1.
For an overview and recent trends of sovereign wealth funds, see Bader Alhashel, “Sovereign Wealth Funds: A Literature Review”,Journal of Economics and Business78 (2015), 1–13; Milan Babic, “State Capital in a Geoeconomic World: Mapping State-Led Foreign Investment in the Global Political Economy”,Review of International Political EconomyOnline first (2021); Douglas Cumming, Geoffrey Wood, Igor Filatotchev, and Juliane Reinecke, eds.,The Oxford Handbook of Sovereign Wealth Funds, (Oxford: Oxford University Press, 2017); Salman Bahoo, Ilan Alon, and Andrea Paltrinieria, “Sovereign Wealth Funds: Past, Present, and Future”,International Review of Financial Analysis67 (2020), 1–17.
2.
“Top 100 Largest Sovereign Wealth Fund Rankings by Total Assets”, Sovereign Wealth Fund Institute, https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund.
3.
“See All the Investments”, Norway Government Pension Fund Global, https://www.nbim.no/en/the-fund/investments/#/.
4.
James Davey, “Factbox: Qatar’s investments in Britain – Barclays, Sainsbury’s, Harrods and IAG”, Reuters, 19 February 2020, https://www.reuters.com/article/uk-iag-qatar-stake-investments-factbox-idUKKBN20D1EC.
5.
Cabinet Secretariat of the Republic of Indonesia, “United Arab Emirates is Ready to Invest US$22.8 Billion in Indonesia”, Economic Diplomacy News, Ministry of Foreign Affairs of the Republic of Indonesia, 13 January 2020, https://kemlu.go.id/portal/en/read/958/berita/united-arab-emirates-is-ready-to-invest-us228-billion-in-indonesia.
6.
Aldo Musacchio and Sergio Lazzarini, Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond, (Cambridge, MA and London: Harvard University Press, 2014).
7.
“Top 100 Largest Sovereign Wealth Fund Rankings by Total Assets”, Sovereign Wealth Fund Institute, https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund.
8.
See, for example, Larisa Huda, “Kemampuan LPI untuk Menarik Investasi Dipertanyakan”, Koran Tempo, 17 November 2020, https://koran.tempo.co/read/ekonomi-dan-bisnis/459866/kemampuan-lpi-untuk-menarik-investasi-dipertanyakan.
9.
Federal Bureau of Investigation, “U.S. Seeks to Recover $1 Billion in Largest Kleptocracy Case to Date”, FBI News — Stories, 20 July 2016, https://www.fbi.gov/news/stories/us-seeks-to-recover-1-billion-in-largest-kleptocracy-case-to-date.
10.
Tom Wright and Bradley Hope, Billion Dollar Whale: The Man who Fooled Wall Street, Hollywood, and the World, (New York and Boston: Hachette Books, 2018).
11.
In November 2021, the Omnibus Law of Job Creation law was ruled conditionally unconstitutional by the Constitutional Court (See, Mahkamah Konstitusi Republik Indonesia, Putusan Nomor 91/PUU-XVIII/2020, Jakarta: Mahkamah Konstitusi Republik Indonesia). The law’s errors are related to irregularities in the legislative procedure, which lacked openness and a systematic approach. The court has ordered revision of the law within two years and stated that the law could be declared permanently unconstitutional if changes are not satisfactory. For the time being, the law and its regulations are still valid, but issuing new implementing regulations and carrying out strategic action related to the law are prohibited. Although the Constitutional Court’s decision has raised uncertainty for INA, the impact is likely to be limited for the following reasons. First, the implementing regulations issued prior to the Constitutional Court’s decision continue to be in effect until the deadline for the revision of the Job Creation law. The regulation for establishing and governing INA has already been adopted. Second, regulations for the government’s capital allocation of 75 trillion rupiah (US$5.2 billion) into INA were adopted before the Constitutional Court’s decision. Third, the creation of INA has not been the main point of contention. Civil society groups have criticised the potential detrimental effects of the Job Creation law’s other articles related to labour and environment (See, Lukas Schlogl and Kyunghoon Kim, “After Authoritarian Technocracy: The Space for Industrial Policy-Making in Democratic Developing Countries”, Third World Quarterly Online first (2021).). Although the law’s contents have not been declared unconstitutional, there is a slight possibility that articles related to labour and environment may be amended via compromise. In contrast, the articles on INA are likely to remain as they are. Even if there are any changes to the articles related to INA, they are unlikely to affect INA’s existence and goals and may only involve measures to strengthen INA’s governance. This Analysis has been written based on these assumptions.
