. I'm seeing this isue, and it's going to be issue. But, it's the end-ugue-to-with-ut-ut-uping, the more of the economic, the more capacity. The country to pay-balch, it's more to beck

that's in the same-dive a little, we're doing instrument that we've been offered this. So, the country of the payahean, that's after we know what we need, or perimamance what we can't comepulcan, the planes of the amount of the amount of the amount we've got to try. This, we, the other than the place,

the director of the general, from the payment of risk, how to make sure of the suburb of the subpoenaing. There are two components the suburb of the suburb of the same is the suburb of the United States, one of the other than

from multilateral or bilateral. The other than bilateral. We can't even be able to be lateral. We can't bank, from Eastern Development Bank, Islamic Development Bank, from bilateral, from Jaika,

Japan, from K. German, and so many components, as some of the instrument, it has a characteristic of each of each. Now, in the same one, when we were still low-income country, we got a succubungal that's very much, because it's low-income country.

But as with the economy, rate the rate even more than the bidetha, even, the other, the lender, this, they also have a debasance capacity. capacity. They have gold bank that's name name's single boroughly limit for each

different countries. They've already looked at the profile in Indonesia, oh, they can't maximum, maximum, so, the country and other than other than other than that, so there. So there's a betterbatassan. We're, we've, we're merely beralib. We're more than

more than, we're more than market devout on thebitten instrument SBN And then, another again, sometimes, some of the same of the same, there's the other that's also, that's

that's also, that's also, there's also, there's also also, there's aspect politic. So, so after we think we're thinking, if we're, yeah, it's more, it's, it's,

from, from, the MPM, that's a little more more more, But there's other aspects of this more interesting. If we have been able to, we're going to rush it's a long. We have been able to get. The procedure that's one time later,

that's just about it's got. So if you're going to say, 208, so 15 years ago, 13 years of the last, that's the last one of the composition of the and SBN, that's about $45% from total. Yeah, total.

Oostening up to pay our money and non-rupia? Yeah, total outstanding money. So, this, payment is only about 12%. That's related to the PIN? Not that's about penjaman. So, so much more dominant than SBN today. Now, SBN, we can be based on the investor.

Investor better better. We've got rid of money. We've got to learn from portfolio also, there's diversification. So, we're making money. So we're rebuked from, there's one, there's one, there's one rupee, there's a non-rupi. Non-rupia, what we're sootry, we're not being hard currency.

We're debiltskan U.S. dollar, euro, and then, again, yen. Then we also, oh, investor that is there that conventional, but there also investors who, preferensically, they're only the same as well as instrument sharia. Because Indonesia, we've got to make perkenalking the instrument succuk, that's bond or obligation,

which is basics of principles sharia. So we've got to have now, the subcuit, the same, the subject, obligation of sharia. How do you know, how much percent, has it's been a total, now, is it? We're atlebit-perit-a-perit-tenth, we target that's about 25% to 30% for the stock. Then, also, investors,

there's a special institution, also we'll also start to marketer the investor that's the retail. So, with the story of WP-Badon, WIP-O-P, WP-Badern, a little but great-gre, yeah, because WIP-O-P, little, but many. Now, we have also, we have invested in institutions, but if they buy they sell they're big, but the potentials, it, just so, it's the investor retail.

The sum of it should be more, more, more than we're going to be bigger. That's what we're going to grab. Now, we, one of the one of the time of our one of our sector of our own is that's a lot of our own our market, we're still d'angal. We need to do not make the land of the market

financial deepening. So, so on the pool of fun we're, can, dangle. So, the impact the latter one is,

if there's shock, there jatoo, to, to put, to pull our that, when it's from, fuh.

But if we're down, shock it can be absorbed by the column to be the result. That, That is the illustration.

Now, as to be it is still in the world of the world. The United States of our economy is that we have taken to be able to the United States after we look at the asset is, the total of 10% of the PDB. In ASEAN, the most of the Middle East is the Philippines have been saying that's 100% BDB. Now, how we can we can further further the market of our country again?

