Webinar The Series is an online seminar event organized by lecturers and students of the Sharia Finance Management study program. The series consists of three segments, with the current event being Webinar The Series Series 1 under the theme "Deciphering the Nation's Financial Resilience in the Face of Covid-19." The event takes place online via the Zoom application, exclusively subscribed by the Sharia Finance Management study program. The scheduled time for this event is Wednesday, April 8, 2020, from 10:00 AM to 11:00 AM.

The opening remarks for the event were delivered by the Dean of the Faculty of Islamic Economics and Business at UIN Sunan Kalijaga. He emphasized the importance of maintaining a learning spirit during these challenging times, utilizing various online platforms like Zoom. The Dean appreciated the organization of Webinar The Series. Mr. Abdul Qoyum moderated the event, a faculty member of the Sharia Finance Management study program at UIN Sunan Kalijaga. The speaker for Webinar Series 1 was Mr. Bhima Yudistira, an economist from the Institute for Development of Economics and Finance (INDEF).

The main topics discussed in Webinar Series 1 addressed the global spread of the Covid-19 pandemic, leading to crises in both healthcare and the economy. Indonesia faced challenges in healthcare, conducting only 36 rapid tests per 1 million people. Despite being the fourth lowest in Covid-19 spread, the economic crisis began with the December 2019 trade war. The government responded by amending the regional budget in January 2020 through Regulation No. 1 of 2020. If not adjusted, the tax ratio would decrease from 9% to 7% after Covid-19.

Apart from the trade war, the global economic recession, predicted by the International Monetary Fund (IMF), would have occurred even without Covid-19 due to factors like currency depreciation and factory closures. After the virus hit Indonesia, the government widened the budget deficit from 3% to 5.7% and increased debt by IDR 1,000 trillion, tripling the previous year's debt. Revision is needed to prioritize debt as the primary financing source.

To secure IDR 1,000 trillion without additional borrowing, the Ministry of Finance proposed using the education endowment managed by LPDP, which holds IDR 60 trillion. The government could also tap into existing budgetary reserves or cut national spending by 20%, prioritizing essential needs. Proposals for infrastructure development, relocating the capital city, and reallocating the Special Region of Yogyakarta's funds could be considered. Some overlooked proposals included cutting lighthouse projects, capital city relocation planning, and reconsidering allowances and salaries for ministers and officials, excluding lower-grade civil servants who depend on these incomes.

Implementing these solutions could help Indonesia raise IDR 1,000 trillion without resorting to additional debt. Relying on foreign creditors like the IMF could lead to consequences similar to the economic troubles faced by Greece and Argentina after seeking IMF assistance. Several economic issues in Indonesia were discussed, including concerns about the use of the BLU fund without inspection, Bank Indonesia's role in issuing and repurchasing SBSN bonds, and potential leaks in global bond budgeting. The government's decision to cut 94% of Kemenristekdikti's budget while increasing Kemendikbud's budget by 96% was also highlighted, as institutions like LIPI and Ristekdikti are crucial for Covid-19-related research and development.

Authors: Amy Astriana, Aulia Nurul Safitri