Former military general Prabowo Subianto is set to be inaugurated as Indonesia’s president with ambitious plans to boost growth while claiming a bigger international role for south-east Asia’s largest economy.

Prabowo, 73, will take over the reins from Joko Widodo eight months after a landslide victory in February’s presidential election. Gibran Rakabuming Raka, his predecessor’s eldest son, will also be sworn in as his deputy. 

The inauguration caps a remarkable turnaround for Prabowo, a former commander of the country’s feared special forces who was dismissed from the military and once banned by the US for the alleged kidnapping of democracy activists. Prabowo has always denied the accusations.

The former general won over millions of Indonesians with the backing of the highly popular Widodo, and by promising policy continuity as well as free school lunches, a massive programme expected to cost $28bn. He has also vowed to boost economic growth to 8 per cent a year, up from the 5 per cent rate that Indonesia has maintained for more than a decade.

But Prabowo has already indicated a departure from his predecessor in everything from government spending to foreign policy. He is open to taking on more debt to fund social assistance programmes and plans to expand the cabinet by a third to accommodate political allies.

He also wants Indonesia to play a more active role internationally. Widodo shunned international events. In his 10 years in power, he never attended the annual UN General Assembly in New York in person. Prabowo, on the other hand, has made more than a dozen international trips between the election and inauguration day.

“The most significant break of Prabowo’s policies from his predecessor would be on the focus of its foreign policies,” said Kennedy Muslim, a political analyst at Indikator Politik Indonesia. “While Jokowi single-mindedly focused his pragmatic foreign diplomacy on attracting business investments from abroad, Prabowo’s are more strategic in nature since he’s by nature much more interested in geopolitics than his predecessor.” 

Prabowo will maintain Indonesia’s historically neutral foreign policy stance but will seek to play a bigger role and increase engagement in global issues. As defence minister in Widodo’s government, Prabowo last year proposed a demilitarised zone and a UN referendum to end the conflict between Ukraine and Russia, a plan that was rejected by Ukraine. This year, Prabowo said Indonesia was willing to send peacekeeping forces to Gaza.

His first overseas trip since winning the election was to China, where he met with Xi Jinping. Beijing is Indonesia’s largest trading partner and the second-biggest source of foreign direct investment, putting money into economically significant industries such as metals, mining and infrastructure. Prabowo has also met Russian President Vladimir Putin and leaders of Japan, France and south-east Asian neighbours.

At home, social assistance programs are a priority. While Widodo focused on building roads, ports and other infrastructure, Prabowo wants to ensure food and energy security, eradicate poverty and provide free meals and health check-ups.

“One of his immediate priorities is to tackle the social aspect of his agenda,” said Brian Lee, an analyst with Maybank. “Jokowi was about hard infrastructure. Prabowo is looking at initiatives that don’t just target the national economy as a whole but also target the households.”

However, Prabowo will also have to attract investment to meet his growth targets. “Eight per cent is going to be very difficult,” said Lee. “He needs to basically attract a lot more investment, both domestic and foreign direct investment.”

Prabowo takes over an economy that has transformed during Widodo’s 10 years in power into a central player in the global energy transition effort, thanks to Indonesia’s vast nickel reserves. Still, GDP growth has failed to meet Widodo’s initial target of 7 per cent.

Widodo has also eased rules to attract foreign investors, with metals and mining in particular drawing in record funds. While Prabowo has said he would be investor-friendly, he is yet to lay out detailed plans.

One of Prabowo’s economic advisers told the Financial Times that focus on minerals processing alone would not be enough to reach the GDP target. “We need new engines of growth,” he said, pointing to the digital sector, the energy transition and higher-quality manufacturing as possible growth areas.

Fiscally, Prabowo is planning to be a lot more liberal than Widodo, primarily to fund his social assistance programs. His brother and close adviser, Hashim Djojohadikusumo, has said Prabowo plans to increase the country’s debt-to-GDP ratio to 50 per cent from the current 39 per cent. To support higher debt, Prabowo hopes to increase tax revenue and sell state assets.

While Indonesia’s debt levels are lower than regional peers’, economists warn a sharp rise in borrowings over the short term could affect the currency, risk Indonesia’s credit rating and have a ripple effect on the economy.