12.
Government of Indonesia, Articles 165–172, Law Number 11 of 2020.
13.
Adrian Wail Akhlas, “‘Prioritized’: Indonesia to Establish $5b Sovereign Wealth Fund to Support Economy”, The Jakarta Post, 9 October 2020, https://www.thejakartapost.com/news/2020/10/08/prioritized-indonesia-to-establish-5b-sovereign-wealth-fund-to-support-economy.html.
14.
Adrian Wail Akhlas, “‘Govt Tweaks Stimulus Budget to Include Funding for Sovereign Wealth Fund, Food Estate Program”, The Jakarta Post, 5 November 2020, https://www.thejakartapost.com/news/2020/11/05/govt-tweaks-stimulus-budget-to-include-funding-for-sovereign-wealth-fund-food-estate-program.html; The paper uses exchange rate (period average) in 2021 for all conversions of rupiah into US dollars. $1=14 308.14 rupiah.
15.
Roland Rajah, Indonesia’s Economy: Between Growth and Stability, Lowy Institute Analysis, (Sydney: Lowy Institute, 2018), https://www.lowyinstitute.org/publications/indonesia-economy-between-growth-and-stability.
16.
Budy P. Resosudarmo and Abdurohman, “Is Being Stuck with a Five Percent Growth Rate a New Normal for Indonesia?”, Bulletin of Indonesian Economic Studies, 54, No 2 (2018), 141–164.
17.
Peter McCawley, “Infrastructure Policy in Indonesia, 1965–2015: A Survey”, Bulletin of Indonesian Economic Studies 51, No 2 (2015), 263–285.
18.
Ministry of National Development Planning/Bappenas, Indonesia 2045: Sovereign, Progressive, Just, and Prosperous, (Jakarta: Ministry of National Development Planning/Bappenas, 2019).
19.
Republic of Indonesia, Appendix Presidential Regulation No 8 of 2019 Concerning the National Medium Term Development Plan for 2020–2024, (Jakarta: Republic of Indonesia, 2020).
20.
Peter McCawley, “Jokowi Bets on an Infrastructure Boom”, East Asia Forum, 10 April 2019. https://www.eastasiaforum.org/2019/04/10/jokowi-bets-on-an-infrastructure-boom/.
21.
Ross Garnaut, “Indonesia’s Resources Boom in International Perspective: Policy Dilemmas and Options for Continued Strong Growth”, Bulletin of Indonesian Economic Studies 51, No 2 (2015), 189–212.
22.
Mari Pangestu, Sjamsu Rahardja, and Lili Yan Ing, “Fifty Years of Trade Policy in Indonesia: New World Trade, Old Treatments”, Bulletin of Indonesian Economic Studies 51, No 1 (2015), 239–261.
23.
Eve Warburton, Resource Nationalism in Post-Boom Indonesia: The New Normal?, Lowy Institute Analysis, (Sydney: Lowy Institute, 2017), https://www.lowyinstitute.org/publications/resource-nationalism-post-boom-indonesia-new-normal.
24.
Kyunghoon Kim, “Analysing Indonesia’s Infrastructure Deficits from a Developmentalist Perspective”, Competition & Change Online first (2021).
25.
Ben Bland, Politics in Indonesia: Resilient Elections, Defective Democracy, Lowy Institute Analysis, (Sydney: Lowy Institute, 2019), https://www.lowyinstitute.org/publications/politics-indonesia-resilient-elections-defective-democracy.
26.
Edward Aspinall, “The New Nationalism in Indonesia”, Asia & the Pacific Policy Studies 3, Issue 1 (2016), 72–82.
27.
Kyunghoon Kim, “Indonesia’s Restrained State Capitalism: Development and Policy Challenges”, Journal of Contemporary Asia 51, Issue 3 (2021), 419–446.
28.
