DOI: https://doi.org/10.14710/jscl.v7i1.42071

Foreign Consortium Institution and the Economic Dependency of Indonesia during the New Order: From IGGI to CGI

*Noor Naelil Masruroh orcid scopus  -  Department of History, Faculty of Humanities, Universitas Diponegoro, Indonesia
Haryono Rinardi  -  Department of History, Faculty of Humanities, Universitas Diponegoro, Indonesia
Open Access Copyright (c) 2022 Jurnal Sejarah Citra Lekha under http://creativecommons.org/licenses/by-sa/4.0.

Citation Format:
Abstract

The main purpose of this article is to analyze the economic dependency of Indonesia on sources of foreign loan funds. The problems were analyzed through the historical method based on the primary sources such as annual report from World Bank and the Indonesian Ministry of Finance. IGGI and CGI claimed to be able to support Indonesia to break away from the shackles of financial problems. Both institutions rescheduled the debt of Indonesia to the creditor countries and opened networking access of international donor from the government, private, or international donor institutions such as World Bank and IMF in two mechanisms long-term and short-term. Short term was provided to Indonesia to give space in funding import commodity, while the long-term was used to fund investment and infrastructure program. The high level of dependency made Indonesia's debt difficult to break away and the amount piled up. Indonesia's economic policy in the New Order was considered as a disaster that had an enormous effect until today.

Fulltext View|Download

Article Metrics:

