RI Terms If You Want To Be A Developed Country: Needs A Lot Of Governance And Institutional Reform

Illustration (Photo: Doc. Ministry of Finance)

JAKARTA - Minister of Finance (Menkeu) Sri Mulyani revealed that the government continues to seek a number of steps in realizing Indonesia's dream of becoming a developed country in 2045.

According to him, this goal can be achieved if all parties support actions to change for more optimal results. One of the things described is the state's steps in presenting strategic policies.

To achieve a high-income country, there is a lot of foundation and reform for governance and institutions. Currently, the government and the DPR are preparing a Draft Law related to the Development and Strengthening of the Financial Sector (RUU P2SK)," he said through a virtual channel on Monday, October 10.

The Minister of Finance added that the development and strengthening of the financial sector through the P2SK Bill is expected to produce a financial sector that is deep, innovative, efficient, inclusive and trustworthy and stronger and more stable.

The state can only progress if the financial sector is strong. In the financial sector, it will become the backbone as well as the flow of blood for the economy to be able to achieve progress in a sustainable manner, he said.

The Minister of Finance said that the P2SK Bill is a way to be able to increase access to financial data, expand long-term financing, increase competitiveness and efficiency, mitigation risks, and strengthen investor and community protection.

"This snake must clearly be supported by good human resources, namely financial professionals who have competence and integrity," he asserted.

The state treasurer specifically highlighted the role of supervising the financial services sector which is considered to have a significant role.

"The financial sector must be important to be trusted by investors and the public to be able to create a stable and strong financial sector," he added.

For information, the process of discussing the P2SK Bill is still rolling in parliament and is one of the national priorities. The regulation will later regulate certain fields in more detail and also several new things.

Such as banking, capital markets, insurance, pension funds, financial technology or online loans (pinjol), sustainable finance, financial sector human resources, financial reporting, and access to financing for MSMEs.