For an overview of the Indonesian state enterprises’ governance reform, as well as recent trends of various financial indicators, see, Yougesh Khatri and Mohamad Ikhsan, “Enhancing the Development Contribution of Indonesia’s State-Owned Enterprises”, in Reforms, Opportunities, and Challenges for State-Owned Enterprises, eds. Edimon Ginting and Kaukab Naqvi (Mandaluyong City: Asian Development Bank, 2020), 84–134.
29.
Kyunghoon Kim and Andy Sumner, “Bringing State-Owned Entities Back into the Industrial Policy Debate: The Case of Indonesia”, Structural Change and Economic Dynamics 59, December (2021), 496–509.
30.
Other important SMVs that have grown rapidly over recent years include Lembaga Pembiayaan Ekspor Indonesia, a trade financing provider, and Dana Pengembangan Pendidikan Nasional, an education fund. See, Kyunghoon Kim, “The State as a Patient Capitalist: Growth and Transformation of Indonesia’s Development Financiers”, The Pacific Review 33, Issue 3–4 (2020), 635–668.
31.
According to the data from the Indonesian central bank, state banks were responsible for 42.5% of Indonesia’s total loans in December 2020.
32.
Joseph Tobing, Key Improvements in Infrastructure Delivery in Indonesia, (Jakarta: Jakarta: Committee for Acceleration of Priority Infrastructure Delivery (KPPIP), 2017), https://www.unescap.org/sites/default/files/1708026_Manila%20Presentation%20Material_Key%20Improvements%20in%20Infrastructure%20Delivery%20in%20Indonesia%20-%20KPPIP.pdf.
33.
Government of Indonesia, Article 2, Government Regulation Number 74 of 2020.
34.
Government of Indonesia, Article 5, Government Regulation Number 74 of 2020.
35.
Government of Indonesia, Article 7, Government Regulation Number 74 of 2020.
36.
Government of Indonesia, Article 3, Government Regulation Number 74 of 2020. Also, see its elucidation.
37.
Government of Indonesia, Article 3, Government Regulation Number 74 of 2020; Article 2, Government Regulation Number 73 of 2020.
38.
Government ownership in two banks, Bank Mandiri and Bank Rakyat Indonesia, has remained above 51% since the share transfer; therefore, these two banks remain state-owned enterprises as defined in Indonesia. The relevant regulation stipulates that government ownership after the share transfer must be at least 52%. See, Government of Indonesia, Government Regulation Number 111 of 2021.
39.
Government of Indonesia, Article 37, Government Regulation Number 74 of 2020.
40.
Government of Indonesia, Article 50, Government Regulation Number 74 of 2020.
41.
IMF, Global Financial Stability Report: Financial Market Turbulence, International Monetary Fund (Washington, DC: IMF, 2007), https://www.imf.org/-/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/gfsr/2007/02/pdf/_text.ashx.
42.
For a review of diversification of methods to fund SWFs, see, Juergen Braunstein and Asim Ali, “New Frontiers in Sovereign Wealth Fund Capitalization”, in Development in Turbulent Times, ed. Paul Dobrescu, (Cham: Springer, 2019), 119–132.
43.
“Databank: Total Natural Resources Rents (% of GDP)”, World Bank, https://databank.worldbank.org/source/adjusted-net-savings/Series/NY.GDP.TOTL.RT.ZS.
44.
“World Economic Outlook Database: October 2021”, International Monetary Fund, https://www.imf.org/en/Publications/WEO/weo-database/2021/October.
45.
SMI, Menjawab Tantangan: Mendukung Pemulihan Ekonomi dengan Pembangunan Berkelanjutan, Laporan Tahunan 2020, (Jakarta: Sarana Multi Infrastruktur, 2020), https://ptsmi.co.id/cfind/source/files/annual-report/smi-ar-2020-28042020.pdf.
46.
Government of Indonesia, Articles 154, 156, and 160, Law Number 11 of 2020. See also, Fitri Novia Heriani, “Jadi Lembaga Sui Generis, Kekayaan INA Dipisahkan dari Kekayaan Negara”, Hukumonline.com, 6 October 2021, https://www.hukumonline.com/berita/baca/lt615d65c5511c6/jadi-lembaga-i-sui-generis-i--kekayaan-ina-dipisahkan-dari-kekayaan-negara/?page=1.
