Endgame with Gita Wirjawan - Sri Mulyani: Bijak & Inovatif Kelola Fiskal

Episode Date: December 8, 2021

Sumber daya fiskal tambahan dan kebijakan fiskal yang inovatif diperlukan agar Indonesia tidak hanya bangkit dari dampak pandemi tetapi juga dapat mengatasi tantangan struktural dan membangun secara lebih inklusif dan berkelanjutan. Sebuah kolaborasi dengan Badan Kebijakan Fiskal Kementerian Keuangan RI dalam rangka Annual International Forum on Economic Development and Public Policy (10th AIFED 2021). #Endgame #GitaWirjawan #SriMulyani Tonton versi video dari episode ini: https://www.endgame.id/fiskal Pre-Order merchandise resmi Endgame: https://wa.me/6282133365263

Policymaker is the policymaker is the if you are too late or too late, or you overdoing it, and overkill. Can't like that? Merey-tititig timeing and the dosis that's the part that is the work from policymaker that's the most challenging. Hi, time, today we're today,

we're coming to the U.S.ri.M.uliani, Manny, Manny, thank you, on the comeyakings of the catamination. Thank you. Thank you. I'manguinen, what, Miss, Kita, or we? I'm more much. I'm going to be more much, me,

my name, Mbani. Mawares at the Sumatia, maher in Sumatra, and from, number 7, if not s'alah, Seven months, not two years. Oh, seven years. Then how can't get to come to here,

learn economy, then school at U.I, and other than, please. Oh, that's a perjelanment panang, really, yeah. The people are a guru at that time that. They were a student from Gajamada, faculty of peddiction, didn't separate to be equip.

And for them They're just asarjana They're just to Sharmatah Maka, but the other I'm going to be married and when it was three

when they were to move to move to to Shumatra to wachip in Sumatra was born five, six

I'm number two. After that, after that's done by the number in New York, Jakarta, in that way, and then he'll career in the field in education, until they're making to, um,

and now, and now became become the university, Semarang. Now, I, as a guy of the 7 of 10, I'm I'm just like, I'm like, like a lot of people, our people, because of our children,

because of our education, so like, mentored, it's quite a learning and formation in life. And then, I'm then, I'm ennorsed in U.I, one

one of the 10 children that, after the seven, who didn't want to be doctor or insinior. I'm always I'm thinking, either either or insinior

so I'm not sure, I'm part in ITB, one in the UI again, the doctorate, so I'm one-one, even though

Yurusan I've been non-extacta. So I choose economics because there... Turned out okay. Turned out okay. Although nobody knows

what that, what that was economics. But I know that math, there's behavioralogy, which I like, so I enjoy school at U.I, both subject-in-environmentality, because the environment-lawful-neungunging in U.I was in 181-8-6, the time before reformed, all masasism, still idealists,

with different of the way of the to change Indonesia open, democratic, transparent because of the time of Partharto when to make the story short, I'll say from U.I, I'd beaaciswai to get a master and PhD.

So, actually, master degree. Pilihanes between U.K. and U.S., I'll pick the U.S., only because they can't I'm able to PhD program while I'm taking my master. In America, my wife, I'm going to be a lot, I'm going to be able to do, and I'm going to do with a letter to say. That's a painful time at that time.

Then, then, 2008, I, 8,000 I, 8-8 I'm back, 9-2, I'm done, I'll have finished my career at U.I, after that. 92, to know-dictor in the director-littian when that was the director-in as the L-P-A-M and then until I'm being the head of L-P-A-M-M-Ned

when hecrued to recruit to be a certain in the Kmenriiankewangan from the same, if you're not so, if, if, if, if, and then, crisis economy, 1997-198, we know, we're still, maybe,

we're still, Not that's still in 1998. 998, like, like, like, devastated for the country, yeah. Now, I as a big economist, had got PhD. When I was S-1, the bidang monetar, S-2-nial, I'm-fisical. And then there's been crisis,

and then there's crisis, and crisis perbanking, so, many so many people who are not-taught, even in the environment-academic-a-ha-ha-ha-ha-what-is-going-on. And when it was complex, the crisis economic, because crisis economic, because of crisis economic, the crisis the crisis that's why it's been a problem. Crisis that's that,

which was the need of the economy that can't make sure relatively gampang about how complex the crisis and the implication for Indonesia. Because it's true, though, we're going to look, since the crisis 9-7-198, can Indonesia totally different. From the side of economy,

we have, the Bank Indonesia, tibed independent. Tadiness, it was a part of the Department of the Union, the government. The government, the government-ne-in-in-it-n-out-it-out-it-out-it-old. now, totally,

through the P. that's already to be able to be able to be able to be independent from the government. And then, it must be part-wagaping-jabank, and debas, again, to D. A new problem paradigm from the way of the money of the government. And, system accuntasiness,

oh, I can talk very long about this reform in the government-negare. So in short, that, in short, we're in the time, but I'm not even in U.I, make sure, even make sure

many so, media, we don't have podcast, not that, media, not out, but there's online,

so media setac and media TV is the most hit. And when that there, many, people,

there, first, they, not have been background economy, and how to understand. how to report

about the crisis. Before the problem AMF program, negotiations, E-C-L-O-I, and the other than other. And then,

I've got put up too, exhausted. Oh, do you. Many so I want to take a break. So I want to take a break. So, I'm going to take a break. We're to America to subatical.

But, but, I'm actually, I'm a consultant. And when I was sat-sabat-tickal, I'd call to go to Washington,

by the IMF by the Prime Minister, by the Uyuanan, when you have to to Washington, you have to, you have to be executive director. And I'm okay,

I'm still enjoying with my family. My sonn't. So, I'm still small, so I'm so much. So we're going to move from Atlanta to Washington, D.C. Two years I'm in there. I think everybody's happy, and I was about to be

a big up to perpansion from the assignment of my then-lawed as well as a few-lawed and then, I'd be telephoned again so I'd be shrewpindah, that's just of it, so I moved to Jakarta

again, in a way of an hour in Chi-Has, when then, so then, so-Mentry, Bappenas, so... Kena'anhas, Rewa, Republic of Indonesia. Sunami, that's totally devastated I see, wow, Acai is like a lot of the city. When you, George Bruce came, the senior,

then Bill Clinton, and all the same. So, the perhation international that's very overwhelming, we have to be able to be it. So I've been trying to coordinate, we've got to make rehabilitation and reconstruction Aceh. And Indonesia hit by oil price that's about $250. So that was my career as a minister,

I was going to be able to $250. So, Mr.B.M. I was my career as a minister. So that was my career as a minister. There's always a crisis, then we'd beinded, tarot in APBN, and then Panko of Pabu Dioono,

Tibetipat, had to be the governor of Bank Indonesia, And there's been MENCO. So I'm going to MENCOs for 18-BULAN. Gagie one. Gagie's one. So it's quite like all those issues.

