The Asean Economic Community (AEC) agenda needs to become more
sustainable, Indonesian Finance Minister Mahendra Siregar said on Monday.
"A sustainable fiscal policy
is the key to sustainable economic growth and needs to be supported by a
sustainable fiscal policy.
"You should not have a high
deficit just for the sake of promoting growth," Mr Siregar told the
Bangkok Post an the sidelines of the 10th Asia-Europe Finance Ministers Meeting
in Bangkok.
An Indonesian law implemented in
2003, for instance, clearly stated that the budget deficit should never exceed
three percent of the country’s gross domestic product.
"Debt came about because we
suffered in the 1997 [Asian financial crisis] aftermath, but after that we put
a cap on the budget and we have implemented the budget with strict self-discipline,"
Mr Siregar said.
The region should look into
promoting agendas to help the poor, as the issue was not being focused on in
Asean talks.
"Individual Asean countries
are doing a good job [in this issue], but not in the most optimal way," he
said.
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