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Lesson
As a member of G20 and an integral part of the ASEAN community, Indonesia has an important role to play on the international stage. Hence, national financial sector development should include international and regional considerations. This can be in the form of international requirements or regional standards such as ASEAN corporate governance and ASEAN green bonds standards. This builds the capacity to meet national development goals, the requirements of the international financial system, and regional development agendas.

Project Number: 48207-001, 48207-002, 48207-004
Project Name: Financial Market Development and Inclusion Program
Report Date:
Lesson
Predicating a program on the passage of a law should be minimized unless there is strong ownership to pass the law from both the executive and the parliament. Relying on development partners to complete the reform (revision of a law) introduces a risk that performance targets will not be achieved. Development partners may have different priorities and timelines that do not necessarily coincide with the requirements of ADB’s program.

Project Number: 48207-001, 48207-002, 48207-004
Project Name: Financial Market Development and Inclusion Program
Report Date:
Lesson
A cross-cutting finance sector program covering financial stability, capital market development, and financial inclusion is viable only in the early stages of development. Initially, this type of engagement is useful for establishing relationships, building trust, and scoping key priority reforms. However, over time, a dedicated program focusing on one subsector or theme is preferable. This would enable ADB to perform comprehensive diagnostics to identify challenges in the subsector, followed by advisory and capacity building support to address these challenges.

Project Number: 48207-001, 48207-002, 48207-004
Project Name: Financial Market Development and Inclusion Program
Report Date:
Lesson
Financial stability and capital market development need to be coupled with reforms to increase access to financial services for the poor and thus maximize the economic impact of development. Reforms to increase financial inclusion should be holistic and require complementary reforms in financial literacy, consumer protection, and financial technology. Financial technology provides new opportunities to enhance access, but it also poses its own challenges.

Project Number: 48207-001, 48207-002, 48207-004
Project Name: Financial Market Development and Inclusion Program
Report Date:
Lesson
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.

Project Number: 48207-001, 48207-002, 48207-004
Project Name: Financial Market Development and Inclusion Program
Report Date:
Lesson
Providing support to line ministries facilitates the attainment of sector policy reforms.

Project Number: 40009-013, 40009-023, 40009-034
Project Name: Infrastructure Reform Sector Development Program
Report Date:
Lesson
Assigning the delivery of new public services in line with the core functions of government agencies leads to better results.

Project Number: 40009-013, 40009-023, 40009-035
Project Name: Infrastructure Reform Sector Development Program
Report Date:
Lesson
A dedicated monitoring system and streamlined procurement process for each component of a comprehensive program enhances performance.

Project Number: 40009-013, 40009-023, 40009-036
Project Name: Infrastructure Reform Sector Development Program
Report Date:
Lesson
Focusing on a few reforms increases the potential for success and impact of 6he government reform agenda.

Project Number: 40009-013, 40009-023, 40009-033
Project Name: Infrastructure Reform Sector Development Program
Report Date:
Lesson
The capital market is complex.

Project Number: 44252-013
Project Name: Financial Market Development and Integration Program
Report Date:
Lesson
Selective support for key policy measures promotes stronger impact.

Project Number: 44252-013
Project Name: Financial Market Development and Integration Program
Report Date:
Lesson
Technical assistance (TA) is essential advancing reforms.

Project Number: 44252-013
Project Name: Financial Market Development and Integration Program
Report Date:
Lesson
Inclusive finance sector development deserves greater attention

Project Number: 44252-013
Project Name: Financial Market Development and Integration Program
Report Date:
Lesson
Taking a long-term view to finance sector development ensures continuity in support and engagement.

Project Number: 44252-013
Project Name: Financial Market Development and Integration Program
Report Date:
Lesson
Adapting to the needs of government may require developing and providing unconventional loan modalities

Project Number: 44252-013
Project Name: Financial Market Development and Integration Program
Report Date: