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All Journal Jurnal Keuangan dan Perbankan Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Kajian Ekonomi dan Keuangan
Surachman, Eko Nur
Ministry Of Finance
Economics, Econometrics & Finance

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Financial Model Of Viability Gap Fund : Case Study on Palembang - Indralaya Toll Road Project Eko Nur Surachman, Hadi Setiawan,
Jurnal Kajian Ekonomi dan Keuangan Vol 19, No 3 (2015)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v19i3.142

Abstract

Inadequate supply of infrastructure is number five of the most problematic factors for doing business in Indonesia. Therefore Government of Indonesia (GoI) continues to accelerate the development of infrastructure either in terms of financing, incentives, and especially through Public Private Partnership (PPP) scheme. One of the breakthroughs made by the government in the PPP scheme is by providing support in the form of cash funds for the construction cost of the project also called Viability Gap Fund (VGF), in order to make a project that was previously financially unviable to become financially viable. This study aims to describe about the possibility of VGF in accelerating infrastructure development through PPP scheme, as well as conduct a financial model to calculate whether VGF really can make a project financially viable with a case study on the Palembang - Indralaya Toll Road Project. Methodology used in this study is quantitative method with the financial analysis. IRR and NPV are used as main financial parameters to determine financial viability of the project. The research shows that VGF will make Palembang-Indralaya Toll Road Project become financially viable.
MUNICIPAL BONDS AS THE FINANCING STRATEGY FOR URBAN INFRASTRUCTURE : CASE STUDY OF JAKARTA MRT Eko Nur Surachman; Hadi Setiawan
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (691.58 KB) | DOI: 10.26905/jkdp.v20i3.283

Abstract

The construction of Jakarta MRT Phase I has been carried out by using funds from foreign debt. Meanwhile, Jakarta MRT Phase II or other local infrastructure projects are still waiting for new funding scheme. One alternative is municipal bonds. This study investigate the possibilities of using municipal bonds to finance urban infrastructure project with the case study of Jakarta MRTPhase I. The analyzed use three perspectives including financial aspect, legal aspect, and Jakarta financial capacity aspect. financial analysis using discounted cash flow (DCF), net present value (NPV) and internal rate of return (IRR).Secondly, study literature is used in the legal analysis by exploring specific regulations regarding the municipal bonds. Finally, the Jakarta Regional Budget and Jakarta Budget Audit Report is examined to get insight and depth information regarding its financial capacity. The result is municipal bonds are feasible as the source of financing Jakarta MRT Project.
An Analysis of Village Fund Implementation in Central Java Province: An Institutional Theory Approach With a Modeling Institutional Aspect Eko Nur Surachman
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol 5 No 3 (2020): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan
Publisher : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v5i3.204

Abstract

The implementation of the fiscal decentralization concept in Indonesia has completed with the issuance of the Village Law and Village Fund Program. Nevertheless, some problems arose in the application. This study aims to map the issues and to build a relationship model based on institutional theory, using content analysis and triangle approach interviews. The study concludes that the Village Fund is profoundly affected by the coercive element that is sourced from the authority of the government to regulate and supervise the program. The coercive then influence the normative in which the regulation frame and strict implementation lead to the difficulties to fulfill the administrative requirements. It then affects the cognitive element on how to make sustain and executable planning of the Village Fund Program, which leads to poor planning, so that difficult to be executed. As it is mandatory, the program is still run improvised that makes the output utilization was low.
Co-Authors Hadi Setiawan