Indonesia: Capital Market Development Program Cluster
The program was formulated as two single-tranche subprograms anchored on the government’s medium-term reform agenda and its financial sector reform programs. The program’s goal was to promote the financial sector’s diversification and resilience. Subprogram 1 undertook reforms to strengthen transparency and information disclosure essential to build confidence in capital markets and institutions, facilitate regulatory oversight, and in turn, to promote price discovery and market liquidity. Subprogram 2 built on the policy actions initiated under subprogram 1 in line with the government’s medium-term reform agenda and the capital market master plan. These included improving surveillance, promoting deeper and more liquid financial markets, and strengthening the role and quality of market participants. This validation is for the program completion report covering both subprograms 1 and 2 (the program). IED overall assessment: Successful.