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Last month, reports emerged that the Trump administration was willing to offer Indonesia a hefty financial inducement in exchange for formally recognizing the nation of Israel.
In an interview with Bloomberg published on December 22, Adam Boehler, CEO of the U.S. International Development Finance Corporation, said that Indonesia could get up to $2 billion more in development aid if it formalized the already considerable ties it has with Tel Aviv.
“We’re talking to them about it,” Boehler said. “If they’re ready, they’re ready, and if they are then we’ll be happy to even support more financially than what we do.”
Michael Maduell, president of the Sovereign Wealth Fund Institute (SWFI) told
AsianInvestor that INA should embody three main characteristics to minimise any risk of corruption: independence from the presidency; good corporate governance “including a strong board of directors that declare any conflicts of interest”; and audited financials made available to the public “from a qualified auditor .
According to plans announced by the ministries of finance and state-owned enterprises, which are establishing the fund, INA will likely fall short of Maduell’s preferred standards. HHP Law Firm, the local entity of international law firm Baker McKenzie, said in a report the SWF would be established “as a 100% government-owned legal entity…[and] be responsible directly to [Indonesian] President [Joko Widodo] .
Indonesia's government has issued three regulations enabling it to establish a sovereign wealth fund (SWF) as part of the country's efforts to attract new sources of investment, the finance ministry said on Wednesday.
A More Perfect Union
By the Center for American Progress
January 13, 2021, 9:00 am Getty/Construction Photography/Avalon
Julia Cusick
Introduction and summary
The next decade will prove pivotal to the future of the United States. America will either adopt an ambitious program of national rebuilding and address the serious challenges of the present day, or it will confront continued national stagnation. National rebuilding requires bold, immediate, and interlocking action to subdue a devastating pandemic, recover from the resulting economic collapse, reduce societal inequalities, address climate change, and navigate the shifting tectonic plates of the international system. America’s current predicament demands political courage to pull the country together and take necessary action.
China will find itself engaged in an international struggle between its “win-win” approach to international policy and the US’s attempted “anti-China” policy.
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The fact that an increasing number of Latin American countries are seeking to maintain national independence strengthens their relations with China.”
The Biden presidency will probably change some of the Trump administration’s tactics towards China. But Biden will not change the underlying anti-China policies of the US openly launched under Trump. The most probable variant is that a Biden administration will try to persuade a number of countries to enter a ‘broad anti-China front’ – instead of the narrow ‘America first’ tactics of Trump. Consequently, China will find itself engaged in an international struggle between its ‘win-win’ approach to international policy and the US’s attempted ‘anti-China’ policy.