Hanoi, Feb. 24 -- Indonesia inaugurated a new sovereign wealth fund worth over 900 billion USD on February 24, which aims to manage the assets of all state-owned enterprises in the country.
The move comes as President Prabowo Subianto seeks to boost growth in the Southeast Asia's largest economy, according to the state news agency of Indonesia Antara.
He pledged to raise Indonesia's annual economic growth to 8% from 5%. He also ordered billions of dollars worth of cuts across all government agencies.
The new fund, known as Daya Anagata Nusantara, or Danantara, which is modeled on Singapore's investment arm Temasek, was approved by the parliament this month. It will take control of government holdings in state companies, with an initial b...