Prabowo’s team has reassured investors of their fiscal caution in recent months, but concerns remain. “Potential fiscal strains could grow over time as [Prabowo’s] new programmes burgeon,” Citi’s chief Indonesia economist Helmi Arman said in a recent research note. He also expressed concerns that Prabowo’s key programmes appeared to be domestic market-oriented and not on exports.

Prabowo will also have to deftly handle his political allies, most importantly his former rival Widodo. Analysts said the former president had for months been trying to retain influence to protect his legacy.

“Prabowo knows that people still love Jokowi . . . however, Prabowo wants to control power in his own hands without any interference from Jokowi,” said Arya Fernandes, a political analyst at the Jakarta-based Centre for Strategic and International Studies, adding that Widodo could be given an advisory role.

Several of Widodo’s ministers are expected to get positions in Prabowo’s government. One indication of the outgoing president’s influence could be how big a role his son Gibran gets as vice-president, traditionally not a prominent position.

Prabowo also plans to install a bigger government, expanding the cabinet from 34 to up to 46, adding to worries over fiscal spending. His advisers have said the bigger government is primarily to appease partners in the ruling coalition.

Trade-offs are inevitable, said Indikator Politik’s Muslim, not least “between political stability and internal cohesion, as well as ruling effectiveness within his big-tent coalition”.

SPOTTING this rare coin in your change could be a big money-spinner – it could be worth nearly thirty times worth its original £2 value.

If you discover a sought-after coin in your change, you can make money on it by selling it on.

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You could do this through an auction, either online, in person, or through a dealer.

There are some coins which are known to fetch large sums of cash, such as the Kew Gardens 50p and the commemorative 50p coins minted to mark the London 2012 games.

But there are also lesser-known designs that are worth keeping an eye out for – like the 2020 Captain Cook-themed £2 coin.

These were issued back in 2020 to mark the 250th anniversary of Brit explorer Captain James Cook’s famous Voyage of Discovery.

The Royal Mint announced in 2018 that they’d release a unique three part £2 series – and they weren’t circulated to the general public, making them an extra coveted find.

This is the third and final £2 in the series and the distinctive reverse, designed by lettering artist Gary Breeze, features part of Captain Cook’s famous ship.

Once all three coins in the series are collected, you can arrange them together to reveal the full design.

Captain James Cook underwent three famous voyages responsible for finding major lands such as New Zealand and Hawaii.

He inspired many explorers and astronomers and this coin honours the first of these voyages.

You’re in luck – Ebay has been flogging the rare £2 edition coin on its website.

They’ve gone for as much as £57 and as little as £36.

How to check if a coin is rare

In most cases, a coin is rare if it has a low mintage figure – which is set by The Royal Mint.

The mintage figure relates to how many of the coins were made, so the fewer there are of them, the rarer they are.

You can find out what coins are rare and how they look on The Royal Mint’s website.

Your next step after this is seeing if the same coin is still available to buy in superior Brilliant Uncirculated quality from an official Royal Mint distributor, according to Change Checker.

These coins have been specially made to a superior quality which differentiates them from other coins you might find in your pocket.

How to sell a rare coin

If, after checking, you realise you’ve come across a rare coin, there’s a number of ways you can sell it.

You can sell it on eBay, through Facebook, or in an auction – but be wary of the risks.

The safest way to sell a rare coin is more than likely at auction. You can organise this with The Royal Mint’s Collectors Service.

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A 122-YEAR-OLD chocolate bar was discovered intact during a house clearance and it’s now selling for hundreds.

The antique chocolate was found in a commemorative and still had some of the silver wrapping.

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Being over a century old, the collectors item is set to go to auction and may go for around £200.

Auctioneer Jay Goodman-Browne said: “This type of item is just so rare.

“It’s quite remarkable that it went uneaten for so long, especially as this would have been regarded as a real treat at the time.

“Sweets and chocolates were still a relative novelty, to not eat it must have been a real challenge.”

The choccy was produced by British confectionery brand Rowntree’s in 1902 and was in a tin embellished with images of King Edward VII and Queen Alexandra.

Luckily the tin had the date printed on so auctioneers were able to timestamp it.