47.
Government of Indonesia, Articles 157 and 158, Law Number 11 of 2020.
48.
Government of Indonesia, Article 164, Law Number 11 of 2020. See also, Ayutia Nurita Sari, “Lembaga Pengelola Investasi, Bedanya dengan Pengelola Investasi Sejenis?”, Artikel DJKN, 24 February 2021, https://www.djkn.kemenkeu.go.id/artikel/baca/13718/Lembaga-Pengelola-Investasi-Bedanya-dengan-Pengelola-Investasi-Sejenis.html.
49.
“Key Sectors”, INA, https://www.ina.go.id/en/key-sector.
50.
Vindry Florentin, “Terimpit Utang Rp. 1.682 Triliun”, Koran Tempo, 1 February 2021, https://koran.tempo.co/read/berita-utama/462001/utang-bumn-membengkak-karena-pandemi-dan-proyek-infrastruktur.
51.
Yohanes Paskalis, Larissa Huda, Caesar Akbar, and Vindry Florentin, “Lepas Aset, Memoles Necara”, Koran Tempo, 1 February 2021, https://koran.tempo.co/read/berita-utama/461991/bumn-karya-menjual-aset-untuk-membayar-utang.
52.
In January 2021, Fitch withdrew Waskita Karya’s rating, stating that Waskita Karya “has chosen to stop participating in the rating process” (see, Fitch Ratings, “Fitch Withdraws Waskita Karya's ‘CCC+(idn)’ Rating”, Fitch Rating Action Commentary, 14 January 2021, https://www.fitchratings.com/research/corporate-finance/fitch-withdraws-waskita-karya-ccc-idn-rating-14-01-2021). Waskita Karya argued that two credit rating agencies’ different assessment results confused investors. It has continued to use the ratings by domestic Pemeringkat Efek Indonesia (Pefindo), which kept Waskita Karya in the investment grade category (see, Angga Laraspati, “Waskita Akhiri Pemeringkatan dengan Fitch Ratings, Kenapa?”, detikFiance, 16 January 2021, https://finance.detik.com/berita-ekonomi-bisnis/d-5336795/waskita-akhiri-pemeringkatan-dengan-fitch-ratings-kenapa).
53.
See Waskita Karya’s disclosures of “Signing of Debt Restructuring Agreement” on 19 July 2021, 27 August 2021, and 20 September 2021, https://investor.waskita.co.id/newsroom.html/year/2021.
54.
Ihya Ulum Aldin, “Waskita Karya Sudah Restrukturisasi Utang Rp 50 T, Apa Targetnya?”, Katadata, 20 September 2021, https://katadata.co.id/lavinda/finansial/61482e26cff68/waskita-karya-sudah-restrukturisasi-utang-rp-50-t-apa-targetnya.
55.
Eko Wahyudi, Ghoida Rahmah, and Yohanes Paskalis Pae Dae, “Utang BUMN Ditambal dari Pendapatan Baru”, Koran Tempo, 25 February 2020, https://koran.tempo.co/read/berita-utama/450453/utang-bumn-ditambal-dari-pendapatan-baru.
56.
Divested assets are (i) Solo-Ngawi, (ii) Ngawi-Kertosono, and (iii) Medan-Kualanamu-Tebing Tinggi segments. See, Ardiansyah Fadli, “Jual Tol Medan-Kualanamu-Tebing Tinggi, Waskita Raup Rp 824 Miliar”, Kompas, 22 April 2021, https://www.kompas.com/properti/read/2021/04/22/183000021/jual-tol-medan-kualanamu-tebing-tinggi-waskita-raup-rp-824-miliar.
57.
This asset refers to the Cibitung-Cilincing segment. See, Dwi Nicken Tari, “Jual Tol Cibitung-Cilincing, Utang Waskita (WSKT) Bisa Turun Rp5,82 Triliun”, Bisnis.com, 8 October 2021, https://market.bisnis.com/read/20211008/192/1452082/jual-tol-cibitung-cilincing-utang-waskita-wskt-bisa-turun-rp582-triliun.
58.