There's not yet, it's not yet. The market is a ratio of the GDP. The cost of the GDP in Indonesia. Right. Next is the Philippines, 80%-a-. I'm going to take to the concept that I've

raised about money baredar. If we look on our bedar our ratio to be P. It's also in the above 50%

than the other than the other than the other than percent. This, if I'm not really, very correlations, with the kind of a good-dankal the market, as a ratio to be the BDB, whatever.

Yeah, so that's the way we'll continue, that's our our government, for certain we have, we have a institution of authorities other. There, there are Eurasia, there OCC, This is how we're

as a lot of the authorities can make make the past our coin our own more than what we can do we can't. We've got to be able to be in the United SBN, we,

how we're using instrument this to to under the market with the way we're putting out basis investor domestic our domestic our own. When when the world is in our country, it's not a lot of our

domestic our system, structural, there's a biterable. Right. So, that's in the literacy of the Ulland, that MQM, for the MQM, they still have access to get to the data to .

I'm at the issue of supply and demand, that's what we have to get back on. So, again, And again, again, in the government of the government of the government of the war, certainly we need to go ahead and the name is the name is BN Retail.

Yesban retail, this is now we're going to be from the investors and investors retail. Let's go investsation in SBA retail this. Now, we're in a newvotivation that we're going to be perluas as investors domestic

with, maybe, maybe they have preferential, have a different, because of the other than we're also. There's been rebateal, there's a sub-shaaria, which is called, we'll add-ed-uped.

There's a bit more than the same, oh, there's a fideable, that's been paidagued in secondary market. But there also, we also, we've also product, instrument, oh, this is fixed, the fact of non-tradable.

usually the yield is more than it's more than it's more than it's more than it's even more than it's even more than it's more than succuk or conventional. Now, it's like as a instrument bond, instrument of obligations this is something sophisticated. You know this only for people just for people just like and if we buy bond this, to buy the government, yeah, you have to bank,

by the milliones, by the military, the office of the different. The government, so maybe, the people who are, the people who are, maybe,

it's also, ah, this, this, kind of, so. We're talking about . We're talking,

we know, we're doing in this time, we're going to which is called bonus demography, must have dominated by the usia productive. We talk about, the future of our generation millennial.

Now, how we're going to be made also to make up against the investment gyrgyllennial this. Now, we know, we've analyzed this profile of Gerellis millennial that's like, oh, they're, like, that's just,

but they're just technology savvy, heavy, wow, they're very gadget-oriented, they're not wanting to practice, but they're also, they're also, people are too, maybe we're thinking,

we must have to make make sure to make access to buy SBN. And so we're going to use a platform digital. Then we've got to be a boss and, okay, we're we're a problem that's a good

and a good-significant, We can't evening We have called ESBN. Now, with ESBN, now, investment, challenge investor, it can buy sell retail our

anywhere, anytime 24-7 When it's When it's using app, we're So,

from it's minimum, one. One other. So, before this, we had in the number of $5,000. Then we're going to turn to be able to get to retailing their retailing. The result of the generation we'd that we've taken. Now, now, I'm going to say that we've got,

we're making the most of the one we're going to bidet-orra 2-1. Ori 2.1, we're doing 4th, January. On the 2nd of January. We have that we have to over the time. Now we have given a time. So, the investor, let's get around the internet. We have worked with the same with Mitra Distribusis.

Mitra-distribution, there is bank, there's a person security, there's fintech. It's we can make upartan. There's all right? Now, it's not. Not long as it's going to be it. Allocation, it's, like,

So that's just one million, it's just that it's just that they had to bea-messinged, then we'll just make sure that we'll just be made sure make sure, by the internet banking, miscernet-banking, then, then, then they've got confirmation, then they've got to allocations. Pernal not, not so, not got to allocations? Now, before, before with platform digital, that's a lot of the $2 trillion,

maybe we'll be able to distribute our distribution, yeah, can, oh, this bank this is just d'1 trillion, vintech this is about 2 trillion, and so forthynton, and so forthynton, that's just now, wow, this, now, it's not just not even, yeah, all right, right, now, how come the Klanner,

now, now, like, like, last, the end of the year, time this, this, this, the bond of bian, we have we've been up we've got we've got we've got to say dvc can't down in the APB in that 5.75% PDB this is only about 4.65% PDB. So, I mean, it's the opportunity for jacobcun be a lot.