Rowntree’s has been around since 1881 and is known for Fruit Pastels and Randoms gummy sweets.

In 1902 chocolate was still luxurious and so the owner exhibited a good self-control to save the treat.

Chocolate was still considered a relative novelty at the start of the 20th century which may be why the owner wanted to save it.

Auctioneers at Auctioneum Ltd, Bath, have valued the delicacy at £200.

The sale is set to take place on November 4 and the lucky winner will get to take the sweet deal home.

Only a few chocolate bars from that timeframe are known to exist now which prices the item up.

The silver wrapping paper was also untouched however the buyer has advice not to eat the historic dessert.

Goodman-Browne added: “It’s not in bad shape considering its age.

“It’s still got some of the silver paper, and the tin has done a good job of protecting it.

“However, I’m not so sure it would still pass the taste test!”

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IT is called the most wonderful time of the year, but Christmas is less good for your wallet.

Families can spend up to £1,800 on the big day, says MoneySuperMarket.

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So before the expenses begin, now is a good time to review your finances and see where savings can be made.

Amy Knight, from personal finance website NerdWallet, says: “Decluttering your monthly outgoings provides a clear picture of how much disposable income you have, vital for the savvy shopper.”

Harriet Cooke draws up a checklist guide to finding some extra cash before December 25.

REVIEW BILLS

EXTRA CASH: £12

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CHECKING what you spend on energy, broadband and mobiles and switching to a cheaper deal, if you can, will immediately ease your monthly outgoings.

With the energy price cap having just risen by ten per cent to £1,717 a year for the average house, it’s especially important to look at your fuel tariff.

Switching to a competitive deal, such as EDF’s new Essentials V8, would mean a typical household would pay £1,628 over the year, saving around £89 on a variable tariff.

Switching now could save you around £15 before Christmas, and if your old account is in credit, you can get a rebate from your supplier.

Use a price comparison site such as Uswitch or Compare The Market to see how much you could save, as British Gas and E.on Next are also offering rates around four to five per cent cheaper than the cap. If you are not keen on computers, ring your supplier.

The same goes for your broadband and mobile phone provider. Give them a call and ask if your fixed deal has ended. If it has, discuss switching to a cheaper one that provides an equivalent service.

SELL STUFF

EXTRA CASH: AROUND £100

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THE months before Christmas are the perfect time to declutter to make way for new gifts.

Vlatka Lake, from self-storage company Space Station, says some of the most wanted second-hand items include golf clubs, selling for an average £100 on eBay, phones, clothes, which bring in £30 a piece, bikes at £270 and watches for £170.

The best option is often posting locally on Facebook’s Marketplace, so local buyers can collect the item.

Or you can list goods on sites such as eBay or Vinted, which is great for second-hand clothes. But you will usually have to post what you sell.

If this sounds like too much, enlist the help of a trusted tech-savvy friend or child, and split the proceeds with them.

SWITCH BANKS

EXTRA CASH: £200

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ONE of the easiest ways to get some extra cash is by switching current accounts — and your new bank will do all the work for you.

First Direct and Nationwide are currently offering £175 to customers switching to their 1st or FlexDirect accounts, respectively, while Lloyds is offering £200 for moving to Club Lloyds.

Aside from the bonuses, which will be paid by Christmas, all have different perks.

The First Direct account offers a £250 interest-free overdraft, which is great if you are often in the red.

Nationwide gives up to 5 per cent interest on £1,500 for 12 months, with 1 per cent cashback on debit card spending.

Club Lloyds has a £3 fee unless you pay in at least £2,000 a month, and offers a choice of either 12 months of Disney+, six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine such as Good Housekeeping.

SELL CURRENCY

EXTRA CASH: AROUND £53

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TRAVELLERS returning from abroad have an average of £53 of leftover foreign currency, according to Tesco Bank.

Ban Mahsoub, from the bank, said: “This could be exchanged back into sterling and provide a welcome boost for any Christmas savings.”

Try the Travel Money Max tool at moneysavingexpert.com to find out which bureau offers the best rate of conversion.

This week, Currency Online Group will give £82.65 for 100 euros, whereas Waitrose will pay £76.13.

CHECK BENEFITS

EXTRA CASH: VARIES

ARE you getting all the government help you are entitled to? Check at turn2us.org.uk.

