{
  "title": "Indonesia: Staff Report for the 2014 Article IV Consultation",
  "publication": "IMF Staff Country Reports, March 19, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/indonesia-staff-report-for-the-2014-article-iv-consultation-42792",
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  "summary": "This 2014 Article IV Consultation highlights that sound macroeconomic management and exchange rate flexibility have bolstered policy credibility and external resiliency in Indonesia over the past 18 months.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Sound macroeconomic management and exchange rate flexibility have bolstered policy credibility and external resiliency in Indonesia over the past 18 months.\n- Policy and reserve buffers have been strengthened through a clearer policy framework and better policy coordination.\n- The country faced headwinds from Federal Reserve tapering and slumping commodity prices.\n- Notwithstanding commodity sector developments and global risk factors, the near-term outlook is broadly positive.\n- Main challenge: chart a course to higher, more inclusive growth, while preserving macrofinancial stability and further strengthening the external position."
    },
    {
      "heading": "Analysis highlights",
      "content": "- Exchange rate flexibility is identified as a central mechanism supporting external resiliency amid global financial volatility.\n- Strengthened policy and reserve buffers are attributed to:\n  - a clearer policy framework\n  - improved policy coordination\n- Global shocks noted in the report include:\n  - Federal Reserve tapering\n  - slumping commodity prices"
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Continue policies that preserve macrofinancial stability while promoting higher, more inclusive growth.\n- Further strengthen the external position through policies that sustain reserve buffers and credibility.\n- Enhance policy coordination and maintain a transparent policy framework to improve resilience to global shocks."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Banking, Energy subsidies, Expenditure, External debt, Fiscal policy, Inflation, Oil prices, Prices, Public debt, Revenue administration\n- Keywords: CR, deficit, Energy subsidies, financial market development, Global, hedged market liquidity, inflation expectation, ISCR, market, Oil prices, portfolio inflow, price expectation, rate\n\nInternational Monetary Fund.\n\n---\n\n Content in this bundle\n\n- 1. Managing Market Pressures\n  - 1. Managing Market Pressures (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. Managing Market Pressures (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 19, 2015",
    "Series: IMF Staff Country Reports",
    "Sound macroeconomic management and exchange rate flexibility have bolstered policy credibility and external resiliency in Indonesia over the past 18 months.",
    "Policy and reserve buffers have been strengthened through a clearer policy framework and better policy coordination.",
    "The country faced headwinds from Federal Reserve tapering and slumping commodity prices.",
    "Notwithstanding commodity sector developments and global risk factors, the near-term outlook is broadly positive.",
    "Main challenge: chart a course to higher, more inclusive growth, while preserving macrofinancial stability and further strengthening the external position.",
    "Exchange rate flexibility is identified as a central mechanism supporting external resiliency amid global financial volatility.",
    "Strengthened policy and reserve buffers are attributed to:",
    "Global shocks noted in the report include:",
    "Continue policies that preserve macrofinancial stability while promoting higher, more inclusive growth.",
    "Further strengthen the external position through policies that sustain reserve buffers and credibility.",
    "Enhance policy coordination and maintain a transparent policy framework to improve resilience to global shocks.",
    "Subjects: Banking, Energy subsidies, Expenditure, External debt, Fiscal policy, Inflation, Oil prices, Prices, Public debt, Revenue administration",
    "Keywords: CR, deficit, Energy subsidies, financial market development, Global, hedged market liquidity, inflation expectation, ISCR, market, Oil prices, portfolio inflow, price expectation, rate",
    "**1. Managing Market Pressures**"
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