23/04/2015 (Jakarta Globe) - The Indonesian government pushed back implementation of the policy for the crude palm oil fund to next month, the finance minister said on Tuesday.

The regulation was supposed to be effective by the end of this month but was delayed to May due to ministers’ busy schedules, said Finance Minister Bambang Brodjonegoro on Tuesday.

“I’ve signed the regulation. It’ll soon be signed by the president,” Bambang said, on the sidelines of the 24th World Economic Forum on East Asia at the Shangri-La Hotel.

The CPO fund charges $50 for every metric ton of CPO for export and $30 a ton for derivative products, aiming to ensure domestic palm oil supply after the government increased the mandatory bio-fuel content in biodiesel to 15 percent from 10 percent.

The government will use the fund to subsidize state energy company Pertamina’s biofuels and to support oil palm replanting, research and farmer education.

Sofyan Djalil, the Coordinating Minister for Economic Affairs, said the regulation will not be delayed further because the president has agreed to this regulation.

GlobeAsia and the Jakarta Globe were media partners of the WEF event.