September 12, 2025 | 06:56 am
TEMPO.CO, Jakarta - The looting not only robbed Sri Mulyani Indrawati of her rights, but was also a threat to the economy. The people are still waiting for better policies.
THERE is no justification for the destruction and looting that have accompanied the demonstrations over the last two weeks. Whatever the reason, and whoever was targeted, these brutal actions are a form of persecution that deprives citizens of their right to safety. However, in the misfortune that befell Finance Minister Sri Mulyani Indrawati (now former minister), the problem goes deeper than this.
A crowd of people went to and then looted the home of Sri Mulyani in Bintaro, South Tangerang, Banten in the early hours of Sunday, August 31, 2025. Similar attacks targeted the homes of a number of members of the House of Representatives (DPR). These all happened after online motorbike taxi driver, Affan Kurniawan, was run over and killed by a Police Mobile Brigade tactical vehicle when he was in a crowd of demonstrators demanding the dissolution of the DPR on Thursday, August 28.
Without minimizing the other sad events, the damaging and looting of Sri Mulyani’s house deserves serious attention. It is worrying because it was not only an attack on the rights of Sri Mulyani as an individual but also a threat to economic stability. The Finance Minister is responsible for the nation’s fiscal and asset management. Therefore, any action that she takes and anything that she experiences will always have an impact on the economy.
This was seen in the Indonesian Stock Exchange. On Monday, September 1, 2025, a day after the looting of Sri Mulyani’s home, the Indonesian Stock Exchange Composite Index fell even further. Market players were increasingly uneasy when they heard reports that the Finance Minister wanted to resign as a result of the incident. On that day’s trading alone, net sales by foreign investors totaled Rp2.15 trillion.
Fortunately, the conflagration did not spread to the bond market. And monetary intervention by Bank Indonesia slowed down the slide of the rupiah, which at one point was approaching a level of Rp16,500 to the United States dollar. Also fortunately, Sri Mulyani confirmed that she would remain in President Prabowo Subianto’s government, which gradually reduced the panic in the markets.
At a time of worsening economic and political circumstances, the resignation of the Finance Minister would only make matters worse. It is not impossible that turmoil in the financial markets could lead to a snowball effect ending with a crisis that would have a devastating impact on all.
So, is the problem solved? It is too early to say. The turbulence in the markets in the last two weeks should remind the government not to play games with economic management.
The fact is that this recent wave of demonstrations is a result of accumulating economic problems that the government has not addressed seriously. There have been widespread layoffs. People’s purchasing power is in decline. But government policies are moving further away from resolving the real economic problems that are afflicting the people.
Fiscal management is one of the most serious. At a time when state revenues are falling, spending is being forced through in support of Prabowo’s ambitious programs, such as the free nutritious meal and the Red-and-White Cooperatives. Instead of improving the orientation of state spending, the government plans to increase the allocation for these projects that are rife with problems. The 2026 State Budget will even allocate funds for projects that can be entirely decided by the President.
It is certain that Sri Mulyani understands that the current poor fiscal management is more than simply the plan to increase allowances of DPR members. She should keep her promise to improve economic policies for the people. We must hope that after long calling for people to never tire of loving Indonesia, she does not turn out to have more love for those in power.
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