JakartaGlobe-Mar 3
A delay in the 2024 election would only lead to problems, including investors’ distrust and disruption to the new capital megaproject, according to an Indonesian think-tank following the Central Jakarta District Court’s controversial ruling. The court on Thursday issued a ruling that ordered the General Election Commission (KPU) to postpone the 2024 election. An election postponement, however, could spark political instability. And this would be bad news for Indonesia, a country that has been trying to woo investors left and right. “Political instability can disturb the investment climate. Now imagine if it is uncertain when the election will take place. Businesses, investors, and the banking sector will struggle to design their future investment strategies. The business world and investment climate need political stability,” Arya Fernandes, a researcher at the Center for Strategic and International Studies (CSIS), told a media briefing in Jakarta on Friday. “Political instability will only trigger distrust from both domestic and foreign investors,” Arya said. The 1945 Constitution mandates the general election shall take place every five years. nAccording to Arya, the political instability that ensued from the delay can lead to a reversal in the ease of doing business that the regulation in lieu of law on job creation promises. Read more at: https://jakartaglobe.id/business/election-delay-bad-news-for-investment-climate
