The Omnibus law provides legal certainty about the Indonesian sovereign wealth fund

The omnibus law on job creation requires the establishment of an investment management agency for the management of a sovereign wealth fund derived from tax revenues and foreign investments which is intended to assist the development of Indonesia.
Chapter 10 on central government investments and national strategic projects in the bill provides for the establishment of a “special authority” agency led by the finance minister, a vehicle that President Joko “Jokowi” Widodo described as a sovereign wealth fund.
“The finance minister, as a state treasurer, can invest in financial instruments, manage assets for investments, collaborate with trust funds, determine investment partners, give and accept loans and manage all assets,” says article 146 of the omnibus law.
The finance minister will lead the board of directors and the state body …

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