Regulations
Analysts say the law's quick passage without much public discussion could jeopardize the goal of attracting global funds as investors require legal certainty and clear regulations.
The Gelora Bung Karno stadium is seen next to Jakarta's Sudirman Central Business District (SCBD) on Aug.18, 2018. (AFP/Bay Ismoyo)
The House of Representatives has passed the bill on the Indonesia International Financial Center (PFII) into law just weeks after conception, as the government seeks to break ground at the end of the year, however, key questions remain unanswered.Speaking on behalf of President Prabowo Subianto in the session on Tuesday, Finance Minister Purbaya Yudhi Sadewa said the law “was not merely a formal regulation; it’s a new architecture for Indonesia’s future finance”.
The bill went through less than three weeks after its first official drafting meeting on July 2 at House Commission XI, which oversees financial affairs. Subsequent public and closed-door meetings were held on the draft until Monday, when the commission and the executive considered the bill ready to pass into law.
