Politics
Indonesia names Ray Dalio and Jeffrey Sachs as advisers – Sri Lanka Guardian
Indonesia has enlisted leading figures such as billionaire investor Ray Dalio and the renowned economist Jeffrey Sachs to serve as advisers to his new sovereign fund, Danantara. This decision comes while the fund, which should manage the assets of the State worth around 900 billion dollars, faces increasing concerns of investors concerning its governance and its potential political interference.
Danantara was launched in February by President Prabowo suffered as part of a major overhaul that consolidates companies belonging to the State (public enterprises) under one roof. The fund aims to stimulate economic growth by investing in strategic sectors such as the transformation of minerals, artificial intelligence, energy and food. It should receive $ 20 billion in investments, mainly funded by budget cuts and the diversion of SOE dividends.
However, direct control of the fund by President Prabowo and the redirecting of the SOEs were allocated to the dividend at the State Budgethave made alarms on transparency and political influence in its operations. These concerns have intensified the discomfort of investors, in particular with the absence of clear governance details surrounding the management of the fund.
Investors have expressed an apprehension concerning the potential consolidation of the largest assets in SOE in a single fund without sufficient governance guarantees. The lack of transparency has also exacerbated the concerns about the more populist policies of the Indonesian government, which differ from those of the previous administration under President Joko Widodo.
Despite the appointments of high -level advisers, including former Indonesian presidents Joko Widodo and Susilo Bambang Yudhoyono to the Fund steadfast committee, as well as Chapman Taylor, a portfolio manager of Group capital, and the former Thai Prime Minister Thaksin Shinawatra, the markets remained skemptical. The Jakarta's reference stock market index fell sharply, lowering up to 4.7% after the announcement, reflecting investors' concerns concerning the long -term viability of the fund and the wider economic prospects.
Indonesian public companies, which have assets in the bank, energy and telecommunications, represent a significant part of the country's GDP. Four of the seven largest companies are listed on the stock market, a combined market capitalization exceeding $ 100 billion. This scale has made the governance of the new fund a critical problem, some analysts warning that the consolidation of these assets in Danantara could increase the political and financial risks for the economy.
The potential financial gap resulting from the diversion of SOE dividends in Danantara adds to existing concerns about Indonesian budgetary health. The country's budget is already under pressure due to a drop in income and cost of populist governments, including annual expenses of $ 28 billion for free lunches for schoolchildren and pregnant mothers.
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