Independent Report – President Prabowo Subianto stated that as the stock market plummets, several ministers in the Merah Putih Cabinet were experiencing stress due to the significant drop in the Jakarta Composite Index (IHSG). He specifically mentioned Minister of Housing and Residential Areas Maruarar Sirait and Minister of Maritime Affairs and Fisheries Sakti Wahyu Trenggono.
Stock Market Plummets
“I see that only a few of you are stressed about the declining stock prices. Maruarar? Who else? Trenggono? Where is Trenggono? Oh, sitting next to him, here they are,” said Prabowo jokingly while leading a plenary cabinet meeting at the Presidential Office in Jakarta on Friday, March 21, 2025.
He then mentioned several ministers who were not significantly affected by the stock market decline. His remarks sparked laughter among the ministers.
“Budiman (Sudjatmiko) is fine; he is not worried because he does not own any stocks. Who else? Amran (Sulaiman, Minister of Agriculture)? No, he does not play in the stock market. Who else? Rosan? Rosan (Roeslani) is already bald, so he does not mind,” he added, followed by laughter from the ministers.
Prabowo emphasized that stock prices naturally fluctuate, and the most important concern is food security in Indonesia. “The stock market can rise and fall, but as long as food supplies are secure, the country remains stable,” he stated.
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Assurance of Food Security Ahead of Eid al-Fitr
On the other hand, Prabowo reassured the public that food supplies ahead of Eid al-Fitr 1446 Hijri are sufficient. He confirmed that the national food supply remains under control.
“We should all be grateful to those working hard in the food and agriculture sectors. I extend my appreciation to everyone contributing to this effort,” he added.
The sharp drop in the IHSG has raised concerns among investors and economic stakeholders. The market’s movement has been influenced by both domestic and international factors, creating uncertainty among investors.
In response, Minister of Finance Sri Mulyani has issued a statement to calm the market and outline the government’s efforts to address the situation. She also aimed to clarify and refute circulating rumors that could further destabilize the market. However, the effectiveness of these measures remains to be seen and will require close monitoring.
The Need for a Comprehensive Economic Strategy
This situation highlights the complexity of stock market dynamics, which are influenced by multiple factors. The government must implement comprehensive and responsive strategies to maintain market stability and investor confidence.
The drop in the IHSG is a dynamic situation shaped by various internal and external elements. Investors must stay informed about ongoing developments and make wise investment decisions based on accurate and up-to-date information. It is important to note that this information is valid as of March 21, 2025, and may change over time.
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