Indonesian President Calls for Steps to Attract More Dollars
- Widodo seeks curb on imports to contain widening deficit
- Biodiesel mandate to be widened to reduce fossil fuel imports
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Indonesia will expand the use of biodiesel as President Joko Widodo explores options to boost foreign-exchange earnings and contain a ballooning current-account deficit in Southeast Asia’s biggest economy.
Widodo, known as Jokowi, will soon sign a revised presidential decree that widens the palm-biodiesel mandate to more users from August, potentially saving $5.5 billion annually in crude oil imports, according to Coordinating Minister of Economic Affairs Darmin Nasution. The president also ordered his ministers to identify new ways to boost exports and shore up foreign reserves.