Indonesia Set to Pursue Broad Financial Sector Reform in 2021

Indonesia is set to debate a bill this year that would bring a wide reform to its financial sector after a parliamentary body included it in its priority list for 2021.

As many as 33 draft laws are included in the list for the parliament to discuss this year, according to a meeting of the legislation committee late Thursday. Other draft regulations include the anti-sexual violence bill, personal data protection bill and a draft law on alcoholic drinks restriction.

The priority list is pending approval at parliament’s plenary session, Chairman of legislation body Supratman Andi Agtas said at the hearing.

Southeast Asia’s largest economy has aggressively pushed for reforms to strengthen its buffers against the pandemic. An omnibus law passed last year overhauled nearly 80 investment and labor rules to boost jobs and lure foreign capital. The government could use the same strategy this year to pave the way for long-tabled measures aimed at deepening financial markets and sharpening regulatory oversight.

The are also draft revisions to laws on state-owned companies, bills on elections and disaster mitigation and a draft law on special autonomy for Papua province, the list showed.

©2021 Bloomberg L.P.

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