Indonesia, which was at the heart of the Federal-Reserve-induced taper-turmoil in emerging markets last year, is no longer part of the "Fragile Five" club, the country's finance minister said.
"We're no longer in the fragile five. Money is flowing back to Indonesia," Chatib Basri told CNBC on the sidelines of the Asian Development Bank's annual meeting in Kazakhstan.
Emerging markets Indonesia, India, Brazil, Turkey and South Africa had become known as the "Fragile Five" as their economies were seen as most vulnerable to the tapering of the U.S. central bank's $80-billion-a-month bond purchase program given their twin fiscal and current-account deficits, falling growth rates and above-target inflation.
However, concerns around these markets appear to have abated recently.
Basri cited the Indonesian government's $4 billion bond issuance in January -the biggest U.S. dollar bond sale in Asia since 1998 - as a sign of progress. The country issued $2 billion of debt due in 10 years to yield 5.95 percent and $2 billion of securities maturing in 30 years at 6.85 percent.
"If investors still believe this country will exist in another 30 years, then it means the confidence is still there," he said.
In addition to this, the rupiah - the world's worst performing currency last year - has staged a notable turnaround, climbing 5.5 against the U.S. dollar year to date.