Beware of Corona Stimulus Stimulus

Beware of Corona Stimulus Stimulus – Government regulations in lieu of laws on financial policy to deal with the effects of the corona outbreak open the gaps of corruption. Clauses that need to be watched out for are, among others, the legal immunity of the Financial System Stability Committee (KSSK) and the liquidity loan mechanism by Bank Indonesia.

Article 27 paragraphs (2) and (3) in Perpu Number 1 of 2020 concerning State Financial Policy and Financial System Stability for Handling Covid-19 Pandemic states that members of the KSSK cannot be prosecuted either civil or criminal if carrying out duties based on good faith and in compliance with regulatory provisions legislation. It was also stated that all actions of the Stability Committee were not the object of a lawsuit in the state administrative court. DominoQQ

Beware of Corona Stimulus Stimulus

The one who gathered at the KSSK was indeed not just anyone. The committee consists of the Minister of Finance, the Governor of Bank Indonesia, the Chair of the Board of Commissioners of the Financial Services Authority, the Chair of the Board of Commissioners of the Indonesian Deposit Insurance Corporation, and other officials of these institutions. But who can guarantee that whatever the Committee does is always the truth and departs from good faith.

The granting of impunity to KSSK officials is contrary to the Corruption Eradication Act. Article 2 of this law states that anyone who enriches himself or others by harming the state can be criminally charged. Perpetrators of corruption when the state is in danger or disaster should be punished more severely.

The assertion that all costs incurred by the government and KSSK to restore the economy due to the corona outbreak is not a state loss, as stated in Article 27 paragraph (1) of Perpu 1/2020, is also problematic. The presence or absence of state losses is usually only discovered after there is a careful audit. Guaranteed articles like this can actually be an “incentive” for people to do evil because they feel protected by a crisis situation. Whereas the government and the Stability Committee will manage funds of Rp 405.1 trillion from the state budget. Let alone that much money, every penny of state funds must be accounted for.

The matter of liquidity loans by Bank Indonesia contained in Article 16 of the Perpu also triggered anxiety. In essence, Bank Indonesia has the authority to provide short-term liquidity loans based on sharia principles to systemic banks or other than systemic banks. This could open up memories of the bitter experience of Bank Indonesia Liquidity Assistance during the 1998 monetary crisis, which, according to the Supreme Audit Agency audit, cost the state Rp 138.7 trillion and until now the investigation of the case has not been completed. The liquidity loan method based on sharia principles is also a question mark if applied to conventional banks.

It is true that the government is preparing mitigation to save macro and micro economic stability. However, this step should be accompanied by anticipation of fraud. The government should prevent all disasters handling money by making regulations without gaps. Do not hope in good faith, something rare in this country.