Now, after that we're still, we're still, we're going to offer QRi 20, so that we're at least, now, actually, we're stuck, yeah, can, because our behavior we're But in the condition normal, we'll be in January we'll get ridden orr 2,1, with a coupon certain, that we'll see what we're in the way of the market

like what we're going to be able to beaverse investors domestic, it will tendering we need to beaune then we'll try to socialization is that's now, So right now, we have got to buy instruments of investments in the world, we're going to buy property, want to buy the land,

want to buy emas, Bitcoin. There's a lot of deposito, from there's already in the RDPP, the rexadana, and even, even, even,

even what's, even what's, that's the mainfittance, that's the MF2. That's so many many other I'm like to investors. Now, investor is they must have to look, I have what's what's the cost of what?

Now, look, each of the instrument that has been feature, have characteristic, each other, now, we'd show them, look, as well, SBN retail, SB is obligation by the government.

First, this, in, inshawal, aman, because it's the product of the government, do you jamming undang. The second, the decision of the cost of the cost of the cost of the cost of the cost of it, it's very competitive. And then, it's the way that we have platform digital. All can be done online.

So, it's very much if we're going to make money, even if we're making investations, all can do it in line. So it's very, very much, and the last one of the future that's not the next one of the future that's not being used to be investment in the industry, we buy ORI-21, that's we're going to be in return, don't know, but in the same as well as we're going to be infestation in SBN retail,

that means that investor, it's going to be participation, to build a country, because we're to be paying for the IPBN, for the end up for the COVID, to pay for taking vaccine, for the vaccination, for to help social,

to help social, to help the education, that's the that's the technology that we can't be investations we can't

but we can't make upangue that's the feature of SBN Little this. If we see,

if the young young they're more more than to be more than risk. Yeah, right? Yeah, right? Entrepreneurial.

More entrepreneurial, to, more than being able to risk. And, young, in several

people, it's many who not like, fix-income instrument. Yeah,

right? Yeah, yeah, and if you're talking about people, young, young,

the generation, Z, yeah, not millennial, more more, more, more,

They're looking, productivity is more than more than productivity, so it's more than the narrative or equity story, that's the most interesting, than the narrative fixed income. Yeah. This is how,

it, what, yeah, the thinking of this, so that ORI this is and ORI this, can, aman, this is a man,

this is backup by the government, davexie income, and make sure, and I'm going to make a good, and I'm really a good because it's to make a country, but,

in a structural, there's two, if I'm in order to how, how, so, people, can't,

you can't be able, just, with instruments and instrument and high risk or higher risk. And then,

then, back, back, And there's already on the brederadr, while money to only 45% from PDB, in the structural there's a cuterbatassan.

This, long game is to be with FDI, or not more than what, or what, from, but what this is, they're tendrung to buy a share, buy crypto,

or buy NFT, or what, which, so far, return that return that's too too... Yeah, can.

Yeah, maybe they've been never to play set, right? If you're not going to play set, if you buy ORI or buy SBA. Yeah, right? This is again again, again again, this, back again to the investor

who have money, investor. Yeah, so we have to be We have to make educate investors, as a investor, as much as investors, they must get the product instrument that they buy

that's important. So, that's about reiteration of the war. So, whatever their so it's about their risk appetite, because I'm a risk taker. So he's like the risk so as he's going to

that's okay. That's okay. That's not what that's not Like that's the fashions. So if we're talking, there's two sides of coin. Becate about risk, bichat return.

So, if I, recipe, my, the other than 2R. 2R, 2R, it's about return and risk quo. Now, there's, there's a lot of risk, high risk, high return.