And then we're in hadaping crisis in 2008-2009, which is a global financial crisis. So it's another very tense moment that's a very intense moment that we need to have experience when we had that's 9-u-now-now-n-natured,

but this time, this time, and the sumersed from from the world, not from Indonesia. We're quite successful to be inhadapy global that,

because economy we're just a little bit down, and economy, and the system of the economy, and the system to happen,

with the new, commodity, in the time, 2010. And then, I, and the bank of the bank of the bank of the bank of the manager by bob zoolig. Actually, Bob sulik's already nawaring it's a lot of, I'm going to be doing the republic of Indonesia,

after global financial crisis, where I think, okay, I think it's good for me to get another career, international career. So I'm going to move to Washington DC in 2010, per tenement a half-year, and six-tawn in there. It's quite an exciting. time, because the world's the

there's a new president, President Zulik, did gantyp president Jim Kim. There's reform in the bank of the world how they operate globally so, I'm managing director that only menager and the Latin America and East Asia.

Then, I'm running the world global. So, three MD, digabung, and into one, to beaughal operation to beaugh-bawed so on the other one, one,

the one, made one, the one, it's been managed all global operation in the land and even even though,

but also knowledge. So it's quite, that's called, so that was my story, and then, Mr. Jokovic, back again, six years,

then, So that I was in the time in the other than I'm in a region, I'm in a lot of China, then before, I usually, if I was going to one region, I'm to be a few countries, we're in a lot. So when I'm in China, I'm going to Malaysia and to Indonesia, three countries in one trip, now, Jakarta is my last trip,

and then I'm not going to go again. Because of Mendesniks, I'ma, No, the Lanty. I've got to give up I'm coming here here, every week Sennan I'm still

there's a day I'm supposed to be another acara. Rebo, that I was back to the morning day, and then he said, you're be able to

Rabeau, you have, D. So it's quite acrobate, like that, to have to informatis, Washington, President, and the story. And then, then, come back to the story. And then, when, when you know, President, be given to the U.S.K.K.K.,

in the Estana, Vartan puttap Tewan, Welcome back home, B. And then, I'm going to do. There was a lot of programs when that. APBN, has been marauded. Tax Amnesty is going to be done. And all situations. So, quite remarkable. I'm going to follow-up.

Ibu, it's very important, and very instrumental, in some of a few episodes that's critical. I'm going deep-dive to the experience 22 months' last year, right? This is a crisis that, can, better, in the other than what we've seen in 2008, like, or 2008, like, that's the most

the same-tem-micro-U-M-KM. If 9-8-2008, they're relative aman, because mobility physical, that, that's still there. Maybe from there, B, B, tell you. From the way, how much of the world, how much the way. This is extraordinary situation, yeah, that we're having, if we're noteworthy-eight, we know crisis is,

based on the policy macroeconomy, especially the value-tukar that Bank Indonesia was fixed exchange rate, not because because of the deficit is big, so you have to release it. And when it's released, then it's just the repercussions to sector kewangan, bank, bank, then, dethantam with various speculations, NPR's more up, nilatuckers is more than money-tukarser

because of the Forex, then they're exposed. So, even, crisis is crisis of the economy, from macro policy, and the economy, 2008-2009, epicentrums in America's United, Lehman Brothers, EIG,

reverberate, because this is economy the biggest, but it's a crisis of the percation, because exchange rate and became a volatile, but, again, again, this, extinction rate that's going to.

The end up, you know, the macaeatleap. Yeah, penemabom. And then suddenly, you can't, fever, if you're not too quite, then you're not quite,

terrifying. It's terrifying. We're not looking, but we're looking consequences. So, what we're having is ancaman the human rights. So, so that not to be perjuration,

it, people can't see, because it's not to be transmissue that. If someone not not get to, it's people, it must shelter in place,

has in-place, If in the room, the world, we're noticat. And economy we're in 1998, the sector peuangan. Masserat tetan still be able to be able. Sector informal, mahala thriving,

because they're being many so many places safety net. This is that's activity massacat. Not able to come. If we're talking to school, warring, from the work out of the work is called in the office,

transportation, hilang, school, office, mosque, and, we have, and the church, and everywhere, that's many people.

Suddenly, they're not not have a work, not have income. So, when, to look, it,

first, before W. Before, W. W.H.O. Mugh. March that we had we have we had

and RRT can't the RANNANNs really, very, that's strict draconian, yeah and we're looking and we're just no, there's

no activity. I was when I was I'm thinking, oh my God, when we're going to when we're going to come to come from from China to

come to come to Indonesia. So that's nothututut, right? RRT, especially in Manado, in Bali. Now, two provinces this that will try to give bantan, so that's incentive that. But when we look at Singapore, tangy, that we all looked at

that was a one airport that not-pennedur, not there's a lot of, nobody, can there was a viral, yeah? Awesome, total. I'm going to be really consequential. So even before the U.HO, I've seen, oh, this is going to be really bad for economy. So, when that, I'm going to be to be a president,

this, like, it, needs a certainerer. Begative, if WHA do an unum can, and we have to do PSBBB at that, lockdown, I'll say that's about the first that's hit the people that's the bottom. They're also, they're going to give up to you. The second, we're not talking about.

So, in the bidang of the health, not-bolead of there constrain, the Mentrian Kesehatan, Dinas Keseatatown, and in the area-de-a-da-a-a-a-a-a-a-a-could. I'm not-a-a-cure-a-could. We have to give-a-gare-a-an-a-and-and-a-and-and-cest so that's about

prevention, isolation, the world of the crisis, we're inunditizers, rebutan. In Indonesia, the companies that make-halser, it's,

that's also, the etil alcohol. He, usually, export, we say, we can't export because the need because the need to be the need.

APD, when we're all the law, we're not. MAKA, So that's because of the UNACAS because of the UNACASM, the UNAQAWRUZ, the two people in the

textile, to make a BADD, which is a personan from Korea and Japan. They're depesaned to just to jade the material from them, dejaiet.

Maw, the export, we're trying, that's really, it's really, detention, because we also, we also also, we also, we're also we're getting caught. Soinga awal, it's real, like we're having to be a musu that not-the-and-cammation

very, but the ancammation is very so. So, instinct from the policy we are, it's the ring-pengamance social, because the people, to be of the people, and more than the health for the same for TISA, APD, then imported for testing, tracing.

