Business community responds to plan to include Danantara in Financial System Stability Committee

The Indonesian Employers’ Association (Apindo) has responded to the plan to involve the Daya Anagata Nusantara Investment Management Agency (BPI Danantara) in the Financial System Stability Committee (KSSK).

Apindo’s Economic Policy Analysis Committee Chair, Aviliani, during a press conference in Jakarta on Tuesday, assessed that Danantara’s position in the KSSK could be considered on par with state-owned enterprises (BUMN) or the private sector.

“Perhaps the reason Danantara is being included is because Danantara will issue quite large bonds. These large bonds will also affect the financial system,” said Aviliani.

Nevertheless, she believes the party that should be involved in the KSSK is the relevant ministry, such as the Coordinating Ministry for Economic Affairs, because it is closely linked to economic policymaking.

“In my opinion, it should be the Coordinating Ministry for Economic Affairs. Mr Airlangga (Coordinating Minister for Economic Affairs) must be included, because the real sectors are under the ministry,” said Aviliani.

“So, there is alignment between what needs to be financed and whether the real sector is ready or not. So it is not just the demand for intermediation that is pushed to increase, but the real sector is not ready,” she added.

Previously, Danantara CEO Rosan Roeslani stated that President Prabowo had directed that Danantara be involved in every KSSK decision-making process, so that the resulting policies consider not only fiscal and monetary aspects but also the impact on the business world and the economy as a whole.

“Later, the KSSK will also be asked to involve Danantara in every decision-making process, so that it has a direct impact on the economy and business, not just from the fiscal and monetary side,” said Rosan on Monday (27/7).

Meanwhile, Finance Minister Purbaya Yudhi Sadewa confirmed that Danantara’s role in KSSK meetings would be as an advisor without voting rights.

“In the law, (KSSK meetings) may be attended by other invited institutions and parties. So, the KSSK may invite other parties outside the KSSK. However, in decisions, Danantara will not have voting rights,” said Purbaya.

According to the Finance Minister, Danantara’s inaugural participation in the KSSK meeting provided positive insights for more targeted national policies in the future.