Friday, April 19, 2024

Indonesia increases investments in 3 int’l financial institutions

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Finance Minister Sri Mulyani has allocated an additional investment of IDR 1.90 trillion (IDR 122 million) to three international financial institutions − the Islamic Development Bank, the International Fund for Agricultural Development, and the International Development Association − this year.

The increased investment includes IDR 1.53 trillion (approximately USD 102.7 million) for the Islamic Development Bank, a cash payment of IDR 59.6 billion (approximately USD 4 million) to the International Fund for Agricultural Development, and IDR 316.3 billion (approximately IDR 20 million) for the International Development Association.

This investment increment is regulated by the Minister of Finance Regulation (PMK) Number 161 of 2023 concerning the Addition of Investments by the Government of the Republic of Indonesia in International Financial Institutions for the 2024 fiscal year.

“The additional investment will be sourced from the State Budget for the 2024 fiscal year,” stated Article 3, paragraph (5) of PMK No. 161/2023.

This policy is also issued to implement the provisions of Article 32, paragraph (3) of Law Number 19 of 2023 concerning the State Budget for the 2024 fiscal year.

“The implementation of the government’s additional investment in international financial institutions is carried out by the head of the climate change and multilateral policy center, the fiscal policy agency, as the budget user of the general treasurer’s budget section for government investment in accordance with the provisions of laws and regulations,” as stated in Article 6 of PMK No. 161/2023.

The Islamic Development Bank, based in Saudi Arabia, is established to promote economic development and social welfare in member countries and Muslim communities, both individually and collectively, following Sharia principles.

Meanwhile, the International Fund for Agricultural Development, under the United Nations and based in Italy, aims to support agricultural development in member countries that are still categorized as poor or developing countries through grants and the provision of soft loans.

Furthermore, the International Development Association is an LKI part of the World Bank Group, based in the United States, with the goal of promoting economic development, increasing productivity, and improving living standards in member countries that are still classified as poor countries through grants and the provision of soft loans.

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