Indonesian Government wants law revision to future-proof Nusantara project

• The government has submitted a revision to the Capital City Law to the House of Representatives, in which it proposes preventing the next president from ditching the project.
• However, with an estimated overall cost of IDR466tn (USD30bn) and the COVID-19 pandemic delaying progress, some investors have expressed concern that development may lose momentum after Jokowi ends his second and final five-year term in office in 2024.
• The capital’s success hinges on private sector involvement, with only 20% of costs shouldered by the state.
• National Development Planning Agency (Bappenas) head Suharso Monoarfa said that revising the current law was crucial to give investors a guarantee that the construction of the new capital city would continue as planned until 2045.
• None of the three current presidential hopefuls had shown a firm commitment to continue the project, even those who Jokowi supported.

External Link : https://www.thejakartapost.com/paper/2023/08/23/govt-wants-law-revision-to-future-proof-nusantara-project.html