Jakarta – wapresri.go.id Vice President Jusuf Kalla reminded that to become a developed nation, Indonesia should reduce inequality and realize a more just economy for all citizens.

“There is no point in growing without justice and harmony as this will cause a lot of anxiety,” said the Vice President at the annual meeting of financial services industry organized by the Indonesi Financial Services Authority (OJK) in the Ballroom of the Fairmont Hotel, Jakarta, on Friday (Jan. 13).

According to the Vice President, the efforts to reduce such a gap has become a national economic policy of the current government, in addition to efforts to create a more realistic fiscal policy and to establish a balance between the manufacturing industry and agriculture.

The Vice President then said that Indonesia should be grateful as despite being amid a world economy that continues to weaken, the domestic financial sector is still growing well.

“Finance to a state is like blood to the body. Almost all health factors measured with (the quality of),” he said.

The Vice President however admitted, when compared with other countries, economic growth in Indonesia are in the middle position, that is not too high, though not too low.

“It takes hard work from all of us to improve the economy. And for that OJK’s presence is hoped able to unite and coordinate all of financial sectors, to oversee and develop them, ” said the Vice President.

He then called on all parties to learn from the experience of the economic crisis happening some 20 years ago.

The crisis, he said, stemmed from a banking crisis. To that end, said the Vice President, in the future banks must be managed properly, independently, and prudently.

“Never again (when problems arise) banks shift the responsibility to the government. Banks must be independent. The government only have a bail-in only policy, and no more bail outs,” he affirmed.

Besides, continued the Vice President, domestic financial sectors were severely affected by global conditions. However, he added, as long as conditions in the country are well, the global crisis will not be so influential to it.

“Like the body, the virus will not attack it when it is healthy. Therefore, we must build up our internal strength, “said the Vice President.

The Vice President further ordered that the banking and capital markets work together to encourage development.

“Everything we do should be beneficial to nationally,” he said.

Concluding his speech, the Vice President again underlined the importance of lowering the economic inequality.

“An advanced nation is nation that lives in harmony, not with gaps,” he asserted.

Earlier in his report the Chairman of OJK Board of Commissioners Muliaman D. Hadad said, this year OJK will be more focused on efforts to enhance the role of the financial services sector in supporting economic growth, improving people’s purchasing power, and encouraging a more equitable income distribution while maintaining durability and stability of financial system.

“Security and stability of the financial system is absolutely necessary to increase confidence in our economic outlook and fundamentals,” said Hadad.

To support this, he added, OJK has set up seven initiatives, namely: first, optimizing several programs that have been initiated by the financial services industry, the government and Bank of Indonesia; second, enhancing the schemes of government-backed micro-credit programs (KUR); third, expanding and optimizing the role of Teams to Accelerate Access to Regional Finance (TPAKD); fourth, taking the advantage of funding models through financial technology (FinTech); fifth, improving the productive credit growth; sixth, improving the role and accelerating the transformation of the Regional Development Banks (BPD); and seventh, simplifying and facilitating the process of an initial public offering (IPO) to allow a variety of companies, especially companies in regions and SMEs, to easily obtain financing from the capital markets.

Also present at this annual event were the Deputy Speaker of the House of Representatives Fahri Hamzah, Head of the Secretariat of the Vice-President Mohamad Oemar, Deputy Secretariat of the Vice President for Human Development and Equity Development Bambang Widianto, Special Staff to the Vice President Wijayanto, and Member of the Expert Team to the Vice President Sofjan.