And, then, we have to be able to be inunduiting, especially UMKM. M. Then we think, they're not, how can't do you can't how to give social safety net, net. They can't get it's about it's about how to be it's about it.

If they can't get into it, how the pymineam it's, like, don't know we're not going to be able to be it. So, the pinjamina has to be it, so the punawing it's not. The money we'll buyer in, the people who've been doing.

So, it's very detailed to the impact that's very, that's really, but, BN, but $1 billion, the money's up. But it's the money for $1.00,000. Right, right?

So I said, where's the money come from? Pasti deficit will be more than 3%. So, the President made up on Perpun number 1, made for this very particular time, we can't deficit in at least 3%. But we're doing only for 3 years. So that was a lot out, yeah, because we're not, first, there's not a country that's yet,

to get into consequences that much too large. Even the country who has social safety net. I've got many telephooned from the people, the Secretary of the Uwangan Australia, he said how they're helping social safety net through them that's people who usually work-hariant in the cafe as waitress

not-it-tut-k, because they're not-bis-bac-ta-ta-ta-ta-cust-n't-law-hous-house-ne. So, renting, the rent-ing, the government. That's not-certain-one-cich-a-cuit-a-cuit-a-cuit-old-a-cccccccccccccuit. We've got, we've got, $4.50, that's-housholds, relatively, not-map-webass-it. 900 VA, it's relative, but also not a lot of people who's very mampu,

we're giving discount 50% internet we're giving. Because, tibbeckxaract, people rely on internet. So, de-bebaskan, teachers, mahasis, murid, pesant, and everyone, they've given to give

the Pursa internet-in-neclaim, and we're not-ta-catchezed to that. So, wow, wow, if we can't be able to say, and we're not to the country, we're doing it. We're doing it. Maybe if you were in Instagram, Zoom that day, and when one of the one day before,

and when one of one person got COVID, everyone's terrified, right, who else else can't get in? But when I had that one staff I was like that, and when I'm giving mepidate, I'm batuck. And I said, ah, in the gyrana,

I'm going to get COVID. It's all. All parno. So over weekend, there's speculation the Mentiary Kewan can't COVID. So I have to show

in the Zoom and say, I'm back, just, thank on the concern. So it was really something that we never been

because we're we're about, we're we're trying, there's someone who's been and there, there's someone who's that's going to get, who's again

we're going to get so we're not even in a situation terrified but we can't be afraid we're we're not thinking this, the country,

the country will be the economy, like, what, the economy like what, and the money will be what.

We can't credit, credit, will becate because of people people borrow borrow pay credit. They're living only not able to. So, we've been able to be able to be in person

capital, and PNPL, Meningate. So we, B, E, OJK, LPS, in KSS-S-K, marumusk, to make stability system of the economy and tetact to be chagued. Well, this, can,

maybe many that don't understand. This is the level of the world, at least, the level of the world, activity of utang, to, to increase, to live in a level of the world of I have a billion-

I have, there's a lot of, many that's more, to galley-lob, to-lob, or to survive. At the level corporation, because of the catarbatasan mobility.

Maybe this is a to be a newtick for the why the legal law that has to be able to be it. That's why it's a lot of it. Yes, APBN, can, instrument fiscal, the APN, you know, the agarer of the lander of the country. So we get a pedatatatan and we're

to buy it for belangia. If the end up more and the more than we're more deficit, So there's about the money that's about the money that's about the time of the economy. Mawcadish, we're looking, pariwisata, predagangu-acomodas,

restaurant, hotel, manufacture, even has to-tut-tut-tut-tut-trapotation, tibet-pani-pani-gaping-boh-pulled. All-transport-umum paralyzed. So we all know, this will be aumbang. So is upbN, because of the people then even too, because of the payment pay-pac-pac-pac-pac, not?

Is it? Or we're just in, or we have step-in, to help? Now, the country, really, the instrument APN to meet upheaval to meet situations like that. So, in the Lawan-Owaka, there are the way that function of allocations, distribution, statuasas, if you

if we're like, to build up on school, to build on the infrastructure, it's di-alocasican so, we're,

resource our more efficient, and good. Distribusies, if there, if there's a area that's there that's

more major, the three-T has been given people, people, if there are people, or vulnerable, there's

people who are more than people who are more, they're paying, we're bantuan. That's function distribution melanching. The economy is, if we're going to gungang, ancure, we have to get up. Economy, like, overheating, we're having to endeming.

That's the name of stabilization. Now, this is a example, economy gungcang, ancure to beawe. Now, function is how much? Yeah, that's uphung,

while we don't get upon, because we're not getting jathing. So, we're not being able to give us, the help of the health, and helpan, even though we're not getting get penerima, but, can, this, not so long as, now, if we're going to get back.

So, so, Pat, Gita, we think, Right, because of the fact, because I'm going to say, I'm still from young. Okay. So, when that, the way, when it's the time when it's jadegh, but we have to do-out-you-lawful,

but not even this is an reason to bring up to give-briacan fiscal policy that's poor, that careless, who, not-blet-wet-want. So that in the PEPU,

we can't be able to be it, so on the time, so on. So, so in the three years, we have to be disciplined. If you're not going to do people, the world ofusaha, UMKM, you also have to keep

take, this, penerimaean. Now, because that, in three years, we're, we're in 2020, It's up to lumpoom our up to get up to paybacked to, but we all the amount of our time. Because of the amount of money is still quite good. But, the balance our $15%.

So, the belanguant melanched, for the health, the payment is jadegh. Mankan debtor is in 6%. 6.1%. is that I'm not sure I'm going to be able to be there. No choice. Is it?

Is it? Absolutely. Mackay, we're having the other. How consequences with the other than we're going to be. We're going to be it. But don't even, we're going to, oh, so,

if the APBN we're not, biarring it's going to leper, and then he doesn't survive. So, APBN is a instrument for that's a good at the same time. Toxic, we have to run it. So, because the deficit is, if we're 216.1,

we're down to 5.7, and now, with the price of in in inund, batu barra, big, CPO, good, the, so. So, we've got to get a penerimation and it's good. Belanguant yet did discipline.

Man, you, the vaccine, yeah. Because of the other than a lot of the other than a lot of $9 trillion, to give them to give ushantive for the sector that still is correct, we're giving. Because we want to remuneration really, really and it's already. And it's just has been very because of the economy, too much, we've got delta

we're making, flexible again, adapt again, make we'll make sure, and we'll look at the end the decision now from, from the same. One, we're going to be 5.1 to 5.3.

