Establishing and equipping an integrated finance sector regulator requires sequenced steps, starting with legislation and encompassing measures to ensure legal and fiscal autonomy, as well as legal immunity for staff. A consolidated master plan with a robust monitoring and reporting framework can serve as an anchor to coordinate and prioritize reforms across the regulator. This is especially relevant for large regulators like OJK, where the risk of silo implementation is significant. In addition, adequate TA support is necessary to help the government and regulator complete their reform agendas. A trusted resident consultant based in the regulator is useful to provide day-to-day implementation and coordination support at the technical level.
Financial Market Development and Inclusion Program