Selasa, Januari 2, 2024

Procedures for the Management of SBSN-Based Project Financing Updated: Additional Aspects Now Introduced

Following the issuance of Regulation of the Government No. 16 of 2023, the Minister of Finance ("Minister") has decided to set out the applicable procedures for the management of project financing ("Financing") that involves the issuance of Government Islamic Securities (Surat Berharga Syariah Negara - "SBSN") through the issuance of Regulation No. 138 of 2023 ("Regulation 138/2023"), which has been in force since 13 December 2023.
Upon entering into force, Regulation 138/2023 simultaneously repealed and replaced the following legal frameworks: 1) Regulation of the Minister No. 138/PMK.08/2019 ("Regulation 138/2019"); and 2) Regulation of the Minister No. 120/PMK.08/2016, as amended by Regulation of the Minister No. 4/PMK.08/2019 (collectively referred to as "Regulation 120/2016"). However, any projects that have already been planned, applied or allocated in line with Regulation 138/2019 will continue to be implemented until completion.
While Regulation 138/2023 broadly retains various aspects pertaining to the management of SBSN-based Financing ("Management") that were originally introduced under Regulation 138/2019 (e.g. preparation measures, maximum SBSN issuance limit, implementation and management of projects and so forth), the latter framework has now introduced a number of additional aspects, including: 1) Support for the development of creative Financing; 2) Evaluation and reporting of Financing; 3) Follow-up measures to project supervision results; 4) Settlement and/or cancellation of Financing; and 5) Management of financed objects.
Pursuant to Regulation 138/2023, the maximum limit for SBSN issuance for Financing purposes should be determined based on the following factors: 1) A project’s real needs, as stipulated in the relevant project indications; 2) The relevant repayment capabilities; 3) The maximum loan limit; and 4) Loan risks. Previously, only the factor outlined in point (1) featured under the framework of Regulation 138/2019.

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Following the issuance of Regulation of the Government No. 16 of 2023, the Minister of Finance ("Minister") has decided to set out the applicable procedures for the management of project financing ("Financing") that involves the issuance of Government Islamic Securities (Surat Berharga Syariah Negara - "SBSN") through the issuance of Regulation No. 138 of 2023 ("Regulation 138/2023"), which has been in force since 13 December 2023.
Upon entering into force, Regulation 138/2023 simultaneously repealed and replaced the following legal frameworks: 1) Regulation of the Minister No. 138/PMK.08/2019 ("Regulation 138/2019"); and 2) Regulation of the Minister No. 120/PMK.08/2016, as amended by Regulation of the Minister No. 4/PMK.08/2019 (collectively referred to as "Regulation 120/2016"). However, any projects that have already been planned, applied or allocated in line with Regulation 138/2019 will continue to be implemented until completion.
While Regulation 138/2023 broadly retains various aspects pertaining to the management of SBSN-based Financing ("Management") that were originally introduced under Regulation 138/2019 (e.g. preparation measures, maximum SBSN issuance limit, implementation and management of projects and so forth), the latter framework has now introduced a number of additional aspects, including: 1) Support for the development of creative Financing; 2) Evaluation and reporting of Financing; 3) Follow-up measures to project supervision results; 4) Settlement and/or cancellation of Financing; and 5) Management of financed objects.
Pursuant to Regulation 138/2023, the maximum limit for SBSN issuance for Financing purposes should be determined based on the following factors: 1) A project’s real needs, as stipulated in the relevant project indications; 2) The relevant repayment capabilities; 3) The maximum loan limit; and 4) Loan risks. Previously, only the factor outlined in point (1) featured under the framework of Regulation 138/2019.

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