Frans Seda’s legacy offers lessons for Indonesia in uncertain economic times

Policymakers, economists, and academics gathered at the Atma Jaya Institute of Public Policy on Oct. 1 to mark the centenary of the birth of Frans Seda, an Indonesian Catholic statesman and economist. The memorial lecture, organized by the Frans Seda Foundation and the Catholic University of Atma Jaya Jakarta, examined how Seda's public service can address current geopolitical tensions and global economic changes.

Finance Minister Suahasil Nazara noted that Seda's career demonstrated that managing economic crises requires credibility, integrity, and the courage to make difficult decisions alongside technical expertise. During Seda's tenure as finance minister starting in 1966, Indonesia faced inflation exceeding 650 percent, depleted foreign exchange reserves, and heavy external debt. Under his leadership and the government's stabilization program, inflation dropped to approximately 110 percent in 1967 and 85 percent in 1968. Nazara stated that crisis responses must combine the courage to act with fiscal responsibility.