Article Info
Section: Articles
Language : EN
Recent articles
Foreign Consortium Institution and the Economic Dependency of Indonesia during the New Order: From IGGI to CGI Changes in Tolaki People Burial in Southeast Sulawesi: From Boat-Shaped Grave Coffin (Soronga) to Boat-Shaped Islamic Tomb (Koburu Bangga) Penjelajahan Orang Prancis dan Penelitian Sejarah Alam di Nusantara Pada Masa Kolonial More recent articles
Most cited articles
Understanding Identity and Diaspora: The Case of the Sama-Bajau of Maritime Southeast Asia Editorial Penyeragaman dan Wajah Buram Modernitas di Kota Makassar pada Masa Orde Baru Editorial Peranan Perguruan Tinggi di Semarang dalam Pelestarian Wayang Orang Ngesti Pandowo More cited articles
  1. Abdulgani-Knaap, Retnowati. 2007. Soeharto: The Life of Indonesia’s Second President. Singapore: Marshall Cavendish
  2. Adininigsih, Sri. 2007. “Kebijakan Ekonomi Sarat Kepentingan Asing.” Suara Karya
  3. Anwar, Dewi Fortuna. 1997. Indonesia in ASEAN: Foreign Policy and Regionalism . Singapore: ISEAS
  4. Ariadi, Kurniawan. 2001. “Tinjauan Singkat Kebijakan Dasar Bantuan Luar Negeri Pemerintah Indonesia 1960 – 1999.” Majalah Perencanaan Pembangunan
  5. Arndt, H.W. 1994. Pembangunan Ekonomi Indonesia. Edited by Mubyarto. Yogyakarta: Gadjah Mada University Press
  6. Blackwell, Michael, and Simon Nocera. 1989. “Debt Equity Swaps.” In Analytical Issues in Debt. New York: International Monetary Fund
  7. Booth, Anne, and Peter Mc Cawley 1986. Ekonomi Orde Baru. Jakarta: LP3ES
  8. Booth, Anne, and Peter Mc Cawley 1998. The Economy in the Nineteenth and Twentieth Centuries-A History of Missed Opportunities. London: Mc Millan Press
  9. Departemen Keuangan RI. 2000. Nota Keuangan dan Rancangan Pendapatan Belanja Negara Tahun Anggaran 2000
  10. Glassburner, Bruce. 1976. “In the Wake of General Ibnu: Crisis in the Indonesian Oil Industry.” Asian Survey 16 (12): 1099–1112. doi: 10.2307/2643447
  11. Inayati, Ratna Sofi. 2005. “Pemerintahan Susilo Bambang Yudhoyono dan Politik Luar Negeri Indonesia.” Jurnal Penelitian Politik 2 (1): 35–45
  12. Kementerian Keuangan RI. 2010. Statistik Utang Luar Negeri Indonesia. Jakarta
  13. Mallarangeng, Rizal. 2002. Mendobrak Sentralisme Ekonomi: Indonesia, 1986-1992. Jakarta: Kepustakaan Populer Gramedia
  14. Marut, Don K. 2009. “Multilateral Aid and Conditionalities: The Case of Indonesia.” In Democratic Ownership and Human Rights 2009, 50–59. Quezon City: IBON Books
  15. Posthusmus, G.A. 1971. The Inter-Governmental Group on Indonesia. Rotterdam: Rotterdam University Press
  16. Prapti, Endang Sih. 1996. “Sektor Luar Negeri Indonesia Abad Ke-21: Globalisasi Dan Hubungan Ekonomi Politik.” UNISIA XVI (31): 46–58
  17. Prawiro, Radius. 1998. Indonesia’s Struggle for Economic Development-Pragmatism in Action. London: Oxford University Press
  18. Sadli, Mohammad. 2000. “The Indonesian Crisis.” In Southeast Asia’s Economic Crisis: Origins, Lessons, and the Way Forward, edited by H.W; Hill Hall Arndt. Singapore: Institute of Southeast Asian Studies
  19. Salim, Emil. 2000. Kembali Ke Jalan Lurus: Esai-Esai 1966-1999. Jakarta: Pustaka Alvabet
  20. Sastromiharjo, Sanjoto. 1985. “Sumber Keuangan Luar Negeri: IGGI, Ekonomi Indonesia Dan Prospek Bisnis.” Prisma
  21. Setiawan, Doni. 2007. “CGI, Mafia Berkeley, Dan Penghapusan Utang.” Indo Progress. https://indoprogress.com/2007/02/cgi-mafia-berkeley-dan-penghapusan-utang/
  22. Siber, Kemal. 2010. “Manajemen Krisis Ekonomi Indonesia 1966-1969.” In Esai Dari 27 Negara Tentang Widjojo Nitisastro: Penghargaan Dari Para Tokoh, edited by Moh Arsjad Anwar, Aris Ananta, and Ari Kuncoro. Jakarta: Penerbit Kompas
  23. Sugiyono, F.X. 2017. Neraca Pembayaran: Konsep, Metodologi dan Penerapan. Jakarta: Pusat Pendidikan dan Studi Kebanksentralan (PPSK) Bank Indonesia
  24. Sukrino, Sadono. 1998. Ekonomi Pembangunan: Proses, Masalah dan Dasar Kebijaksanaan. Jakarta: Penerbit Fakultas Ekonomi Universitas Indonesia
  25. Suprayitno, and Agung F. Sampurna. 1999. Utang Luar Negeri Indonesia: Argumen, Relevansi, dan Implikasinya Bagi Pembangunan. Cetakan I. Jakarta: Djambatan
  26. Tarmidi, Lepi T. 1999. “Krisis Moneter Indonesia : Sebab, Dampak, Peran IMF dan Saran Buletin Ekonomi Moneter dan Perbankan 1 (4). doi: dx.doi.org/10.21098/bemp.v1i4.183
  27. Triaswati, Ninasapti. 2005. “Pendahuluan.” In Pemikiran dan Permasalahan Ekonomi di Indonesia dalam Setengah Abad Terakhir, edited by Hadi Soesatro, Aida Budiman, Ninasapti T., and Sri Adiningsih. Yogyakarta: Kanisius
  28. Woo, Wing T., and Anwar Nasution. 1989. “The Conduct of Economic Policies in Indonesia and Its Impact on External Debt.” In Developing Country Debt and the World Economy, edited by Jeffrey D. Sachs, 101–20. Chicago: University of Chicago Press

Last update:

  1. Gintingan in Subang: negotiating the role of Indigenous microfinance institution in the Sunda Region of West Java, Indonesia

    Kurniawan Saefullah. AlterNative: An International Journal of Indigenous Peoples, 19 (4), 2023. doi: 10.1177/11771801231198531

Last update: 2024-11-25 02:58:37

No citation recorded.