To apply for Pension Credit — which pays an average £75 a week — call 0800 99 1234 or visit gov.uk/pension-credit/how-to-claim.

Amex users frozen out

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A MAJOR credit card company has been inundated with calls from customers after mystery payments appeared on their accounts.

American Express users said they could not get through to its helpline to query the amounts earlier this week. Others said they could not resolve the issue with the company’s live chat.

Many have been unable to use their credit cards, which have been frozen. Among those affected is Terry Pierce, 37. The company director, from London, was travelling for work when he began to receive texts asking him to approve transactions he had not made.

Four payments totalling £18.92 were taken from his British Airways American Express Premium Plus Card. When the father-of-one tried to contact American Express, he was left on hold for four hours.

He said: “It’s been so much additional stress. My card is frozen so I can’t use it. I have no idea of the source of these transactions.” We asked Amex about its helpline issues and if it was aware of a bigger issue.

A spokesperson said: “Our specialist fraud team thoroughly investigates all fraud claims and American Express members are not liable for this kind of unauthorised charge.”

It is understood that Amex has added extra resources to its call centre to reduce wait times.

If you think your credit card has been compromised then call your bank so it can freeze your card.

Usually you will be reimbursed for charges you have not made.

By Adelle Cook

A LUCKY lottery winner had to beg his boss for time off to cash in his winning ticket.

Before scooping up the colossal £200k jackpot, prize winner Paul had to request the morning off to collect his cheque.

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Paul Rowland, who works with the prison service national distribution centre, thankfully was permitted to pick up his winnings.

The dad-of-three said: “But I said I would try to come in for the afternoon! Now I’m definitely going back in because I want to take my cheque in!

“When I started to pull my cheque out of the envelope, I saw the ‘2’ and thought, ‘Wow, I’ve won £20,000.’

“Then when I carried on pulling it out, I saw more and more zeroes. And I just couldn’t believe it.”

Paul was one of lucky residents of Breaston, Derbyshire, who won the jackpot.

The £1m pot was shared between five people on the road who now are planning a party on their newly crowned Millionaire Street.

The Rowland family are still figuring out how they want to splash the cash.

Daughters Lizzy and Charlotte, who both work as nurses, are apparently dead set on a family holiday to the Maldives.

Mum and midwife Angie said said they plan having a bit of a holiday splurge but she’s not sure what the dream vacation entails.

She added: “There will definitely be some treats for Christmas.”

The family live in a semi-detached house next to George Mounsey and Alison Browne, who also won 200k each.

They’ve known each other for thirty years and say they ‘get on really, really well.’

The trio of houses are thrilled to be celebrating their winnings together.

Alison revealed she could barely sleep she was so excited about the turn of events.

She said she kept on waking up and thinking the call she received announcing her win was a dream.

The mum-of-two now is able to fully celebrate her 40th wedding anniversary, which fell over lockdown.

As each resident was given their prize money they cheered and hugged one another in excitement.

Across the road Paul White, who has a soft spot for American cars, has an idea of what he might do with the money.

He owns a pimped-up Chrysler PT Cruise but has always fancied a vintage Cadillac – now he finally has the chance to get one.

Postcode Community Trust also supports local, national and international charities.

Winnings were also given to Derbyshire-based Treetops Hospice, which was awarded £100,000.

The charity offers care to people with life-limiting illnesses such as cancer, motor neurone disease and multiple sclerosis.

Usually the sleepy cul-de-sac of DE72 3BZ is quiet peaceful area but is now set to be the location of a massive Millionaire Street party to mark the occasion.

How to play the People’s Postcode Lottery?

For just £12 a month, players can sign up through the official website to have a chance of winning millions of pounds.

Once signed up, players are automatically entered into every draw and prizes are announced every day of each month.

Tickets play for the Daily Prize, worth £1000 and revealed every single day.

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Tickets could also win a jackpot of £30,000 for Saturday and Sunday’s Street Prize draws.

People’s Postcode Lottery also offers a £3million Postcode Millions draw each month – where your ticket plays for a share of the cash prize fund.

Winners are notified by email, text, post, or phone call, depending on the prize they win.

Jackpot winners are visited by the lottery team in person.

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