Connect with us

Politics

Sri Mulyani-Erick Thohir duo is the supervisor of the Indonesian Endowment Fund

 


Jakarta, CNBC Indonesia – The Indonesian Sovereign Fund (SWF) or the Investment Management Institution (LPI) is ready to operate in early 2021. The government is starting to prepare for the appointment of professionals who will be involved in the management of the endowment fund.

The Director General of State Assets of the Ministry of Finance, Isa Rachmatarwata, said that as stated in Law No. 11 of 2020 regarding job creation, SWF will consist of a supervisory board and a board of directors.

The supervisory board will consist of five people, and it has been confirmed that the two current cabinet ministers, namely Finance Minister Sri Mulyani Indrawati and BUMN Minister Erick Thohir will simultaneously become the Supervisory Board as members of the SWF.


“The supervisory board is made up of five people, two of whom are definitively ex officio, namely the president who is simultaneously a member is the Minister of Finance and another member is the Minister of BUMN. So if you are asked, y Does he already have two people, of course, they are members of the supervisory board, “Isa explained in a video conference on Friday (11/20/2020).

During this time, the other three supervisory boards will be independent professionals, representing the strategic partners of the SWF. This will then be proposed by President Joko Widodo (Jokowi), and consulted with the House of Representatives (DPR).

The selection process, Isa said, will begin after the enactment of the government regulations (PP) regarding the SWF. Currently, stakeholders have harmonized the rules and in the near future this will be passed on to Jokowi.

“Now we have completed the ministerial committee meeting process. There is a harmonization process and maybe these days it can be submitted to the president (Jokowi), but I have not checked again to this day, ”explained Isa.

After the selection of the Supervisory Board, from there, the Board of Directors will be elected again. It will also come from independent professionals. Nonetheless, Isa said, this does not rule out the possibility that officials could also become directors of SWF.

“If the supervisory board is complete, then it will elect the board of directors. The board is made up of five people and it is professional. So if Mr. Meirizal Nur (director of state property separated by Ministry of Finance) is elected, Mr. Mei means he is already professional in this field. There are also professionals. So yes, we hope that early next year this LPI can start to operate “, did he declare.

As is known, the SWF was established through the Job Creation Law and supported by the PP which regulates that central government investments can be made by the Minister of Finance as treasurer general of the State and institutions that receive special authority (sui generis) in the context of investment management.

Thus, the goal of establishing LPI is to gain the trust of global investors. In addition, the objective of government investment through this legal umbrella is to achieve economic benefits, social benefits and to contribute to national economic development.

Isa also explained that it is possible that at the beginning of its creation, the SWF will receive financial support from the APBN in the amount of Rs 15 trillion. Since the initial capital cannot simply settle, the government will manage it through portfolio investments.

“At the start of the establishment, the government received 15 trillion rupees. Then it has not yet decided which project to invest in, this money also cannot be idle. That is why it will make a small investment management portfolio, ”said Isa.

Earlier, the Minister of Finance, Sri Mulyani Indrawati, explained that the initial capital for the formation of the SWF would reach 75 trillion rupees. Initial capital will come from a combination of public assets, assets of state-owned enterprises (BUMNs) and other sources.

Regarding the additional rules on the operation and formation of sovereign wealth funds, Sri Mulyani will be further regulated in the government regulation (PP).

“In the PP, we will regulate this IPL with the equity participation specified in the PP which consists of cash equity, BUMN shares, the value of which we hope will reach IDR 75 trillion,” Sri Mulyani explained during the presentation. a press conference on Wednesday. (7/10/2020).

In the early stages, Sri Mulyani said, it is possible that the formation of capital will be in the form of cash worth Rs 30 trillion. In this initial phase of capital, it will come from state-owned property (BMN), shares in BUMN companies and government debt.

“Now it has been discussed the injection of equity capital in the form of cash, the value of which reaches up to Rp 30 trillion,” he said.

With equity of up to Rp 75 trillion, the government hopes to triple investment funds or reach Rp 225 trillion.

[Gambas:Video CNBC]

(hps / hps)


What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]