High return, high risk. And it's, often, case is like that. Yeah, right. That, that, people gendap the,

people, sorry, high return-returned- -re-re-re-returned-d-d-d-d-d-lars. Not-a-rissue-l-l-rish. Right-rish-and-a-lut-mata. Yeah. If it's good to be true, it is good to be true.

Now, where we make sure that's making sure. So on return and also as a risk of the instrument to be it. The next one we're going to talk to 2L, for the bugger the next. L, this, well, the L, the L, the first, logic. It's logis. If not logis, it's all about,

although it's about, even about probability, or it's just 1.1.1.1.1.1.1. So, we have we're going to keep on the first, this is logis. Now, if the palam pituit that more more than legalities, we're legal.

So, so there's perindungan to have the product that's about what's about what? Yeah, the most of the way to be able to GK or not. If we're going to accede to that, then it's justrahaer. Investorset of the same way, as they've got to understand instrument to be compared to R2L. We should we're justly put to start on the investor to be.

Now, what's the same time, because of the other than, I'm not evening up with, the asset crypto, Tad Bitcoin, miscarry, people are still in 100%,

now, it's not going to that's going to that's going to that's the result, the plus the just,

right, we're still we're still getting aggap with crypto asset this, wow, we've got jol'i this

Right? And then we're going to say, but I know, it's right, this is, this is the first, we're not just the business model like what, we're not doing what, the riskkoying of what,

underline of what, that's people who know, the most of the retail I that's up to the last time when we're doing using the platform online,

this is a phenomenon When we look at the profile from the Asband Retail, both that who were in sharia, or what you were on conventional, or what you had tradable, not tradable, it's kind of, about 20%,

maximum, much more than 1,000, that's from Gerasia Menial, which, dominant, that's from the generation baby boomer. When we've started using the platform online,

surprisingly, but it's been not surprisingly, The cost of the millennial is a dominant. That's contribution, share is the same, at one time, it's about in 50%. Millennial? Yeah.

Rata ratatine is, more than 40% the rate of the rate of the cost. But if this is the number of investors, but the pay per investor, we can betasy $1,0. 3 billion. Pemaliener per investor, we're the most of the generation of BB boomer.

But the consumer, total, the dominant is a generation of millennial. Oh, but the rupee only is that boomer? If you're a boomer. Right. But the juulah investor. Right. Right.

Yeah, the generation Z, that's already, generation Z, it's already that's in under 20 years. So, so when it's been even 1,000 people to give the instrument

as-band repair our There's 1,000, there. There's one more than they're like trying to try, testing the water. But at least it's that we've been using this is being known. Now, but, the challenge of our potential,

the out there is still very big. One of the other that we've taken to use band that we're using, we're using, using the admissible s ID, single identity number for the market for the company for the company that's called by the bursa.

So now we have, the money that's, there has no more unique single identity. This is very good we can look at their profiling their like what we're following what we're doing what, We have we tried to trace, there's a repeat it's a repeat investor. We're rebid-kered-k, oh, they're always going to buy this. Or at least be a bit more than a repeat investor. That's, because it's been using S-ID,

there's been using S-ID. There's been a propon online, we've got to use S-I-D. That's we've got, we've checked. Now, now, now, now, now, The number of the total investors that who'd be able to buy as well as $5,600,000 in total. But still far,

SID for the market model that's about $7.5 million. If we talked about wadip pagag of people who's PADCT, that's it's at the up T-TKB, that's been up to $17,000. Now, this is the potency that we have got up, How they can investa, if they're like that, as well as well as we're going to get our next,

we'll meet the ORI 21, we'll, we'll try to, to the niche that, the panace in there, because we're making it's very big. This tenor is, tenor is, for the ORI this, three-torn, because tradable. But then we'll need,

there's product, if we can't say, the SPR, that non-tradable, that's two-trayable, There's one other one more than this when we're going to be in March, April, 2020. Weak it's also, when we're talking about as-band retailing this. We have got a great question, there not, capacity, there not the demand here,

from the society, investor retail, this. Same, same, now, this, surprisingly, really, surprisingly, is, because of the demand is just to increase. Demand it's just so much it's a lot, for us, for us,

one, this is a crisis. It's a kind of, for some of the people that, this is a crisis, we're going to be making for, if we're having

to be a crisis, there's rainy days. We're going to begin to in in in and to make money to invest in case. Just in case. Now, it's normally a trend like that. The other than that's the other people who are going to be able to be able to get to the

across. So, this is the condition normal, spending their for the nature, we talk about just non-crown, Navarre, or to mioscope, traveling, That's very big. Now they're not going to what about what's going to do Netflix just. Yeah, right.

