Citi Analyst Rebuked by Indonesia Finance Chief for Lacking PhD

Indonesia took aim at a Citigroup Inc. economist for a report that said its budget deficit risks breaching the legal limit this year, highlighting growing pressure on global banks over research that governments consider unfavorable.

In unusually pointed remarks at a business forum in Jakarta on Tuesday, Finance Minister Purbaya Yudhi Sadewa said Citi’s Helmi Arman, who penned the report and has two master’s degrees, was “not a real economist” because he lacked a doctoral degree.

“You should ask a PhD,” Purbaya said, pointing to himself in an on-stage interview with Bloomberg TV’s Haslinda Amin at the forum.

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