These assets refer to: (i) Semarang-Batang and (ii) Cinere-Serpong segments. See, Dwi Nicken Tari, “Waskita Karya (WSKT) Divestasi Saham 2 Ruas Tol ke SMI”, Bisnis.com, 13 April 2021, https://market.bisnis.com/read/20210413/192/1380347/waskita-karya-wskt-divestasi-saham-2-ruas-tol-ke-smi.
59.
These assets refer to: (i) Pejagan-Pemalang, (ii) Kanci-Pejagan, and (iii) Pemalang-Batang segments. See, Aisha Shaidra, “Menunggu Realisasi Janji Investasi”, Majalah Tempo, 2 October 2021, https://majalah.tempo.co/read/ekonomi-dan-bisnis/164276/mengapa-swf-INA-belum-merealisasikan-proyek-investasi.
60.
Muawwan Daelami, “Tata Ulang, Waskita Karya Tidak Lagi Garap Proyek Tol”, Beritasatu.com, 28 September 2021, https://www.beritasatu.com/ekonomi/833777/tata-ulang-waskita-karya-tidak-lagi-garap-proyek-tol.
61.
“Investor Incar Aset Jalan Tol Paling Menguntungkan”, Koran Tempo, 25 February 2020, https://koran.tempo.co/read/berita-utama/450451/investor-incar-aset-jalan-tol-paling-menguntungkan.
62.
Eko Wahyudi, Ghoida Rahman, and Yohanes Paskalis, “Kejar Tayang Divestasi Jalan Tol”, Koran Tempo, 3 July 2020, https://koran.tempo.co/read/ekonomi-dan-bisnis/454923/waskita-kejar-divestasi-tahun-ini.
63.
Ghoida Rahmah, Ahmad Faiz Ibnu Sani, and Yohanes Paskalis Pae Dale, “BPK Ingatkan Penjualan Tol Tak Merugikan Negara”, Tempo, 26 February 2020, https://bisnis.tempo.co/read/1312161/bpk-ingatkan-penjualan-tol-tak-merugikan-negara?page_num=2.
64.
Yohanes Paskalis, “Proyek Transportasi Incar Dana Pengelola Investasi”, Koran Tempo, 4 March 2021, https://koran.tempo.co/read/ekonomi-dan-bisnis/462799/proyek-transportasi-hingga-logistik-yang-berpeluang-dibiayai-lembaga-pengelola-investasi.
65.
Muawwan Daelami, “Mitratel Disiapkan Jadi Pemain Menara Telko Terbesar di Asean”, Investor Daily, 23 November 2021, https://investor.id/market-and-corporate/271827/mitratel-disiapkan-jadi-pemain-menara-telko-terbesar-di-asean.
66.
Pertamina, “Pertamina-INA Jajaki Kerjasama Investasi Sektor Energi”, Pertamina News Release, 19 May 2021, https://www.pertamina.com/id/news-room/news-release/pertamina-ina-jajaki-kerjasama-investasi-sektor-energi.
67.
Asian Development Bank AsianBondsOnline database, https://asianbondsonline.adb.org/data-portal/.
68.
Riska Rahman, “RI to follow Russian Model to Establish Sovereign Wealth Fund”, The Jakarta Post, 11 February 2020, https://www.thejakartapost.com/news/2020/02/11/ri-follow-russian-model-establish-sovereign-wealth-fund.html.
69.
“About Us: Overview”, Russian Direct Investment Fund, https://rdif.ru/Eng_About/
70.
“Partnerships”, Russian Direct Investment Fund, page no longer available, https://rdif.ru/Eng_Partnership/.
71.
Government of Indonesia, Article 38, Government Regulation Number 74 of 2020.
72.
Government of Indonesia, Article 42, Government Regulation Number 74 of 2020.
73.
Government of Indonesia, I. General in Elucidation, Government Regulation Number 74 of 2020.
74.
Government of Indonesia, Article 58, Government Regulation Number 74 of 2020.
75.
Government of Indonesia, Article 72, Government Regulation Number 74 of 2020.
76.
Retno Sulistyawati, “Bagi Aset Ogah Palit”, Majalah Tempo, 24 October 2020, https://majalah.tempo.co/read/ekonomi-dan-bisnis/161730/bagaimana-skema-pengalihan-aset-bumn-pada-lembaga-pengelola-investasi.
