BAPPENAS Sign MoU With OJK to Support Synergy of Economic Recovery and Transformation Policy

JAKARTADAILY.ID – Indonesian Ministry of National Development Planning (Bappenas) and the Financial Services Authority (OJK) signed a Memorandum of Understanding (MoU) on the Synergy of National Development Planning Policy with Financial Services Sector Policies to Support National Economic Recovery and Transformation.

Based on a 2018 study by Bappenas regarding the deepening of the financial sector in Indonesia, the relationship between the financial services sector and the real sector is demand-following.

“When the real sector moves and the economy grows, the demand for the financial services sector will also increase, and vice versa. Seeing this urgency, good synergy is needed to bridge the relationship between the two," explained the Minister of National Development Planning/Head of Bappenas Suharso Monoarfa after the signing of the Memorandum of Understanding held at the OJK Office, Bank Indonesia Complex, Jakarta, Wednesday, June 15, 2022.

In addition to realizing financial sector policies that are in synergy with national development planning policies, The MoU is also one of the strategies to realize Indonesia's Vision 2045, which is to become a high-income country and be included in the list of the world's five largest economic powers.

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To achieve this target, Indonesia must carry out an economic transformation, in which the role of the financial services sector is very important as an enabling environment.

"Right now, it's time for us to act fast, despite the constraints of global conditions, such as inflation in developed countries, normalization of Covid-19 policies, and the Ukraine-Russia conflict. We are boosting our national development and the financial sector is ready for it with sufficient liquidity and capital," said Chairman of the OJK Board of Commissioners, Wimboh Santoso.

According to the law, OJK must contribute to national development so that cooperation with Bappenas is very important, especially to provide a conducive environment so that the process of transformation of the Indonesian economy planned by the Ministry of National Development Planning/Bappenas can run well.

Wimboh also emphasized that there is still much room for cooperation between OJK and Bappenas, considering that the policies of the financial services sector must be in sync with the government's expectations through medium and long-term development.

The Ministry of National Development Planning / Bappenas and OJK agreed on five important points in the memorandum of understanding.

First, is the provision, exchange, and use of data and information related to national development planning and the financial services sector.

Second, coordination related to development planning policies and policies in the financial services sector, including but not limited to the synergy of national development planning policies with policies in the financial services sector to support the recovery and transformation of the national economy.

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Third, socialization and dissemination of policies according to their respective duties and functions as well as increasing financial literacy and inclusion.