The United States & Indonesia Relationship – United States Department of State
Secretary of State Antony J. Blinken will travel to Jakarta December 13 – 14, where he will meet with Indonesian President Joko Widodo, Foreign Minister Retno Marsudi, and other senior officials to reaffirm the strong U.S.-Indonesia Strategic Partnership and the importance of a free and open Indo-Pacific region.
They will also discuss responses to the challenges of COVID-19 and the climate crisis, ways to strengthen democracy and human rights, as well as expanding cooperation in areas such as maritime cooperation, global health, and the digital economy.
Strengthening the U.S.-Indonesia Strategic Partnership
The United States and Indonesia share a deep and enduring Strategic Partnership based on shared values, including a fundamental belief in democracy. As the world’s most populous Muslim-majority nation, Indonesia is well-positioned – both regionally and globally – to serve as an example for others of religious tolerance, plurality, and inclusion.
Strengthening our Strategic Partnership with Indonesia is a U.S. foreign policy priority, given Indonesia’s status as the world’s third-largest democracy, its historic leadership role in ASEAN, and its role as president of the G20.
Secretary Blinken’s visit to Jakarta follows the first U.S.-Indonesia Strategic Dialogue held in Washington in August 2021, the November meeting in Glasgow between President Joseph R. Biden and President Joko Widodo, and President Joko Widodo’s participation in the Summit for Democracy in December.
The COVID-19 pandemic has challenged both our nations, and we will continue to work together to end this pandemic and strengthen the global health architecture to prevent the next. The United States has shared more than 25 million vaccine doses with the people of Indonesia through COVAX with more on the way. We look forward to further cooperation in fighting the pandemic and strengthening our economies.
Our two nations are committed to continuing our close collaboration to respond to the climate crisis through respective efforts and through our high-level Bilateral Climate Working Group, and to accelerating action this decade toward limiting warming to 1.5 degrees Celsius. Indonesia also works closely with the United States through its collaboration with the Japan-U.S. Clean Energy Partnership, which aims to speed decarbonization efforts through sustainable private investment.
The United States and Indonesia are committed to strengthening democracy and the protection of human rights. Following the Summit for Democracy, our two nations will continue work to confront the serious challenges to democracy domestically and internationally and pursue actions to better protect human rights and ensure democracy delivers.
The United States and Indonesia Share a Vision of a Free and Open Indo-Pacific Region
The United States and Indonesia share a vision of a free and open Indo-Pacific region, including a commitment to freedom of navigation and overflight. Indonesia is a leader within ASEAN and an anchor of the rules-based order in the Indo-Pacific. The United States remains deeply engaged in the Indo-Pacific, and we and our partners believe the best way to prevent conflict is to reinforce our shared values.
We support Indonesia’s strong efforts to safeguard its maritime rights and stand up to PRC aggression in the South China Sea, including in its exclusive economic zone around the Natuna Islands.
Security cooperation is a key pillar of our strategic partnership. The United States is proud to be Indonesia’s largest defense partner in terms of the number of annual exercises and events in which we participate together. Our cooperation in counterterrorism and in countering violent extremism is also an important component of our joint efforts to build a safer world.
Growing Bilateral Trade and Investment Ties Will Help Our Economies Thrive
The United States remains deeply committed to Indonesia’s prosperity. We are invested in upholding a free and open Indo-Pacific in which all nations, including Indonesia, are able to pursue economic growth consistent with international law and principles of fair competition. Our bilateral trade and investment relationship presents myriad opportunities to create more jobs and economic growth to benefit all our citizens.
We are deploying new and innovative tools to bolster the engagement of U.S. businesses in Indonesia for the benefit of both countries. The U.S. International Development Finance Corporation is catalyzing U.S. private sector investment in Indonesia’s growing infrastructure, digital, and energy sectors, and the recent signing of a bilateral infrastructure finance agreement will attract private sector capital to meet Indonesia’s estimated $1.5 trillion infrastructure gap.
U.S. companies are major investors in Indonesia’s economy, contributing to sustainable growth across diverse sectors.
Working collaboratively to elevate trade standards, including creating a more inclusive process that brings workers from all backgrounds to the table, will ensure that the benefits of global trade are more widely shared. We believe this will lead to more durable trade policies that receive a broad range of stakeholder support and deliver real results.
Source: Dinar Recaps
The central bank reserves jump to 64 billion dollars, and an important US decision is awaited by Iraq
The Central Bank of Iraq’s foreign currency reserves rose.
A senior source in the Central Bank of Iraq said, “The hard currency reserves at the US Federal Reserve rose to 64 billion dollars, due to the rise in the oil markets.”
The source also attributed the strengthening of the foreign monetary reserve to “some important measures taken by the government”, in reference to the measures related to fiscal and monetary policies included in the white paper.
The source commented on the possible US decision that “it will bring significant financial benefits to Iraq,” which was confirmed by the financial advisor to the Prime Minister, Mazhar Muhammad Salih.
Saleh said in a press statement that Iraq “will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests the least amount of its foreign reserves in the United States with the highest risks.”
Among the investments that Iraq is engaged in are short-term and interest-bearing assets, and these include “treasury bonds and bank deposits,” according to Saleh.
Saleh echoes his words, warning “against borrowing from the American market, because that will be very expensive, due to the high interest costs on loans.”
The inflation index in the major countries of the world constitutes an obsession that pushes them to motivate them to raise the dollar interest, and this is what the US Federal Reserve plans to do; Which decided the middle of next year, to raise interest rates on the dollar.
Those indicators drawn by those US data, the Iraqis read, are the increase in material returns and interests on Iraqi money, assets and bonds in America, most notably the hard currency reserves in Washington. link
28% of the excess revenues from the rise in oil prices went to raise Iraq’s reserves of hard currency.. The remainder will reduce the deficit by 66%
A year after the largest decline in the central bank’s reserves of hard currency during the last period, specifically in December 2020, which amounted to 57.5 billion dollars, the central bank’s reserves of hard currency rose in December 2021, a year later, to 64 billion dollars.
Al-Sabah newspaper quoted a senior source in the Central Bank that “the hard currency reserves owned by Iraq and located at the US Federal Bank rose to 64 billion dollars, due to the rise in the oil markets.”
The source commented on the possible US decision to raise the interest rate on the dollar next year due to inflation, as “it will achieve great financial benefits for Iraq,” which was confirmed by the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih.
Saleh said that Iraq “will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests its foreign reserves in the United States, which provides the highest returns and lower risks.”
While the central bank’s reserves increased from about 57 billion to 64 billion, this means that 7 billion dollars were added to the central bank’s reserves as a surplus of oil revenues, which Iraq did not have to use in its operating and investment expenses during 2021, which represents an increase of about 11%.
The surplus funds that are supposed to be reaped from the rise in oil prices are estimated at about 25 billion dollars, while the budget deficit is estimated at 19 billion dollars. On the other hand, the deficit has increased invisibly, due to the failure to achieve non-oil revenues as planned, as it was planned to achieve revenues However, only about 6 billion dollars were achieved until the end of this year, so the deficit increased by an additional 8 billion dollars, bringing the total deficit from 19 billion to 27 billion dollars.
A deficit of $27 billion and a surplus of $25 billion. Of this surplus, $7 billion, or about 28% of it, went to boost the Central Bank’s reserves, while the remainder of it was about $18 billion, which does not cover the deficit of about $27 billion and will cover part of it, and the remaining $9 billion
An additional deficit caused by non-oil revenues that did not come as planned, which means that the budget deficit decreased by 66% only due to the rise in oil prices, from 27 billion dollars to 9 billion dollars only link
Economist: Ending Kuwait’s debt file will contribute to reconsidering Iraq’s credit rating and its exit from Chapter VII
An expert in economic affairs, Safwan Qusay, confirmed that the decision to end Kuwait’s debt file will contribute to reconsidering Iraq’s credit rating and allowing Iraq to get out of the sanctions imposed on it in accordance with Chapter VII.
Qusay said in a statement to the National Iraqi News Agency ( NINA ): “It has become clear that Iraq is moving towards clearing the debts of the first Gulf War by paying the last installment of 600 million US dollars, after it succeeded in paying more than 50 billion US dollars incurred as a result of the occupation of Kuwait.” And what followed,” noting: “This will contribute to reconsidering Iraq’s credit rating and allowing it to get out of the sanctions imposed on it in accordance with Chapter VII.”
He added, “However, the financial liberalization of Iraq’s money should focus on the continuation of the American protection system for these funds, because raising the American protection system will enable Iraq’s creditors to seize these funds.”
Qusay stressed the financial policy maker in Iraq to invest in this situation in favor of activating the decisions of the Kuwait Conference in support of the rehabilitation of Iraq by supporting Gulf investments and supporting international guarantees in favor of investment growth in Iraq.
He continued, “This approach can restore confidence in Iraq’s financial ability and free 3% of Iraq’s oil revenues to finance the Iraq Sovereign Fund, which will represent the new window to support investment and establish infrastructure in Iraq.”
And the Central Bank of Iraq announced last Thursday that it had ended the necessary banking arrangements with the US Federal Reserve to stop the automatic deduction of Kuwait’s compensation from Iraqi crude oil export revenues.
And he confirmed, in a brief statement, the possibility of paying the remaining amount of compensation in full before the end of the current year 2021 to end this file. link
I HOPE THESE ARE THE LAST FEW DAYS, HOURS, OR MOMENTS ON THIS JOURNEY
Banks seemed to be excited all of the time.
I WISH THEY WOULD PASS SOME OF THAT EXCITEMENT DOWN TO US
The pointer sisters – I’m so excited — https://www.youtube.com/watch?v=rQqwG_rQx7A
Source: Dinar Recaps
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