Jakarta – The Indonesian government and the House of Representatives (DPR) continue to strengthen the foundations of the national economy through more adaptive, inclusive, and sustainable financial sector reforms. One strategic step taken is the ratification of the revised Law on Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK), which is expected to strengthen financial system stability while expanding access to financing for the public and businesses in various regions.
Finance Minister Purbaya Yudhi Sadewa stated that the revision of the P2SK Law is a strategic step to strengthen the stability of the national financial system while supporting sustainable economic growth. He stated that more adaptive regulations are needed so that the financial sector can respond to developments in the financial services industry, financial technology innovation, and increasingly complex supervisory requirements.
“On behalf of the government, we express our deepest gratitude and appreciation to all members of the DPR, especially the leadership and members of Commission XI, who initiated this bill and worked with the government during its deliberations,” Purbaya said.
According to Purbaya, global economic challenges, still overshadowed by geopolitical uncertainty, supply chain disruptions, and energy price pressures, require Indonesia to have a more resilient financial sector. Therefore, reforms through the P2SK Law are aimed at strengthening coordination between authorities, increasing the competitiveness of the national financial sector, deepening financial markets, and expanding financial inclusion for all levels of society.
Furthermore, Purbaya emphasized that the government is committed to maintaining the momentum of higher and more sustainable economic growth. To achieve this goal, a financial sector capable of channeling financing effectively to productive sectors, the main drivers of the people’s economy, is needed.
“The government is committed to achieving higher and more sustainable economic growth. To achieve this, various breakthroughs are needed, including through strengthening a robust and healthy financial sector,” Purbaya said.
The revision to the P2SK Law was also drafted through intensive discussions involving the government, Bank Indonesia, the Financial Services Authority (OJK), the Deposit Insurance Corporation (LPS), and various other stakeholders. The involvement of associations, academics, industry players, and the public is expected to produce regulations relevant to the current and future needs of the national financial sector.
With these regulatory strengthenings, the government is optimistic that the national financial sector will become stronger in facing global dynamics and become a driving force for inclusive economic development. Ultimately, financial sector reforms through the P2SK Law are expected to not only maintain financial system stability but also expand business opportunities, improve access to financing, and strengthen the economy of people throughout Indonesia.