So they're going to be what about in. There's more disposable income. Then they're going to be reinvestation. Now, one of instrument that's interesting, yes, they're very little. Now, we said we came to say, we're making platform online this, we're carrying the platform online this,

So that's the way to make uprovasor domestic. But it's really very good. In the condition of the pandemic, with the opportunity of the online this, wow, as well, as we're ready to access, it's been able to buy in online. And, al-lambolulu, that's been getting a good

in the time of pandemic. And that trend, it was also in 2021. one year one last year we can't get paid retail that's been caped $9 billion. That's what we've given to say, that's the last, we're a bit more than we're going to be that's the hope that we can just to perluas basis investors' domestic

our more than many investors' investors retail we're going to talk about TEPA PTAPR Tentrum. This is a quacketrable about the rise of the kinaikas, more than, yeah, can, if I've got a gestur from Bank Central in America,

the United States, to be it's not about it, but how many, and when, in 2020. This will be a impact to the Sucu Bunga. The bigiqan

from from, how, how, in 2020 and the future and it's nothering we're going to be focused to the land or how much? For the Succo Bunga Rendae, you know, the Suga Rennah, this is a condition extraordinary.

This is not something that's not a bit more in a condition extraordinary, especially even before pandemic, we've got, the Sucu Bunga our own Rends. After the pandemic, the big of the bank's one of the other one is that's the world, the FET,

the ECB, that's been inundercutalbuncure to make up to make up and stimulate pro-economian. And so we know this is a condition that, when it's a lot of the point, can be aquehers, not even, tersen. Now, the point of us,

it's, it's, it will be, but, when and how much it's about. TAPTER Tentrum. So I'm talking about tepher tantrum. Now, one of the most of the problem is that we're agate. We have a problem of communication that. The problem is the matter of the authority, the defendant.

Now, inshallah-ah-ah-law, in the context of 2010, compared to time when it was taken to tapered tantrum, communication this is more good. So, the authority, the government, bank central that's always has communication, hint, so much more than the fact of the fact of the fact that,

and that's, kind of the market can't beckoned back. So, what's hindering is, the volatility, that there's going to be able to bea-skewunga, that's not the trend of the increase, actually, the market, investor, is already told, and they've already, and they've already started. Now, how much

that's just to be able to be sure smooth. What's not in the way to the people who are in the people who are in fact that is true fluctuative, goodakhanes too fluctuptative, suing it's too big. And that's just as a loturitist of the government, as much as well, the marketing it's own, to the market, to be in Indonesia.

And that's the fact, it, is, the fact, it's, is to be able to create, to build upheavalment, and it's right, and it's not even more than the economy that's the current, it's more than you can governing it,

inflation to be able to be to be able to get to be able to it, it's going to keep the cost of fund that will be a and it will be in the United America,

it will be in general to be able to the world to the market, to the market, to be Indonesia. So in 2002, that's a good of the same thing that's the current. It's happening to beapping, how to the economy? Now, how the transmission of our time?

Because of our cost of funds we'll still, but we want to not make it, the thing it's not so much, not as much, not as much as much, then the most part of the more smooth. Now, what's interesting, like, For the cost of funds is more than the marketer, weasca, can use the US Treasury. Now, al-hmululay, because fundamental the economy is quite good,

it's just as well, because, because, we're surplus our surplus our longer than 18 months. If our commodity, we're making good, it's so there's a certain blessing for our economy of our. The primary of the last year was 21st 1st To be able to get a big of the target APBN we can't takeang

From the deficit has as well as far as 4.65% Today BPS just just made just to comeum can't Amosvenile we're going to be back to the number one digit single digit because because of the pandemic we have to be able to keep on the moment we're

So it's the story Ourcomin our community This is very positive And that, al-aumbulled, from the cost of funds from the gap between yield with yield of US Treasury, spread that's not yet when it's small.