This has already 1% from GDP. Time before, we're, and DPR, this, The last, we designed in 4.7, if with commodity price it's still, the people are still good, the people are still quite. And when we're saying like this, we have to be communicating. How much, this, how it's the way.

Mescimpal, we're going to be through Zoom, sometimes we're meeting physics. DPR, al-hmm, it's, we've done-duking. We reformed pajack, other than the law, that's the law, you've done, we've got reformed

our new year, which is approved by DPR. That's, from the Sisi PPPH, PPN, ketentuantuan, bea, and cuckus, all the reasonn't what? So,

so, now, we can't make-puling, we can't bring-upul-an for what? To be-in-ta-in-a-P-B-N. For what, has had that's about it. So that's the data

that I'm saying, yeah, the people, I think, the majority of the situation that. Apart again, we're trying to make sure what we're doing it,

how we're doing, carey-hatian what what did happen. We're making up people, we're justacan, we're using, and through podcasts

like this, and, and, and, and, you're like, But if there's always Gobok, but it's like that. But it's not-paparcy, yeah. But then we look,

the surat of our country, that's our own country and out of the country. The whole of the Uttalue when the Uttalphi's spread of America is, we're never, right? We're not. Because we're back.

Tadig, we heard said, it will still because they're not even credibility, because we're giving three-time hat-hati, we're communicating, why the deficit is more than how we're to make make make them look back. And I, with Bank Indonesia,

to make up to make up together with this extraordinary we can, we can, we've got SQB, the other for financing, where Bank Indonesia step in to buy a surat-perhatreder-negara. That's not as well as well.

Transparant, acuntable, to what's what? DPR, METAWI, B.P.K. Audit, Bank Indonesia and we've made-jolaskan, we're making to all the channel, rating agency, so,

so, we're going to be able to inshawlough, insh-ol-a-a-a-a-a-a-a-oh. I'm going to give a signal that optimist, if we look, while even than 220 million, there's impact in a general in ASEAN, and I'ma'an, even than 13 million,

Indonesia, more than 4,000. Anga of the death, although, even, it's 5,000, so in a percent of the population of the world, that's just 0.0,6%. Dibandemic, Spanish flu, black death, epidemic or pandemic before-sevelom, it's more little bit more than,

so if I'm going to beckle, for the next, for we're more optimistic. Now, the question of my last, the COVID, this we've looked, it's done by economies, economy, to be made up to financialization of the fiscal. But the last we heard, we know, narration or rhetorica about tapered tantrum, because they want unwind,

financialization of the fiscal. Maybe in education, people, or, or, the penicaping is how, or, taping tantrum, or inflation is something

or something we have or this is episodic. It's even in response COVID that's while we talk about the corbant of the life, yeah, relative to be itchal, but if we talk about people from medic or, yeah, say,

say, not can't be it's just that. So, that's. So, because that is the and the that'sharmat

that'shacket, usually that's all-cost. that we've got to do. Now, situation that's man that's more than 190 countries, can't be over

over-haping COVID. Pemberintan you have to make extraordinary response. Now, response that's the fiscal-n't- being the buffer

first, to helpin' social safety net for he can do that, he's notherat-utank. The word-utangue, that's in the bank centrality in the barque-in, like that's done by bank Indonesia.

If the country majeu, it's done when global financial crisis. So, it's been said, monetization of fiscal operation. Now, dampact not, the world's

the world's kind of liquidity the term. The federal reserve money, because he's money, not just treasury bonds, but also corporate bonds. European Central Bank,

we'll do it same. Japan will do it same. China will do it same. Asia will do it same. Indonesia also in the liquidity that's much to

economy, but when economy because of the COVID, liquidity justiceland justalans, if it'stilellation, if in the same way, yeah. But he's not be renter. He's pergues to be able to stock assets.

Mocker. Mugat. Everything in the world, all over the world, high, big. Property, moving on. Crypto,

also melanched big. That is because, so much liquidity, activity, is almost like stand still. Now, now, COVID-upes,

the vaccine, has been met, the drug, the people have been, confidence, recovery is recovery, the recovery,

what is now is, is now, is a bit, but people, but people, there's a big of the room,

the super-truck, still, stills, so that's container, because of the same-strended in various countries, it's not yet. Permintanaity in America, containerer's there in Hong Kong, not get-temu, that in this. So, when the person's height,

go out, want to buy or make-gunnaker economy, pes-pesson-pesson, peser, besen-pesson, the barangess, not available immediately. Maka, it's more than now, because climate change, the world also

becomes very critical to the fossil fuel. Maka, the lembago, the money, demand, to not investas in fossil fuel. So,

exploration of the oil, too, people not be able to buyi Batu Barra. But while the recovery to take. Everyone wants to transport, naipersa again,

all the time. Listric will be in the sunsaint, while in the country in four-museum. So, the power of energy, naïk, exploration, down, the price of money, melanchat.

So, so, the cost of barang melanched, and the labor buru-buru-you-in-bu- who-lom-lach, other, maybe there's a

If in English, because he's Brexit, not there's the people who are from Europe, the same. So shortage labor, shortage energy, plus, then demand that... Yeah, it's going to pull up. ...theirpast. ...terjadid inflation.

Now, the question that we're going to happen. Right, it's going to happen. Because, it's, oh, this temporary, because, can, if you're more than the big up and then, that's bigotleneck, energy, burrow, barang, it's also going to easing. So, there's who have been thinking,

this inflation is temporary. So, don't even bank central is overshooting. But, also don't even be too lambat, right? That policymaker, it, is the choice-mitted-sulid-ne-sulid is, if you are too late-later-too-late, or you overdoing it, like that's like that.

Mencary tito timing that's the top, and dosis that's the part, that is the worker that's the most challenging. And, I think that's what's going to be, the MAK-20, we're as a national presidency,

this topic that's very, very important, in the session about recovery economy and what is called scarring effect. how much, how much, the economy that's up, the demand's quick, but supply-saidly it's constrained.

Taddy, because supply disruption. This will end uprisis. Indonesia has been, how much? MAKEN, first, COVID-Kit-Kit-a-a-a-l-bagh-bagh-bagh-baghus. Now, we're below 300, back. At the Europe, because of the delta variant globaling the 4.

But we're still as well as far as, because there Nataru, yeah, just a bit more than again. Taun last, Nataru, the COVID-Nan-March, because we're PSB, because we're handomies our economy we're hathed in two weeks'er last.

So we're still have to learn from just recent to-mary-morrow, we're not-bouldecompleasure. We're not going to beckonation. So from the COVID-hurtained our own-hurtain, from the economy of the economy is, inflation we're going to be less than, in 1.6.

Sementarer in America, it's at least in 30 years, even in German, it's at 4%. That's usually, they're inflationing almost zero. So in other, in other, has been having pressure of the big, they'll start up and the UNAVACC, but central bank and the Mentiary Kewangaed that's even though they're going to be able to work,

how much faster they're going to be metatting. We, as a majoring, if at there, it's got taken capital outflow. So, we must look, Indonesia, can we've done again, which is good. If you can't, if you back back, you'll invest, you're going to invest, so that's not.

So, so that's capital it's in-flow, not outflow. The way, that's really hard. The way, if you buy a share, surat, barrage of the country. But in Indonesia, with growth, we're good, economy's quite stable, inflationer red, fiscal policy we're prudent, monetary policy we're prudent,

Indonesia is just too attractive. It's very interesting. Dibundical, Argentina is in crisis, Turkey, in the situation that's not much, Brazil,

also also there's been inflation-mix and policy mix-n that's struggle. Africa's the latter. So,

Indonesia is a big enough country, demand, and market-ne-not-markets-ne-bossed big policy good, sound, prudent and we're in recovery COVID-n't-you-tourn. So we are in a position to be able to

be able to make it. Now, we'll just watchpada, that I said, monetar and fiscal-ne, to take in the stability and also sentiment so if if if bampi in the out of it, you can't

control like we can't control, which we can't control is that's just the long bolong the long as long as long as long as long as long as long as the When we see the way that was very dynamic, there lobang in there, there-badai there was badai there that we're going to be using metaphor mobile, boo, maybe claxon, yeah, must be penceet more-sering. Gini, I'm going to take from investasies.

If I see the data FDI, this is now that's going to be the right FDI per-per-a-per-a-per-a-town for Thailand, Philippines, Indonesia, about 100-a-dollar per-tawn. Singapore, between $16,000 to $19,000, Vietnam, Malaysia, $200,000, $300,000. I'm intuisi, you, me, yeah, bu,

to look with quality or attributes that's positive, fiscal, demographic, policy, or whatever that we've got to do nother, that's not a lesson, not for jarum in $100 dollars that can't, to be a number that's more how do?

What do? The average Indonesian needs to do? We're back as the KPA, so that's exactly. So that is exactly. So we know, FDI is, If it's a attractive, atractsiness what? First, is a safe place to invest?

Safe is, there is a certainty from the cites, law, and the pastyan of the other than not many not-pastien, peruban, and the law of theciptychic of the work we do. And it's simplifies. Now, the process is if we go to BKPM, So-in-in-in-as-as-as-as-as-as-as-a-approval.

The-approved, in-in-pac-pac-pac-pac-a-cccccccccccccure. Because it's-cru-could-cili-mintar-fas-pac-a-cig. Mentry-Pard-D-M-S-D-M-D-M-T-M-U-SID. That's-Bor-U-PATI-REC-U-PATI-L-U-PITU-RU-SID. So, it's-R-R-R-RU-Sil-N. But that's not the right. If you had beeninged like Vietnam, that they've been inciptaking, or Singapore,

yeah, all-up, one-pintu, then, then, then, then, then, then-since, that we're not being able to be right in. Because we try to be in, the Un-Undan-Cit-Kerja, we've made one single submission, one-pintu-sage-one-pintu-sage,

and we also to the people, the same, we think of the same, we've got to make incentive, we've got system, then FDI will come up if we're still, and marketer's also, and market's big. Jolast, Indonesia has market

and growths, growths, big, middle-income group growing. That's attraction, so that is something positive. FDI can't make, if Indonesia can't say, ance-ance, or the place to be export to the other. We are in the market ASEAN. We also have export to China, we export to America, we export to Europe. It's a strategic place.

Or even to Australia. So this is what we're going to build infrastructure our So if it's up to be reproducturricular, not beapeut, the way it's worth, the price of the price, the careraping. Now, that's exactly what's done by President Jokowi.

Bangun Infra, make up on dung, um, perbuy. Yeah, maybe people, look it's a biter, but that is a certain to the work that's the result of it's also

a few years, but we have to start from somewhere, and that's now we're doing. So, it's really, from $100 dollars per-kepala, because of the number of our many, but now, it's going to be made up, FDII, FDII. But even, still, politic, there's also that that's going to say, if the FDIAs, if we're giving carpets milha to investors.

is creating job that's important. So in this, I think Indonesia has been done what's the whole thing that's about, that's a lot of the problem with climate change, so, right? So, the people are not only in the FDA, they're going to get energy, renewable, not?

Because if you're using energy that's very polluting, when you export, it's on-as-darked, they're giving-tilef like, you know-you-noter the world. The world is a bit of a newbakhine and it's a lot of the other one of the importance because we want to make uphe energy

our energy, more clean, more than more heatho, and also, from the other bureaucracy reform, investment reform, that. Okay,

about the perubaniclim. If we're gaw to Krakka, Paris, or Glasgow, This is we can't have to be 50% in 2030, 25% 2040, Sisa 25% 2050. Not to know how the intuition or I, that's it, I'm like,

that I'm more because of technology than the bigiackan. That's the wrong parker, is, Buk, the thinking like that? No, same-skay, no. If you want to do you know, in the in one of the first, there's a problem, the solution is as a big as a big,

some fundamental, solutions, there's a lot of technology. If, if, the world is now is going to be there ancams, it's people who've been making for making them. in a more than more than more than energy, more than more than the A. They are really relying on technology, which is not wrong, because this is the same manusia also

did with many episodes in the life of manusia in, in the history of human human, and always also also muncule technology as solution. But if in one side, and scientific report we're going to say, we're going to 1.1 degree

centigrade in the industrial, before industrial revolution. If we're at 1.5 degrees centigrade, warming-in-near. Consequencesinginging has been so much. If we're business as usual,

we'll get 3. degrees of degrees. So, it's devastating. Tadigntasiness, before it was it was before it's been in 2014 or 50, there's technology that can't dolea on technology. So, rely on technology, not wrongly. But people are also nervous.

What is, we rely on one just. Because manuosia must be adaptation and have mitigated risk for this. Adaptation is, due to the cost of money, mitigation, has from technology, from the market, because it's not

because it's like carbon market. Because it will create support or what is called innovation and catalytic

to the technology that. Begito, people who pollution that discharge, you, the hardgay,

if you're making out of CO2, you have payer, the people of the people might make sure, how much more than I'm going to buyer it. So, they're trying technology. So long as CO2 not

the hardy, yeah, people will put out because there. There's no consequence there. So, because, we've got to be able to carbon market, how much, how much, even if you're put,

if it's just, people, to change behavior that, be able to be based on the signal market. Also, you have to be credible, a lot of a lot of the same that's been able to be able to

get moreing. Because if we're still in, it's even more than the economy, the world will be more hot. And climate change will be more fast and more dashat. So, all the country has to have commitment. That's what I'm called D.C. That's what we're called our commitment to.

And to deliver it, Tadethy, but to technology, and puttow policy. Now, I, as I'm going to be able to be the Ullorsi, Menti, Mentry, Mentry, Kewangan. Baggian I, it, in one side, in the world,

we're talking with the people who, the world is being hadaping, President, has been given signal, we're going to be on the climate change. You better prepare, and we better start to change. We better than I know the way to change

to be able to be able to be because we don't get to be because we don't want to get to be in need to be in a problem of the next to be in so much, the change can't be

change, can be hindered. Now, this is that we're doing. Policin'a, policy can be paycheck, subsidies, incentive that we can

that we can't give. But the other, as a key to the other than, oh, that's notarying the world, it's a lot more than we're going to be able to bring more. Cases the money, don't. He'll give us $100 billion dollars per-tawn, and still still.

Not. Not. It's just about 20-5. It's like already 10 years. So we're going to say, There is money, there is technology, and policy. We combine three-tiguan. But if I saw look at data,

bu, in 15 years, emissing carbon, this mingat. Agupt, like, 30%. And contribution from the negatheera-neung, that's not small. Very, right? Yeah, right? Now, the question is that

related with DNA is the new-negare-beamang is to continue. We have to be. And, partumbuant, too, not be so... ...asegampang that we thinker can, did not with renewable strategy.

Because renewables, scalability not proven, and mahaled even if there's scale. Now, this dilemma, for the country bebeck, Yeah, not just in the country be because,

because the country major majeu can't say, hey, you can't be notewing, yeah, I've got gotorin, you know, because nother in, not can't be that. Right, not can't be that. Right, because there are

people who are still miskin, the people are not comparable, if Indonesia, now, say, let's call it, in 4,000 per capita, as in 64, And then you're not like that. Eveningy, even if you're about 500 per capita.

So, makedaii, like the way. We're not saying, yeah. We're still on to build economy and society and our livesaract. Namun, we also want contribute to not make rotority the world as broke like that ever did done by the country maju. So what solution?

Lagi, again, technology. If you gave me the technology today, for energy. Because in Indonesia, there are two sectors that are very important. Forestry and the land use, the use, and energy, and transportation. That's two biggest, for Indonesia,

to be able to down CO2. Forrestri, that's, if we look, we're going to golly-kali-khanes, now, nanomangrove, nano. Because it's cheaper, moreh, and that's the other than the same barredo-2s, it's quite effective and remarkable.

So, we're just per-briestation, we're debarestation, re-forestation, has to galacted. So, net net in the land-use, it's been net positive to makeurangy CO2, to make makelewarking oxygen more. transport, we have to make up as fast-transit so that people more like to make a speedan,

naic what, what, what is called, careta, so not everyone naimbing mobile and then the U-2s more much. Then, energy that's renewable. Now, now, people make up that's reliable, that's fossil fuel, either batu-bara, gas, or...

of the oil. If we want to transition from non-renewable, we know, the base load is about. Indonesia can't say, Batu Barra, then, there's no longer

there's gantyntiness. Because 62% from energy our energy our is from Bathebares. If we want energy of Batu-Bara and, later,

to bea-dick-penganty-hanty-hanty-hru-ad. So I've got to put you, this is the same, I'm saying, this is the same way, I need to pay-target Batu-Bara, because this it's already-contracting. Upamination, we've got made-banket, Bat-U-Bara,

already-jewal-K-L-N, contract-n't-tri-ttall. Now, I've said, can't not contract in-pendek, so the pollution-n't-same-tri-ttall-tt, did-it-it-it-it-it-old. The people-usahed-bacresed, yeah, can't as far as impot-compancyed my,

I've got to be given to $15,000 the last year. So I have to find money to compensate, that, who's who's paying? And then, the bat-u-bara that's-old-old-it-old, that's-can-n't-natured. Not only ganty-in-the-old-in-lang.

We're now, with economy of growth, and energy is more so we're not only just to make up to add together, we're going to to make up for what, to build up, to build, so I have like need to have two pot of money to retire and to build.

It's not talking reliability, intermittent that's called base energy, technology is reliable or not. And, below location. If Bap Bissidin, can't say, We have many of renewable, like hydro. Because we have more than 4,000 sunsuey. Three of the two of the sunsuey-waters,

that's great, but the place in Kalimantan, the place there is in Papua, consumption is in Jawa. So you really have bring, Goss, to Indonesia. Or we bring activities here, we need to go. Now, all of like this,

This is an investment that's great we're going to be itchaptering. So we can't just pidato, pidot, and climate change, and so all that. Or if I'm being made by the other countries may-maju, hey, Indonesia has contributed like that. Emman, you've been about it,

it's not so it's going to be it. I've got to actually paid me anything. Do you have any moral position to dictate us? It's like that's not just to react, it's great-gid-gid-gid-gid-git, but tolep, to them. That's what I said, that's it. If we're just on, we're just on the level,

so we can't be able to be able to be able to, if we're going to be educations the last level, is how we needucation the generation of Z. And, after this, I've talked about about for the climate climate. And they're excited, but there's also that still who's not enneh. Okay.

Because if I said, this finite carbon our own, two-three-three-five-three-gigat-ton. Emissy per-town, you, too, you've only had been 50-year-old, if you're set,

jalan-kaki to the right? That, then, that I said, If that, if that's, we're going to decarbonization in, whatever way. But this is important, but to be socialization. Thank you.

Bu, I want to beaq. Yeah, right? I'm here, there's some observations. If technology, is derivative one and the two the speed and acceleration, it's more mienkent. And in the batas logica, speed and acceleration

the margin of error is more than more error more than I'm going to be in context that's great really in the kind of people in the callangue blockchain blockchain is a phenomenon that gila, pertumbuance

1,120% per town internet, the newbtsbtsbuebation per time 60%. Blockchain is the application the last, after the end up in crypto. Why crypto is the because people don't know

not even with the money be reader. It's too infinite. And the crypto is finite. And then, there's no gold standard again. This is a hedge

to redact inflation. The last, there's, many that not on the Now, this back again, back to the other than the other than the other than the

Bitcoin just, it's the same with the energy in one of the country, in Argentina, in a year. Yeah, if we're popular-upu-can blockchain, we also have to makeir in renewable strategies. Panang-a-anagan, how, about technology and how young people now,

more than the same thing that's about that's the nature of the nature. There's been many dimensions in what what's the same thing, technology blockchain, that's shared ledger, close ledger. People are in the system that,

that's it's about finite, not like if you're printing money that's current that's fired money, you can, like, that's like it's like that's right now. So, that's a good-to-it-cath-calolak-can-dust-in-sust-in with a certain-tut-tut-up.

Now, there's many aspects. Aspects part-tie-tube-tere-tall-chaping-pinded-in-pinded-sin-pid-sin-a-old-up-a-cic-a-a-old-cli-a-lond. The, the way, the world, the world, This is a lot of liquidity from the right. from the right now is a lot of the central. Bank central in the world. They print money to jakey in economy.

Because COVID-comer, they print more than more, so that economy's coming back. But then excesses, this money, to find a place to invest, one of the one of the money, which was the crypto, or Bitcoin,

that's why the highergain it's the same-a-due-basket. The second-law not-gawing-in-in-in-in-in-a-cournsi. Because it's about commodity. But he's already a coin or currency, crypto-currency, bitcoin,

and from the bank-central, they're not, you know, this, come, tumbled-turb-turb-n-tisset, yeah, rations-a-tus-sand-pregn. I've got many people, I'm not saying, like it's not working, they've got to get money,

it's just so. So, the regulator all the world, bank central, especially, will be thinking, this is under whose regulation this?

Because, like, the time, fast and accelerate, it can be said crash. That's what is with, usually, bubble,

and burst. Now, it will be a new and then it will be able to be able to be able to so that's a lot of the United and the United, it's not going to be sure. Apocke exchange,

or or bank central, or who has to make a regulation this? The other, the other, I'm going to be the technology ledger that's it's made-it-it-futable,

and that's-tacempsyching, and that's-tad-tare-for-terrorism, money-laundering, it's actually from the first of it, because FATF, this Financial Action Task Force, which is an organization antar-negare-the-the-duner-negarer in the

world to detects the flow of funds that from illicit financing, money-lodering, financing for terrorism, it's going to be a risk, risk that's more than it's a lot more bigger, and this is something that's the G20,

the enthrer of the meni-metry-Metreauhan and bank central, with authorities the world, like financial sector board, IMF, even in this, we want to talk about BIS, what does it mean?

There's many of the other people that's about to accommodate technology this. I mean, it was in Singapore, London, melancholy, because, the technology this, from on-cost, transaction costs, very low, efficiency, efficiency, so if you're being than digital currency

that's still-in-based is FIRED, this is a choice. So I'm back bank central this now really, really look at phenomena this to make sure-and-a-courtlyly the end up to how reconciliation between technology close-leger with traditional

central bank currency. So, right now, in RRT, has started to try central bank digital currency. It's also, you know, that's also, I'll use technology close-lager, I think. America because dollar the dollar

is the numbering dollar is very much, they're going to be because dollar mendominesate because they're also being used to

digital currency this is a one of a turning point now this is that is a thing that will be seen

we've been making kakii about the technology this other than we've been that's that's about

the same thing that's cryptocurrency or close is energy if this is something that's something that's being maintained in the system digital then he has to live

and must be sustained with energy that what we're saying what we're saying it's a need to maintain one bitcoin just as much more energy from the country like Argentina.

This is very not energy conserve technology, right? Now, then the need to be able to make. If you're going to talk about energy, yeah, like today. Indonesia, as a country, energy that's 60%

is coal-based. If we want to keep, it's if there's permitting energy, it's a renewable. But call it's only down to turn it's up until 20-year. Turned portion of 60, so it's 40, the end uprofen't in 2016.

Now, roadmap this and how much transcissi energy this that should be thinker from aspect that. Who will be it? Doid it's from where? And how much benefit it's. Now, this is the government is about, the money carbon.

I'm going to the Glasgow, launching energy transition mechanism with ADB, where, I said, the one I'm going to retake cold earlier, and one pot money to build renewable that more quickly. But this, can,

it's very meneranagan maselah, because in-bid-win, but too, it's incentive, implication, the way of the electric, if it's more than more than more, how we're more than how

we're making subsidies how much than it's if they didn't continue because if hydro, geothermal, or like the sun, like you win, or evening current, or what, uh, arous-lout,

it's, not aced. If there's, the list rigged's light. If there's, list right now. If it's like being, it's not lucre. So, we need to be able to do it to make sure.

It's stable for base load, base energy, we're. Now, all aspects this is that we're saying That's about the government, there's there's I'm at the KMentrientry Energy, yeah, Menti-K-Lhaka, Jalhka,

Jalas, Buciti, even the Menteri-Perdagangan. We know very well... A long time ago. ...same, same, you've been there. So, carbon trade, globally, it's also one of the dimension that is going to be very, very interesting

and also challenging. Yeah. I'm like I think that's like we're also to go to know town hall, I think their smangued, that's the sameagued that makes me, my hearty my, so I'm very, I'm, I'm, my, and our young, our attention,

their, perhation of their, in the place that's right, that's in the place that's the sameagued. Now, we have to equip with fact, knowledge, techniques, strategy, even geopolitic, that's not-siderate. But it's not just because we can't work in. I've got to be quite many times in different places, but, yeah, finally we can't work. It's important, how we can move the mindset of their,

from over-consumptive, to be regenerative, and not as a consumer, but as a work as citizen. And, if I'm inevitably, they have to take political ownership. Because it's very... Because it's a lot of question, but I know you have time limits. And maybe the last, I'm going to behast to the future, Indonesia to the front, to say,

to give you know what I'm going to be, but how much, how much the most obvious in my is, we have had one female president thus far. If, in the end up in 2004-5, that's how, how the manita in the

capimpinpinpinning in a general, or the propimpinningan in a common. And then, how, How much of our posture our bigot our bigot our bigot in 2004-5? Third largest democracy, fourth most populace,

Muslim majority, the biggest economy in ASEAN. But if, if, if, if, if, can, if you can't, to metrics metrics that's great, that's what, ma'amigran, you, Perjana a country, in a hundred-year-a-half-year-old we've seen many of the RRT that's been a hundred-a-tourn't-aun, if we talk,

even before the country Indonesia's born, he's more than 2,500 years, and with peradaband, with the krejaan. Or if we look at America-Sericat, or the country-neurra, or a country in Europe, which is a democracy that's just too-twek, Tua, if we

if we've got to hear of 2,000 that's a milestone that we're tend to have a impian, have a lot of people, put a target, and if Indonesia said it's called great,

it's just, you know, stability, we're still open, democracy, there's check-and-balance, there critic, but also

constructive. Yeah, we're not, we're not always It's a lot of the but not yet yet progressing, then Indonesia in 2004-5, it's

being a lot of big economy. We're now in the G20, we're at in ranking, 15 or 16, that but if we keep steady growth

the top of 5%, then, then, the U.K. and the country German, it will turn to down, we're atas, India, India, we're-r-r-r-t, because, well,

because, well, economy-sized-nigh-nizabeth, now, to make up to be able to be. Now, to get into-it-tune-it-tung-it-ung-an, growth-so-gig-gare-gddddddddd. There are so many necessary conditions that have to be-adaping, that we've been done-in-a-laping. Reform to-mana.

Reform that made the government-to-bearsy, efficient, accountable, so what's just, that's not that's regardless of the political he has to behuisive, that's accountable,

resists, and if we're competition as a democratic, not for grabbing the power, but how to serve people better than others, the competitor. It should not be it.

Debate policy is like that. That's the government infrastructure has to be built system of the system of the economy and the limpinginguonging, like the world's right now, which is amazing,

the world is kind of good, even though system of the healthing we are still to be perquot. Pendidication is very core in the reform this. So, we'll need SDIM that's public's free, accountable efficient, infrastructurratured

good, so that Indonesia can't be growing, the country that's the same thing reform in the way important, that's right. So we have what we're called

check and balance, executive, legislative, judicative, which can be three-thaghanes that's been function in a good. So, the people I'm like, I'm like that.

And the country is here, and that's like that, there's executive, legislative, judicative. And then I talked about issues, issue, gender. Indonesia, we had, we've had, we've already had a president of a woman. America that's 200-tallon medica,

but one VP of the people, that's the person. The minister, o'an, first, he, just that's just when I'm going to get by Mr.B.Y. So, it's more than I'm going to be in the U.S.S.B.Y.Y.D.A.S. in America, there are. In Europe, but yeah, prime minister of the women,

then, German, right? France is not ever, yeah? Yeah, right. So, in the United Tacher, to the same to the same to the gender. So, maybe not just top position, but how lensa or optic, where manusiness is, can,

there's a manpowering 50-50, you know, probably 5-1-49. That's the woman is more, yeah, because 1-4-9, perhaps more than more, that. If you're making perlacucing, just as appendix,

that's catatant after the last of those population as a certain, in fact, if they're if they're talking about school, we're looking at a lot, usually the person,

the woman. The top five. The top five, the top ten, there are men, there's a guy, like, Ketka, that's when I'masasasua,

men, usually When they're going to be. So, they're going to get to be made drop out. They're, I mean, I have to make a career. If menac,

can't be compromising, they have a child, have a son, or can't care. That's the question that if we I did you want career or menikah?

Yeah, the other, do you know, want to have been married? Yeah, laki, lank, two-dawning, can't have been given to an adult. If you're never been asked like that, right? I, as a man, I'm very much, I'm asking. Bu, how much how much way between career and family? That kind of question, not ever did ask you to lanky-lake-lake-luck-untum.

For the name's name, ma'amah, bud. Oh, that's right, yeah, yeah. So I represent both. Okay. Very nice. I mean, that's like I'm going to say, the people that are able to contribute to contribute to make them to be a lot of men,

sometimes, even, even, because, because of social, norm, cultural, even religious interpretation, it's been made for the power. Everything, like the defaults, yeah, the people are you who are, like, who's great, in the world, that's. If you're in the world, karen't ask you,

"'Beratuck, can't? Like that, if you're rancet, if there's been a lot more than, "'there's no one that kind of asymmetric treatment "'meming, it's quite tough, yeah, to make up. It doesn't mean that we give up. So, if I'm at the Kementryankewaguan, we try,

so that's not a lot of that's not being givencension, trade-off, when they're living. I said, Lacky, can't puttornity leave. Has to beckxed

and the child. It's, can, give them more support. In this, there must have a lactation room. So, Even if I'm even if there's a child care, it's also, to make child care

to make sure that. So, there gestures that's juster that's not too important, but for women, that, everything, that's something that's something that's very important. And coaching. So, actually, the men, like, people, too, to give you, like you know, like you. Like that's your gesture, to be able to appreciate,

the room that's the opportunity, it will be a lot-biasa. If we're just about-biasa. If we're just in doing it, this, this is impiris, in venture capital, there's study that's making

the diversities that's the ROI return on equity. It's just, not more good more, yeah, that's just well, it's already that's quite long.

When I was, because as COO, we're making one of the mainstreaming, that is is gender, that's the cross-cutting issue. That we look, if in corporation,

board, which, the dewan director If you have like a boy's club, kind of that's kind of a good thing that's kind of a new technology like Google or even in Facebook, when they developed artificial intelligence because it was a blow's clad he's not know that,

that's the people are different so that when they're all right so that all the manuosia is lucky. So, how little but you don't have gender-sensitive, Gender-sensitive, this is because in our corporation, if you're as a CEO,

as well as you're going to invest, it's dear thriving, and you know the risk of where. But if you're born, lucky, you're all, you're making... Confirmist. They're just, yeah, that's just, well, it's just, like,

there's that's being to spion. Eh, there, in the back and there, Or look at the up, now, now that's more than a hurricane will beaunt, not even though, not have got to peckoan it. Because there's what club mentality. Now, diversity,

it's been debority, it's been able to look at all the alternative. That's not good. Oh, in here, if in-antra-lake-lake, not look, this is opportunity. But if there's a woman, it's, really, backus.

you, 50% of the people are a big market. That's another opportunity. Or they'll see, with the peckon empathy, they'll get, this is going to be too risky. So, they can't be able to make up risk. So, empiric is right. So, in Germany, now, it's going to be law mandatory. Wow. So, not-bolead of director who, like, men, like. There's a woman.

There's a different. So there's diversity in the in the world. I think I'm, yeah. If I'm a Muslim, I've been said, and it's about, it's not,

it's not, it's not, people, can be able to work to work on to make some that

that the world that there's from that, that's not even if I'm like that's about appendix or a catatatat as footnote, that's as a footnote, that's what I'm going to have to be able to

make sure I, see, peradaband and the life's more good. No disagreement. I have a thousand more questions, but I know you have to go. Thank you, thank you, very, Really good to see you again.

Yeah, likewise. Fascinating. I'm actually, I think that you're just saying, rather than when I'd give you to know to watch the piano just, why, because, there will be a time.

That's a time. That's, yeah. Thank you. That's, that's Sri Muliani, Menti, of the world of the Thank you.

This is the endgame.