Government and Parliament Agree to Advance P2SK Amendment Bill to Plenary Session

A consensus has been reached, allowing the P2SK Law amendments to potentially be finalised by tomorrow, God willing.

The Government and the House of Representatives (DPR RI) have agreed to bring the Bill concerning the Amendment to Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK) to Level II Discussions, or the decision-making stage, during the DPR Plenary Session.

“A common ground has been found, so hopefully, the P2SK Law can be completed tomorrow,” stated Finance Minister Purbaya Yudhi Sadewa to journalists at the Parliament Complex in Jakarta on Wednesday.

The Government has expressed its acceptance of the discussion results at the Working Committee level, which serves as the basis for decision-making during Level I Discussions. In alignment with these results, the Government has approved the progression of the P2SK Law Amendment Bill to the Level II Discussion stage in the DPR RI Plenary Session.

The Finance Minister noted that the intensive discussions between the Government and the DPR RI have resulted in a strong mutual understanding regarding the various substantive changes required to strengthen the national financial sector. He emphasised that synergy between the Government and the DPR RI is a vital factor in realising a financial sector that is resilient, inclusive, deep, and globally competitive.

He assessed that the amendments to the P2SK Law represent a strategic step to reinforce the foundations of the national economy amidst evolving global dynamics and challenges. “The synergy between the Government and the DPR is key to achieving a resilient, inclusive, deep, and globally competitive financial sector. This amendment to the P2SK Law is not merely a regulatory change, but a strategic move to build a stronger economic foundation for Indonesia,” he said.

Through the strengthening of the financial sector’s legal framework, the Government hopes that the P2SK Law amendments will further drive sustainable economic growth, strengthen financial system stability, deepen the national financial market, and enhance public welfare. It is further expected that Indonesia’s financial sector will serve as an engine for prosperity for all Indonesian people while simultaneously bolstering national economic resilience.