Jakarta. Indonesia is racing against time to pass the bill for the international financial center by the targeted July 21, although the talks have not made much progress.

President Prabowo Subianto aims to set up an investor-friendly hub in the country to attract foreign investors who wish to stay away from the Middle East uncertainties. The country is now working on a bill that will clear the way for the center's establishment.

At the moment, the House of Representatives is deliberating over 400 of the so-called "daftar inventarisasi masalah" (DIM). For context, DIMs are points within a bill to be discussed between the government and lawmakers. They will engage in lengthy discussions to reach a consensus.

Law Deputy Minister Edward Omar Sharif Hiariej recently said that they had mutually agreed 157 of the points.

"Some 57 DIMs contain only editorial changes," Edward said.

There is still a long way to go as 97 other DIMs contain new material.

Lawmaker Harris Turino also told the press that the talks were still stuck in the nascent stage. They were still busy defining the financial center and the division of authorities that will oversee the hub. 

The government had floated plans to have the hub have its own court system. The Supreme Court, however, proposed that whatever court the center has must remain under its structural authority. Asked about the proposal, Harris replied that "the discussions had not touched on this matter".

Both the government and the House are also preparing a supervisory system to prevent the financial center from turning into a haven for money laundering.

"We want to attract foreign investors and use the funds to develop our country," Harris said.

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