Jokowi urges Indonesia’s SWF to work at full throttle

 

Jakarta (ANTARA) – President Joko Widodo (Jokowi) urged Indonesia’s Sovereign Wealth Fund (SWF) Supervisory Board, or Indonesian Investment Authority (INA), to promptly form a board of directors by next week, so that work runs in full gear immediately.

“I urge that by next week at the latest, (the board of directors) should be formed. Hence, they can work immediately and step on the gas fully in accordance with what we have planned,” Jokowi stated after inaugurating five members of the SWF Supervisory Board at the State Palace here on Wednesday.

The newly installed members of the SWF Supervisory Board are expected to soon appoint five members of the board of directors from professional circles.

The head of state is optimistic that the board would work in a professional manner and be able to boost the confidence of domestic and international investors, so that Indonesia can get a lucrative financing alternative for development.

The Supervisory Board comprises five people of which the appointment of two — specifically the finance minister and the state-owned enterprises (SOEs/BUMN) minister — is stipulated in the Job Creation Act.

The three other people hail from professional and independent backgrounds and had earlier been through several selection processes and obtained the approval of the House of Representatives (DPR).

“I am certain that with the track records of these professionals, with good experience and reputation, we are optimistic that this INA (Indonesia Investment Authority/INA) would garner trust, both domestically and internationally, so that the alternative financing that we hope for development can be achieved in future in large numbers,” President Jokowi stated.

SWF is a domestic investment endowment fund management institution established by law to increase and optimize the value of state assets in the long term and to support sustainable development. This institution is answerable to the president.

The formation of SWF is a follow-up to the mandate of the Job Creation Law passed last year.

Five members of the Supervisory Board are:

1. The finance minister, as chairperson concurrently member;

2. The state-owned enterprises minister, as member;

3. Haryanto Sahari, as member for the term of office of 2021-2024;

4. Yosua Makes, as member for the term of office of 2021-2025; and

5. Darwin Cyril Noerhadi, as member for the term of office of 2021-2026.

 

 

 

 

Source: Antara News

 

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