Webinar on Government Fiscal Policy and Corporate Financial Strategy during the Covid-19 Pandemic
Hana Fajria – Public Relations of FEB UI
Depok – (15-10-2020) The Accounting Development Center (PPA), Faculty of Economics and Business, Universitas Indonesia, in collaboration with the Center for Financial Professional Development, Secretariat General – Ministry of Finance, held a webinar entitled Government Fiscal Policy and Corporate Financial Strategy during the Covid-19 pandemic.
The planned keynote speaker for this event was Febrio Nathan Kacaribu, Ph.D. (Head of the Fiscal Policy Agency of the Ministry of Finance of the Republic of Indonesia). Since he was unable to attend, he was represented by Ubaidi Socheh Hamidi, SE, MM., Head of the State Budget (PKAPBN) Policy Center, Wahyu Utomo, S. Sos., M.Sc., Head of the Expenditure Policy Division Center and Fiscal Policy Agency Financing, and Mr. Prodjo Sunarjanto, M.Ak., CEO of PT Adi Sarana Armada. The event was moderated by Dr. Fitriani, S.E. M.Si. Ak, lecturer at the Department of Accounting, FEB UI.
In her speech, Dr. Vera Diyanti, CA (Head of PPA FEB UI) explained that this webinar was part of a series of survey processes on the perceptions of users of financial services on the quality of the financial profession (public accountants and public appraisers) in Indonesia. This survey is a collaboration between the Financial Professional Development Center of the Ministry of Finance of the Republic of Indonesia (PPPK) and the Accounting Development Center (PPA FEBUI), which has entered its 4th year of implementation. The purpose of this survey was to determine the perceptions of users of the financial profession on the quality of the financial profession, as well as what guidelines the PPPKs can implement.
Ubaidi explained that the impact of Covid 19 was significant, weakening the economy and macro-fiscal performance, which in turn triggered a new baseline. According to him, future macro-fiscal performance could very well be influenced by the effectiveness of managing Covid 19, economic recovery, successful reforms, and the ability to reduce uncertainty. A smooth fiscal consolidation with a maximum deficit of 3% of GDP can be achieved by 2023, and should be carried out together with a holistic reform package, namely tax reform, spending reform and financing innovation, and debt control.
Mr. Projo Sunarjanto, M. Ak., Discussed corporate financial strategy during the Covid-19 period, including feasible steps that a company must take, as well as the ideal funding strategy during the Covid-19 period. According to Projo, there is a need for a sense of crisis at all levels of management, a reputation and a track record as a good debtor, selecting prime customers and having strong foundations, and choosing industries with scalable sizes. In addition, implementing entrepreneurship down to the managerial level, clear and fast Chain of Command, preparing loan facilities for the next year, and managing the company prudently with Good Corporate Governance (GCG). He also said that in making decisions, we must think about the priority of the allocation of funds and managing the company by not being controlled by the expectations of the capital markets.
“There is no one formula that can solve everything. Every problem must find its own solution. The important thing is to focus on cash flow, sources of funds for the short and medium term, account receivables, and carry out mitigation based on customers, suppliers, and creditors. Maintain the spirit of survival,” Projo explained.
It is hoped that this webinar can provide a perspective for companies in dealing with the pandemic, so that companies can survive in the industry and can still maintain the quality of their financial reports. (hjtp)
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