he government and the House of Representatives are expediting the drafting process for the bill on the Indonesian International Financial Center (PFII), aiming for passage before August and implementation by the year-end, in what economists view as a high-stakes gamble.
Finance Minister Purbaya Yudhi Sadewa attended a meeting with House Commission XI overseeing financial affairs on Thursday, which marked the formal start of drafting the PFII bill.
Purbaya told reporters after the meeting that the target was to finish and pass the bill this month.
The minister added that “the President hopes” to present it in his State of The Union Address at the annual plenary session of the People’s Consultative Assembly (MPR), normally held on the last work day before Independence Day on Aug. 17.
“With a sizable economy, vast domestic market, strategic geographical position, abundant natural resources and good long-term growth prospects, Indonesia has all of the requirements to develop a center for international financial activities,” Purbaya said.
“Nevertheless, Indonesia still has yet to possess a specially designed international financial area with governance, institutional, legal certainty and competitive standards that are on a par with various international financial centers established in numerous countries.”
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