BKF Changed to Directorate General of Economic and Fiscal Strategy, Sri Mulyani Alludes to Its Authority

JAKARTA. President Prabowo Subianto changed the organizational structure of the Ministry of Finance through Presidential Regulation Number 158 of 2024, one of which is related to the Fiscal Policy Agency.  This regulation replaced the Fiscal Policy Agency with the Directorate General of Economic and Fiscal Strategy. 

This regulation effectively repeals and nullifies the previous regulation, Presidential Regulation Number 57 of 2020.

According to Minister of Finance Sri Mulyani, the change in nomenclature at the Ministry of Finance was necessary to align with current norms.

The norm in question dictates that, as a policy agency, the Fiscal Policy Agency could not issue policies. However, as a Directorate General, the institution is authorized to formulate policies.

Adding Two New Institutions 

In addition to changing the BKF, President Prabowo also added two new institutions under the Ministry of Finance, namely the Directorate General of Financial Sector Stability and Development and the Financial Technology, Information and Intelligence Agency.

In general, here is the list of organizations under the current Ministry of Finance:

• General Secretariat;
• Directorate General of Economic and Fiscal Strategy;
• Directorate General of Budget;
• Directorate General of Taxes;
• Directorate General of Customs and Excise;
• Directorate General of Treasury;
• Directorate General of State Assets;
• Directorate General of Fiscal Balance;
• Directorate General of Financing and Risk Management;
• Directorate General of Financial Sector Stability and Development;
• Inspectorate General;
• Financial Technology, Information, and Intelligence Agency;
• Financial Education and Training Agency;
• Expert Staff on Tax Regulation and Law Enforcement;
• Expert Staff on Tax Compliance;
• Expert Staff on Tax Monitoring;
• Expert Staff on State Revenue;
• Expert Staff on Non-tax State Revenue;
• Expert Staff on State Expenditure;
• Expert Staff on Macroeconomics and International Finance;
• Expert Staff on Financial Services and Capital Markets; and
• Expert Staff on Legal and Institutional Relations

Sri Mulyani explained that the Directorate General of Financial Sector Stability and Development and Technology Agency was established to strengthen the Ministry of Finance's role in the Financial System Stability Committee (KSSK). "Given that our role is becoming more critical, therefore it needs to be upgraded to a directorate general," Sri  Mulyani said on Friday (8/11).

Meanwhile, the Financial Technology, Information, and Intelligence Agency is intended to enhance the Ministry's role in reinforcing financial infrastructure. According to her, financial intelligence involves not only hardware but also software, particularly for data analysis. (ASP/KEN)