Laksamana leads Jakarta Initiative

State Minister of Investment and State Enterprises Development Laksamana Sukardi has been installed to replace Yusuf Anwar as chairman of the Jakarta Initiative, an institution created by the government to help restructure corporate debts.

Coordinating Minister for Economy and Finance Kwik Kian Gie said that despite a new assignment, Laksamana would remain state minister of investment and state enterprises development.

The appointment of Laksamana, Kwik said, was based on considerations that he was a former banker and had a clean records.

"He knows well banking credits," he told Media Indonesia.

Meanwhile, Bisnis Indonesia reported that the International Monetary Fund was unhappy with Laksamana's appointment to lead the Jakarta Initiative.

Quoting sources, Bisnis said the Jakarta Initiative was a private-to-private forum to solve the corporate debt hang, and therefore the appointment of a minister to lead the institution was irrelevant. (*)