Jakarta, April 23 -- The Finance Ministry underscored the need for Jakarta's provincial authority to implement creative financing schemes to develop Jakarta as a global city after no longer serving as the national capital.

"Jakarta has a good financial balance. Hence, Jakarta has sufficient capital to seek 'alternative' or 'creative' financing. Jakarta's enormous development requirements cannot be funded solely by the state or regional budgets," the ministry's Director General of Fiscal Balance, Luky Alfirman, stated on Tuesday.

Speaking at the Development Planning Conference (Musrenbang) on Jakarta's development plan here, Alfirman remarked that Jakarta could attempt creative financing by issuing regional bonds or sukuk (Sharia-complia...