JAKARTA - Deputy Minister of Finance (Wamenkeu) Suahasil Nazara stated that Indonesia is using a crisis momentum that is full of pressure to carry out reforms in various fields.
Suahasil explained that this pattern had been implemented for decades. For example, in the 1997-1998 Asian crisis, the government carried out financial reforms and legal reforms. Then, during the 2008-2009 global crisis and finally the COVID-19 pandemic, Indonesia made an extraordinary regulatory update.
"One of them is reform in the financial sector through the Law on the Development and Strengthening of the Financial Sector (UU P2SK)," he said in a written statement on Tuesday, February 21.
According to Suahasil, the P2SK Law has changed the landscape of the Indonesian financial and economic sector so that it can grow in the future to be stronger.
To change the landscape of the financial sector, there are three ultimate goals. First, make the financial sector stable. Second, make the financial sector deeper. Third, make the financial sector more inclusive," he said.
Suahasil added that the P2SK Law was designed and focused on five pillars, namely strengthening the institutional institutions of the financial sector authority while still paying attention to independence, strengthening governance and increasing public confidence in the financial industry.
Then, encourage the accumulation of long-term financial sector funds for sustainable welfare and development financing support, consumer protection, and strengthening financial literacy, inclusion, and innovation.
Furthermore, the omnibus method used in the P2SK Law is considered more effective and comprehensive in reforming the financial sector so that it is consistent in creating a good, stable, consistent, and integrated financial system ecosystem.
"The government will also continue to strengthen coordination with BI, OJK, and LPS through the Financial System Stability Committee (KSSK) which really synergizes, synchronizes policies, monitors as well as discusses policy direction in the financial sector," he explained.
For information, the P2SK Law is said by the government to play a strategic role in strengthening Indonesia's financial sector in the midst of challenges and opportunities for technological development.
"Financial sectors are not just high-regulated sectors, but this is an effort to grow the financial sector that creates public trust and develops more in the future," concluded Deputy Minister of Finance Suahasil Nazara.
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