Be prepared to liberalize financial services: Mar'ie<\/p>\n
JAKARTA (JP): Minister of Finance Mar'ie Muhammad said
\nyesterday that Indonesia must be prepared to face the
\nglobalization of the world's financial services.<\/p>\n
\"We have to be ready to face the globalization of financial
\nservices and the resulting fiercer competition,\" he said.<\/p>\n
The minister said that all finance-related activities in the
\ncountry should be improved to enable them to compete in an era of
\nliberalization.<\/p>\n
The World Trade Organization is expected to soon sign an
\naccord on the liberalization of the world's financial services,
\none of three major service sectors left over at the end of the
\nseven-year Uruguay Round of trade negotiations which led to the
\nlaunching of a new world trade treaty in January.<\/p>\n
\"The professional skills of those engaged in financial
\nactivities should be improved to enable them to compete in the
\nglobalized market,\" the minister said after he and Canadian
\nSecretary of State for the Asia-Pacific Raymond Chan signed a
\nmemorandum of understanding on financial cooperation between
\nIndonesia and Canada.<\/p>\n
Under the agreement the Canadian government will provide a
\nCan$11.73 million grant to help Indonesia reform its financial
\nactivities in such fields as insurance, pension funds and non-tax
\nrevenue management.<\/p>\n
The minister said that the technical assistance from the
\nCanadian government is expected to help improve professional
\nskills in the country's financial industry.<\/p>\n
System<\/p>\n
\"We don't have to copy systems from other countries but it is
\nnecessary for us to learn how to effectively manage our financial
\nservices,\" he said.<\/p>\n
The minister said the grant, which will be provided through
\nthe Canadian International Development Agency (CIDA), will also
\nbe used to finance activities related to the improvement of
\nprocedures for non-tax revenue collection.<\/p>\n
In his address following the signing of the agreement, Chan
\nsaid that the grant, which will be provided outside the financial
\nassistance commitment made by the Canadian government during the
\nrecent Paris meeting of the Consultative Group on Indonesia, is
\nthe first ever bilateral cooperation project between CIDA and the
\nMinistry of Finance of Indonesia.<\/p>\n
\"Domestic and foreign investments are increasing but to meet
\nthe actual resource requirements, additional resources of
\nfinancing are still needed,\" he said of Indonesia's economic
\ncondition.<\/p>\n
He expected that the grant would result in an improved
\nregulatory framework in Indonesia's financial sectors, such as
\npension funds, insurance and non-tax revenues.(hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/be-prepared-to-liberalize-financial-services-marie-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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