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View all search resultsPFII bill passed just weeks after conception
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.
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The Gelora Bung Karno stadium is seen next to Jakarta's Sudirman Central Business District (SCBD) on Aug.18, 2018. (AFP/Bay Ismoyo)
T
he 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.
Since early on in the deliberation process, Purbaya stated that the intention was to get the bill past the finish line this month, before the House enters recess on Wednesday.
Legislative work will resume in mid-August when the President will give a speech marking the beginning of the budget-drafting process for next year, which will precede his state of the nation address before the People’s Consultative Assembly (MPR).
Normally held on the last working day before Indonesia’s Independence Day on Aug. 17, the speech will fall on Aug. 14 this year, and Prabowo is expected to mention the PFII in the address.
The PFII bill itself was based on the Financial Sector Development and Strengthening (P2SK) Law, which was amended less than two months ago.
