SBY: Indonesia No Need to Panic, But Take Action Before It's Too Late

RRI.CO.ID, Singapore – The 6th President of Indonesia, Susilo Bambang Yudhoyono (SBY), shared his views on the global market turmoil currently affecting various countries, including Indonesia. In a post on his social media account X on Wednesday, March 25, 2026, SBY underscored the importance of swift and appropriate action in responding to economic pressures caused by fluctuating energy prices.

"From Singapore, I have been observing the global market turmoil, particularly regarding oil, gas, and fuel prices. Although energy prices remain highly volatile, the negative impacts are already being felt by all countries, including Indonesia," SBY wrote.

He cited several Asian countries that have taken concrete steps to save their national economies. He stated that, although each country's approach differed, these steps were reasonable in dealing with the current pressures. On the same day, SBY also listened to similar policies conveyed by the Presidents of the Philippines and South Korea.

"For Indonesia, we don't need to panic. However, our steps must be timely and appropriate," he said.

Recalling his experience leading Indonesia, SBY revealed that similar situations occurred in 2004–2005, 2008, and 2013. At that time, soaring oil prices put severe pressure on the fiscal sector, widened the State Budget (APBN) deficit, ratcheted up inflation, and directly impacted the underprivileged.

"Although it was bittersweet and not easy, we chose a combination of policies: increasing subsidies and raising fuel prices. The government also launched a massive energy conservation campaign," SBY said.

He acknowledged that this policy sparked strong debate, even leading to uproar in parliament and public demonstrations. However, he said, this measure ultimately saved the economy and protected the underprivileged through the Direct Cash Assistance (BLT) program.

Facing the current situation, SBY stated that he was monitoring President Prabowo's administration, which was preparing the necessary policies and measures. He expressed his support for the energy conservation movement as an effort to reduce the budget deficit.

"To save the 2026 State Budget in particular and the Indonesian economy in general, the government can choose several options. The important thing is that our economy is safe—including maintaining growth, managing inflation (price stability), and preventing mass layoffs (job security). And what's most important is the continued protection of our underprivileged brothers and sisters, whose lives are undoubtedly becoming increasingly difficult," SBY conveyed.