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    Jokowi asks the regions to save money in the sovereign wealth fund


    Jan 17, 2023

    President Joko Widodo “Jokowi” has called on local governments to set aside regional budgets (APBD) to save in the government’s endowment fund. The central government has set up a sovereign wealth fund (SWF) called the Indonesian Investment Authority (INA). “The Regions that have substantial PAD (local income), put them aside and keep them in an endowment fund. Join the Indonesian Investment Authority,” the president said in a speech at the opening of the national coordination meeting of Forkopimda and regional heads at SICC, Sentul on Tuesday, January 17, 2023. He stressed that endowment funds could be used to secure the regional budget from unused budget overruns (Silpa).

    “Don’t let it become Silpa. That is why the government is now giving space to set up, build, create what is called an endowment fund”, remarked the president of the state.

    The former Jakarta governor went on to say that it had been regulated by law. “There is already a law and government regulation on central and regional finance.”

    Earlier, President Jokowi said that the current year’s unspent budget of the APBD or Silpa is left in the banks or not absorbed and amounts to Rs 123 trillion. “I have to say that the unused APBD in the bank at the end of 2022 is 123 trillion rupees. This shouldn’t be applauded,” he said.

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