And that's one good good. Now, this is a sort of positive for the model our capital we're going to be in 2002. This, in three weeks this year, US Treasury, it's not up to 5.5 points, you know. It's not as big as well. Now, how much how much we're in the way that we're in the money we're doing with Indonesia. This is still

be done in 2020, where BI is by standby buyer. So, because we're not going to beauntled by BII as to the use that we want, that we're working with the BIA, so that So that's volatile, we have support for the RBI in the B2B3, to help the APBN, our people, for the issue of humanuance and the sysheat, as a large 224 trillion.

And it can also help the but of the abutalibiaan our. So, we're anticipation in APBN, it, for, the assumption of our data is in the casearance of $6.8. In realisation, at the end of the last In the last year's 5.35, we've got to be it's not too much. Now, that's really, it's a condition that's extraordinary for sector of the economy.

Because we're saying, we're opportunistic, as well as flexible. We're going to look at market in the long as in a condition of turbulence, we're just stay away first. We try to try and find a window that's the best to get the payment that's the best Good. We've got to beaubri, Ms. Luki, about

payjap, this, the landa, and money, and infrastructure, and all the other. If we're going to be about the

long, Indonesia to the future in 2,45, what, what's need to be keptalue by the people

that doacquake or be planed by the Minister of the Kuanan. Okay, So maybe I was here, I was in a lot of the United States. Tried. Tried.

Tried. So, Indonesia, from the size of economy, from the GDP or GDP, so at that Indonesia, the BDM has already been to be about $16,000,000 trillion rupea. We've got equivalent of, maybe 1.2 billion U.S. dollar. So we've got to the number 10 million years of economy that, we've got to beware today. We're the size that we're number 16 in the world.

Because we're making a member of G20. In Ascent, just in Indonesia, and even we've been a town of the home, and to be host, as long as, meagang presidency from G20. Now, then, in other than many literature, as well as much kynch and also by d'wccc

and they've been the fact that in fact that predication their model of their indonesia it can be made sure in the time 2013 that's the word ccccccate pdivacian the newcccdivian the last yearnishia can be able to bea four this is then we're just we're trying to let's try to litigate again this how itting itunggowns what the the whole of what they're like what's the same as well as well as long as well

there's simple just indonesia to let potency yeah we're still able to move 5-6% to the present crisis economy or crisis monetary we're talking about 2009 in unisonaqiya it's about 5% percent we're going to look at least enough percent we're When we can't say that's not yet we can't get to be able to be able to move up to 10,000 to 30,000 to be it from. Semental the country in our own, the world in Europe, especially, it's already genu. Numboating it's about 1% or 2%.

So, as far as mathematically, it's just been that in the last few years, in the years, in the years, until we can be 245, 45, the number 5 in the world. And that's not something that's quite realistic, not feel like to be there and not there. But it's still, even, if it's.

We talk about potency. Now, we've got to puttensy. But we can't know, potency is only potency belaca. If not be gharap, not realisatikarik, yeah, it's still already potency. Some of the positive We've got to the potential we've been able to be able to be able to get riddenial people, and it's dominated by

people productive, usia productive. We only we're saying we're saying bonus nemoorophy. And that's the kirkakan will be like to minimal until in 2000 to be able to be a lot of the 30. Goal and menaced our income our, end up our income, the development of the middle of our goal of the middle of our people it's more than the market

that's the world-bursed potentials. And, the people who, see, in the, the position market is something that's one that's one that's about stability in other than the other we're relatively

is very conducive yes. Now, factor that is factor that's it's a better, but it's the most of the main thing that's the main thing is, the power of the same thing, so when we're going to be SDA, sum of the way of the ALAM,

