Citi analyst criticized by Indonesian finance minister for lacking a doctoral degree.

The Indonesian side criticized a report on Citigroup by an economist, stating that Indonesia's fiscal deficit this year may exceed the statutory limit. This incident also highlights the increasing pressure faced by major banks worldwide regarding research reports deemed unfavorable by various governments. At a business forum held in Jakarta on Tuesday, Indonesian Finance Minister Sri Mulyani Indrawati made unusually sharp remarks. She stated that the Citigroup analyst, Hermi Aman, who wrote the report and holds two master's degrees, cannot be considered a "real economist" because he does not have a Ph.D. degree. During a media interview at the forum, Sri Mulyani pointed to herself and said, "You should consult someone with a Ph.D." Citigroup declined to comment on the matter. This event emphasizes that Indonesia's policymakers, as the largest economy in Southeast Asia, are in a highly sensitive state as they strive to avoid another wave of sell-offs in their government bonds and stock market. Additionally, this is the second incident in recent weeks where finance officials in different countries have criticized bank analysts. Previously, US Treasury Secretary Scott Benson also criticized a research report by Deutsche Bank.