JAKARTA, Oct. 2 (Xinhua) -- Indonesia's parliament on Thursday passed a bill that officially downgrades the country's Ministry of State-Owned Enterprises (SOEs) to an agency.
The move follows the establishment of Danantara, Indonesia's second sovereign wealth fund, earlier this year, which has taken over most of the ministry's operational responsibilities, including managing SOEs and optimizing dividends to support national economic objectives.
Rini Widyantini, minister of administrative and bureaucratic reform, said that the change in the ministry's status and name is part of a broader institutional reorganization.
The ministry will now be called the SOEs Regulatory Agency, locally known as BP BUMN, she said.
