Danantara Officially Involved in the KSSK Meeting, This is Purbaya's Explanation

Minister of Finance Purbaya Yudhi Sadewa. (Photo: ANTARA)

JAKARTA - The Financial System Stability Committee (KSSK) for the first time held a routine coordination meeting by inviting the Danantara Investment Management Agency (BPI). The meeting that took place was the first moment of Danantara's involvement in the KSSK coordination forum.

So far, the KSSK coordination meeting has only been attended by four permanent members, namely the Ministry of Finance, Bank Indonesia (BI), the Financial Services Authority (OJK), and the Deposit Insurance Corporation (LPS).

Finance Minister Purbaya Yudhi Sadewa explained that Danantara Rosan Roeslani's Chief Executive Officer (CEO) and Danantara Dony Oskaria's Chief Operating Officer (COO) were invited to attend the meeting based on President Prabowo Subianto's instructions.

"We just finished a coordination meeting of the KSSK, at the direction of the President, we invited Danantara and Mr. Rosan and Mr. Dony to attend the meeting this afternoon," he said in a press conference, Tuesday, July 28.

However, Purbaya was not willing to reveal the results of the meeting and all meeting decisions will be announced on Monday.

On the other hand, he only conveyed that the meeting was dynamic and all participants, including regulators who were members of the KSSK, agreed to strengthen coordination so that every policy issued in the economic sector was in line with each other.

"I told the meeting, it took place, it was very dynamic, everyone agreed on closer coordination and ensuring that the policies issued in all sectors of our economy are in line and will be able to create a better economic system in the future," he said.

According to him, Danantara's presence in the meeting was merely as a party that provided input from the perspective of business actors because the KSSK wanted to get a direct picture of the business world so that the policies formulated could be more targeted.

"Usually, it is only a meeting between regulators, sometimes we want to hear direct input from business actors who manage businesses. Andantara gave positive input at the afternoon meeting, meaning that we can get more information to ensure that our policies are on target," he said.

Purbaya also emphasized that Danantara's participation was not in conflict with the applicable provisions.

He explained that the Law on the Development and Strengthening of the Financial Sector (UU PPSK) provides room for the KSSK to invite institutions or other parties to coordinate meetings.

"In the law, it can be followed by institutions and other parties invited. So we KSSK can invite other parties outside the KSSK." he added.

Even though he was present at the meeting, Purbaya ensured that Danantara did not have a voting right in the decision-making process because his role was only to provide views and information that could enrich the regulator's perspective.

"But in the decision, Danantara will not have a voting right, roughly like that. He gives input and sees what the position is like," he said.

He added that if the KSSK discusses policies that are very strategic, Danantara will not be involved in the decision-making process.

"The policy is that if it is very important, it will not participate. In making decisions, he will leave if it is very important that it is related to business, but if it is general, now it is still general, he can listen to the decisions we make," he said.

Furthermore, Purbaya assessed that the input from Danantara added value to the KSSK because it helped the regulator understand the real conditions of the business world.

According to him, regulators have relied more on data so that there are sometimes differences in translating conditions in the field.

"If we are ordinary regulators, we just look at the data. Sometimes translating the data is a little wrong, so Danantara enriches us with additional information," he said.