inclusive economic growth through the continued expansion of the national digital economic and financial ecosystem. developments over the past five years have shown that indonesia ’ s economic performance is among the best in emerging market economies ( emes ), maintaining stability alongside relatively high growth. since 2018, economic growth has been maintained above 5 %, except during the pandemic ( table 2. ). in fact, the economic contraction triggered by the table 2. indonesia ’ s economic performance : 2018 - 2023 indicator unit economic growth % 5. 17 5. 02 - 2. 07 3. 70 5. 31 * 5. 05 * * current account % gdp - 2. 94 - 2. 71 - 0. 42 0. 30 1. 00 - 0. 16 * fiscal deficit % gdp - 1. 82 - 2. 20 - 6. 14 - 4. 57 - 2. 35 - 1. 61 cpi inflation % 3. 13 2. 59 1. 68 1. 87 5. 51 2. 61 idr / usd ( average ) 14, 246 14, 139 14, 525 14, 296 14, 873 15, 247 bi - rate % 6. 00 5. 00 3. 75 3. 50 5. 50 6. 00 bank lending % 11. 75 6. 08 - 2. 41 5. 24 11. 35 10. 38 banking capital ( car ) % 22. 89 23. 31 23. 81 25. 67 25. 63 27. 66 rupiah exchange rate source : bps, bank indonesia note : * preliminary figure. * * very preliminary figure indonesia ’ s positive economic performance from 2018 - 2023 was the result of close synergy between the government and bank indonesia. fiscal policy was oriented toward economic stimulus through capital expenditures to nurture investment as well as social protection programs to encourage private consumption. bank indonesia prioritized a prostability monetary policy to mitigate the impact of global spillovers, while macroprudential policy and payment system policy aimed to foster sustainable economic growth. several sectoral transformation programs were implemented during the 2018 - 2023 period. infrastructure development remained a priority through various national strategic projects ( psn ) for transportation, irrigation, housing, telecommunications, and others. the investment climate was also improved through the enactment of act number 6 of 2023 concerning job creation, while financial system stability was strengthened through act number 4 of 2023, namely the financial sector development and strengthening act ( p2sk act ). moving forward, the synergy

bonds can attract various types of private sector actors if key contractual terms are appropriately set. to attract investors with different expected returns, risk profiles, investment horizons and objectives, the investor base should be expanded. for example, we can aim for a higher level of participation by institutional and private equity investors as well as philanthropic capital. second, highlight best practices and principles to scale up blended finance for climate adaptation and mitigation. these include factors like : an appropriate institutional, legal and policy framework, and regulatory clarity ; a robust climate information architecture for investment and performance risk assessment, comprising reliable and comparable climate data, internationally interoperable taxonomies, and climate disclosures ; and some form of common finance reporting standards that can be used to measure, monitor, verify, and assess impact. third, identify demonstrative projects that showcase good mechanisms available to scale blended finance. our scan of such projects has surfaced some preliminary observations on the key mechanisms to scale blended finance ; standardised documentation to streamline due diligence and project preparation processes and to lower origination costs ; effective currency hedging solutions to address local currency risks ; pooling of investors at the fund or facility level and taking a portfolio rather than individual project approach ; and leveraging on the significant catalytic effect of grants in the upstream project preparation phase. we will study these observations further and present them in detail in the handbook. we must take an ecosystem approach to resolve the climate crisis. getting to netzero requires the real economy and the financial sector to move in lockstep. this requires applying the collective knowledge and resources of governments, central banks, and financial regulators and financial institutions, corporates and individuals. in a small way, this third edition of the green swan conference contributes to this collective effort. let us harness our strengths and coordinate our action across the ecosystem. thank you, and i wish you all a fruitful conference. 5 / 5 bis - central bankers'speeches