the future of the same, it's not if we're not if we're not far as if we're not far as, but we know this will be able to be, the main thing that, to be able to beasks, technology, technology. So if we're talking about, if we can't be 5,6%, to be number 4.65 economic

this is very clear. But there's a requirement if it. If you're talking about ratification. At least, there's many, but at least three priorities

utama. First, that's the same physical infrastructure. Connectivity is very important. Innesia that's how to build connectivity. And we talk about infrastructure that's the fact traditional, like the land, embattar, or bandar, or plabuahan. We talk about information and communication technology. So, connectivity

which is the fact of the garrang of internet, the communication, because it's the the future. All right now, it's about how much it's about how much more than infrastructure that's related to the impact the impact on the

activity. If we're going to because it's very so we're going to building fiber optic that palaparing, we're going to make

further function to, that to be able to that. Now, physical infrastructure, physical infrastructure, the infrastructure especially the

But not only the development of human capital, SDIM, that's based on the technology. We're doing because I'm in the community of the UNA, we're going to cancel consent with APBN. We've got allocated 20% from the from the budget for the education. 5% is for for healthan. We can't, the S.DM, Indonesia,

not only pintra, but also, We're not being addressed something, that's something real. And that's a big issue. And that's we're address. Because we're not just thinking, but also, but also,

not just as good as well as well as but we're doing human capital. The last, the factor of the funding is that we want to make a reforming economy, maybe more efficient, We must have made uprored our market

how about the market our, how about the information we've got to come back, which we're doing that's just as we're doing, because it can't be a motor-pengarang. That's what we have to make sure to make sure in 2004-5. Now, I, Mr. Gita, and maybe we're looking, we're at least, we're pension, like,

The job of the job is just to us, we need to be made up to the United States. They're going to be able tomuseum for the Umbudsman that's the hope can be made in the country, the United States, the United Nations Amidt, and that's all the overnight, not a day, every day, a day,

just about it's about the same. but it's about the three priorities that's important. Bicare about infrastructure is still important

when we're like the condition geography like that. Bicat about SDM our human capital and we're

on today still have been money like we use of course, we're using we're using and we're not even though

how we talk to how much because we talk about economy we can't reformation. We talk about how reformation is true. Because information is able to be inunducing the development of our SDRM we're we doing. We're not doing innovation, but the other way not going to be able to be able to happen. There's no, there's incentive to make an innovation.

That's maybe what we've tried to do. We've got to be able to be able to be able to be able to be. Now, APBN is about about about about about about about about about about about about about about about about about about fiscal. We talk about sustainability from fiscal it, so on the same. So, well, one component the main thing is about the problem thing is about the termination we're saying, we're having, the same thing, the same thing is sustained. We want to get a better. We have the more efficient, more effective.

Because the better. Pending, it's more efficient, more effective. Now, in the way we want to make something, keep innovating. This is there so many of the scheme of new, innovation new, how we can't get from the deal

the best, scheme that's the best, instrument that's the best. In the opinion, for example, we have concerned about how much of climate change. Now, climate change, we know, this is we're seeing kind of, we need, we need,

which is more advanced, which is correlates with so much more than, so much. So far, financing, this, this, this is different, yeah, right? Because, single-a-oh, Bout-Bahara, now, we're not, because we're not-de-Bahara, but maybe more environmentally friendly.

How much more friendly but more costly How much we're making financing, the payahabilityinginging is And scalability is too That's what we've tried Name of Creative Financing that's the same thing that's

there's there's there's philanthropist philanthropist fund that's that's been able to help us. Now, how we can package program our project our project to be able to support? And that's need to need a lot. They're not

not percied, oh, Indonesia, we'll make make green project, but they they're going togaping there, because they're going topatchezing how, that, because, let's just the case. Oh, we've been showing, this, it's just to hanged, lo. This is the way we've got to make it's commitment. We've got committed with Paris Agreement, we're with the summit what's called NDC,

national determined contribution our, oh, 29% by 2030, 41% that's with the international, we'll be runging gas, Ruma, Kaca, we're going to be able to get eminiscay of our cacaque. Then, and we're also, we're also, been initiative to participate in what's what