77.
Government of Indonesia, Article 2, Law Number 37 of 2004.
78.
Government of Indonesia, Article 21, Government Regulation Number 49 of 2021.
79.
Government of Indonesia, Article 38, Government Regulation Number 74 of 2020.
80.
Serdar Çelik and Mats Isaksson, “Institutional Investors and Ownership Engagement”, OECD Journal: Financial Market Trends 2013, Issue 2 (2014), https://www.oecd.org/finance/Institutional-investors-ownership-engagement.pdf.
81.
Abdul Manan, “Pengelola Dana Investasi Negara Perlu Independensi”, Majalah Tempo, 27 November 2021, https://majalah.tempo.co/read/wawancara/164678/bagamana-swf-ina-menarik-investor.
82.
In late 2020, high-ranking officials from the Indonesian government discussed the potential for INA’s investment cooperation with global private financial institutions such as Blackstone, BlackRock, Carlyle, EIG Partners, Global Infrastructure Partners, Stonepeak, I Squared Capital, and JP Morgan. These firms were careful in assuring their commitment. See, Stefani Palma and James Fontanella-Khan, “Indonesia Woos US Private Equity for New Sovereign Wealth Fund”, Financial Times, 26 November 2020, https://www.ft.com/content/36dbe6c2-9478-4b75-98c0-d569ba3c6dce.
83.
Evelyn Goh and Nan Liu, Chinese Investment in Southeast Asia, 2005-2019: Patterns and Significance, Policy Briefing — SEARBO, (Canberra: Australian National University, 2021), https://www.newmandala.org/wp-content/uploads/2021/08/GohLiu_-SEARBO2_Chinese-Investment-in-Southeast-Asia-2005-20192.pdf.
84.
Sara Velezmoro, “Why Foreign Investors are Eyeing Indonesia’s SWF”, AsianInvestor, 26 January 2021, https://www.asianinvestor.net/article/why-foreign-investors-are-eyeing-indonesias-swf/466238#:~:text=Would%2Dbe%20investors%20may%20instead,Bank%20estimates%20at%20%241.5%20trillion; Resty Woro Yuniar, “Why is China Being Left Out of Indonesia’s US$20 Billion Wealth Fund?”, South China Morning Post, 8 February 2021, https://www.scmp.com/week-asia/economics/article/3120687/why-china-being-left-out-indonesias-us20-billion-wealth-fund; “China Agrees to Invest $3 Bln in Indonesia Sovereign Wealth Fund”, Reuters, 4 July 2022, https://www.reuters.com/markets/deals/indonesia-sovereign-wealth-fund-china-fund-sign-3-bln-investment-deal-2022-07-04/.
85.
Gayatri Suroyo, “Indonesia Says U.S. DFC will Invest $2 Billion in New Sovereign Wealth Fund”, Reuters, 23 November 2020, https://www.reuters.com/article/us-indonesia-swf-idINKBN2830EQ.
86.
Gayatri Suroyo, “Indonesia Says JBIC Commits to Invest $4 bln in New Sovereign Wealth Fund”, Reuters, 4 December 2020, https://www.reuters.com/article/indonesia-swf-idUSL4N2IK312.
87.
Norman Harsono, “UAE Commits $10 Billion for Indonesia’s SWF”, The Jakarta Post, 24 March 2021, https://www.thejakartapost.com/news/2021/03/23/uae-commits-10-billion-for-indonesias-swf.html.
88.
CDPQ, “INA, CDPQ, APG, and ADIA Sign Memorandum of Understanding to Establish Indonesia’s First Infrastructure Investment Platform”, CDPQ News Release, 21 May 2021, https://www.cdpq.com/en/news/pressreleases/ina-cdpq-apg-and-adia-sign-memorandum-of-understanding-to-establish-indonesias.
89.
Stefania Palma, “Indonesian Toll Roads Draw Interest of Foreign Pension Funds”, Financial Times, 21 May 2021, https://www.ft.com/content/1efca97c-51da-4a5a-9937-89960f45cdd7.
90.
Government of Indonesia, Article 8, Government Regulation Number 74 of 2020.
