Jakarta (Antara Bali) - The government is ready to submit a financial system safety net (JPSK) bill to the House of Representatives for discussion to anticipate a possible global crisis, chief economic minister Hatta Rajasa said.
"To deal with a crisis, we already have a crisis management protocol that regulates exchange of information between the monetary sectors and the government. We have also prepared a response policy. But we also really need a JPSK and now we are preparing it," he said here on Tuesday.
Hatta assured that the government would prepare all anticipatory measures to maintain the momentum of Indonesia's economic growth and the JPSK law would be one of the important elements of the measures," he said.
"That is part of what we have to safeguard. If we want to maintain our growth engine, exports must be maintained, people's buying power, budget spending and also investment must be maintained," he said.
Finance Minister Agus Martowardojo meanwhile said that the JPSK bill would be sent to the DPR by the end of this month at the latest.
"We expect to send the JPSK bill to the House before the end of this month," he said.
He said right now harmonization was still being done on the bill's draft in preparation for its discussion in the DPR.
"We will soon submit it to the House as it is one of the laws that we must have immediately and we have already received a response from the DPR. They are ready to discuss it," he said.
He said several articles in the bill's draft required DPR inputs, linked to decision making in the Committee of Financial System Stabilization.
"Later we will discuss it as we know there are articles that need to be agreed upon. Perhaps the DPR will propose against the setting up of a forum led by the finance minister and the governor of Bank Indonesia. We propose it is enough for the finance minister and the governor of Bank Indonesia to handle it. But a forum is certainly needed," he said.
The JPSK law was considered urgent in view of current financial crisis in the US and Europe.(*)