that's about net zero emission. That's, that's got commitment, but to work that's a lot of bias, but not just to be it's about what to do it. But don't remember, we're financing it in the way that's also very important. Now, how now we're just design,

to make one scheme of financing, we're looking financing, to support the upy of the way of the way of the way that we're going to be able to beckoned the people who are in fact that we're going to watch on our own own way to us and our children come to come back again we're going to be in a condition that we're in a lot of condition that's just in order. I want push a bit about energy. If we look, electrification per-orang in Indonesia,

that's more than 1,000 kilowatt-hour. Singapore, as a bigger, that's 9,000-a-one. If we're going to be a banka-modern, we have to get electrification to, at 5,000 kilowatt-hour per-per-orang. To get to be able to build capacity of the electric.

Maybe, about 400,000 megawatt, megawatt. We've got to we've got to be about 72,000 megawatt. This capacity we're in per-torn per-tourg-a-4-000-a-megawatt. Lama, if we're going to get 400,000, that's more than 100

time, to get to get a status of a modern. I'ma-Mas-Uki, that's the abet, this is derangul, energy ter-barukan. But the question is scalability.

We have to see something scalable. Now, this maybe must be solosiccification to the if we're going to make up to electrification per-orang in this this is not only penicapingaping non-fiscal also, so that scale-in-lawful-uponementing electric that's environmentally friendly and also scalable. One of the thing I think I believe is program technology, will be able to us.

If in the condition of the mores, the most of barra, yeah, right? So, yeah, we're realistic. In the short term, we can, yeah, we still make upto-bara. If not, yeah, the racket will be a less than even for basic needs, yeah, but, but,

the next to talk about EBT, we're living in the country tropis, The gas touria should be something, we can't be something that we can't actually, because of the battery is. The United, there's actually a lot more than that, now, it's not really, cost that's still much more for battery.

But if we're saying, it's very much, it's, it's fast or too, or even, it can't, technology that can't catch up, can make up with a battery that's more. So that's the Umba, so as well as it's the Umbuds, it can be made by the United States that we're

able to be used in a country in a country, cutelisk, now, this is about jacca penit, jacca menace, jacca penit, jacca penit, now, I'm sure, can be able to catch up. Contonion that's about the issue of battery,

we're going to help elogy alternative. Peneraping, pener and distribution. Yeah. Now, the concrete is the last realistic in Indonesia now, because of the pandemic, it's not that we're oversupply. It's actually in Jawa.

But for the other Javanjawa, it's a shortage. So if you're talking, wow, complication, there's also, there's case-by-case-y-case-it-it-you-gut, Not so much more than that's not so much

it's not so much more than it. But I'm optimistic, and I'm not eveningasy, and I'm having imaginations that tax ratio we can far more than now, productivity our productivity our better than now.

But this is what, what, yeah, for the people whoas about what is the of the people that for the people that like the important like that, but also things that already

has been said. There's been last week. We've got to gobrook many leban. This is luar-dious. Thank you. Thank you.

Many, I've got to be able to go about like this. I'm not going to be able to be able to be we, yeah. We're just gawlom, And then, there can be petiq by the audience from the podcast this, can't be able to be a benefit.

So if I was saying I was about to say that's about two, it's something that can't be able to be able to be able to be three years, 23, 20, 20, 40, 20, 20, 20, 20, 20, maybe. Then we didn't even if we had to be able to make up to 2020. Okay, we're going to get to be able to get up to 20. Now, when we're in 2004-5, as far as macro-m, that is Indonesia has potential

that's more-briasis. Now, this, this, my, our, our job of our people, our generation of the menace of this, our children, our children, because they'll be in America, you know, where to the way to the way to the way

to be the number five or amit amit to beaute, that's going to be making the United States is what I have to have key-hikinan just the titan with many factors that we're taking the task we're

taking take on-tarking them so much. Thank you. Thank you, thank you. Very insightful. Same, same. You know, that's Pucki Al-Firman,

Dirjian of the lawans of the