91.
Government of Indonesia, Article 12, Government Regulation Number 74 of 2020.
92.
Government of Indonesia, Article 9, Government Regulation Number 74 of 2020.
93.
Government of Indonesia, Article 10, Government Regulation Number 74 of 2020.
94.
Government of Indonesia, Article 14 and Article 15, Government Regulation Number 74 of 2020.
95.
Government of Indonesia, Article 24, Government Regulation Number 74 of 2020.
96.
Government of Indonesia, Article 30, Government Regulation Number 74 of 2020.
97.
Government of Indonesia, Article 26, Government Regulation Number 74 of 2020.
98.
Government of Indonesia, Article 27, Government Regulation Number 74 of 2020.
99.
Government of Indonesia, Article 11 and Article 28, Government Regulation Number 74 of 2020.
100.
Government of Indonesia, Article 36, Government Regulation Number 74 of 2020.
101.
Government of Indonesia, Article 44, Government Regulation Number 74 of 2020.
102.
Government of Indonesia, Article 40 and Article 65, Government Regulation Number 74 of 2020.
103.
Government of Indonesia, Article 52, Government Regulation Number 74 of 2020.
104.
Government of Indonesia, Article 53 and Article 54, Government Regulation Number 74 of 2020.
105.
Government of Indonesia, Article 43 and Article 45, Government Regulation Number 74 of 2020.
106.
Government of Indonesia, Article 46, Government Regulation Number 74 of 2020.
107.
Government of Indonesia, Article 48, Government Regulation Number 74 of 2020.
108.
Sovereign Wealth Fund Institute, “Linaburg-Maduell Transparency Index (LMTI)”, https://www.swfinstitute.org/research/linaburg-maduell-transparency-index.
109.
Fransisca Christy Rosana, “Orang Dekat di Kursi Dewan Pengawas”, Koran Tempo, 25 January 2021, https://koran.tempo.co/read/berita-utama/461816/orang-dekat-di-kursi-dewan-pengawas-lembaga-pengelola-investasi.
110.
The House of Representatives of the Republic of Indonesia, “Complementary Organs”, https://www.dpr.go.id/en/akd/komisi.
111.
Gabriel Anin and Francisca Christy Rosana, “Faisal Basri Sebut Akan Ada ‘Hantu Baru’ Omnibus Law yang Datang, Ini Maksudnya”, Tempo.co, 15 October 2021, https://bisnis.tempo.co/read/1396208/faisal-basri-sebut-akan-ada-hantu-baru-omnibus-law-yang-datang-ini-maksudnya?page_num=1.
112.
Ghoida Rahmah, “BPK Soroti Transparansi hingga Pengelolaan Lembaga Penjamin Investasi”, Tempo.co, 17 November 2021, https://bisnis.tempo.co/read/1406199/bpk-soroti-transparansi-hingga-pengelolaan-lembaga-penjamin-investasi?page_num=3.
113.
Abdullah Al-Hassan, Michael G Papaioannou, Martin Skancke, and Cheng Chih Sung, Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management, IMF Working Paper WP/13/231, (Washington, DC: IMF, 2013), https://www.imf.org/-/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/wp/2013/_wp13231.ashx.
114.
Alan Gelb, Silvana Tordo, Havard Halland, Noora Arfaa, and Gregory Smith, Sovereign Wealth Funds and Long-Term Development Finance: Risks and Opportunities, Policy Research Working Paper No. 6776, (Washington, DC: World Bank, 2014), https://openknowledge.worldbank.org/bitstream/handle/10986/17313/WPS6776.pdf?sequence=1&isAllowed=y.
115.
“Anticipated Impact Measurement and Monitoring”, International Finance Corporation, https://www.ifc.org/wps/wcm/connect/Topics_Ext_Content/IFC_External_Corporate_Site/Development+Impact/aimm/.
116.
“AIMM Dimensions”, International Finance Corporation, https://www.ifc.org/wps/wcm/connect/Topics_Ext_Content/IFC_External_Corporate_Site/Development+Impact/aimm/Aimm-Dimensions/.
117.
“Measuring Impact by Sector”, International Finance Corporation, https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/development+impact/aimm/measuring-impact/measuring-impact.
118.
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