Govt. Introduces More Effective Procedure for the Selection of Foreign Creditors

In order to improve the efficiency of the various processes involved in the seeking of financing from private foreign creditors, the Minister of Finance (“Minister”) has issued Regulation No. 214/PMK.08/2019 on Procedures for the Procurement of Financing by Private Foreign Creditors (“Regulation 214/2019”), which redefines the procedures which have to be followed by foreign financial institutions, national financial institutions and foreign non-financial institutions located outside Indonesia (collectively referred to as “Creditors”) during the provision of loan to the Indonesian Government under loan agreements.[1]