Government disburses Rp52.57 trillion to 12 SOEs for economic recovery

Government disburses Rp52.57 trillion to 12 SOEs for economic recovery

Finance Minister Sri Mulyani Indrawati. Antara Foto/ Nova Wahyudi

Jakarta (ANTARA) - The government disbursed funds amounting to Rp52.57 trillion to 12 state-owned enterprises (SOEs) to expedite the national economic recovery (PEN) program to better cope with pressure from the COVID-19 pandemic.

After a limited meeting chaired by President Joko Widodo from the Merdeka Palace, Jakarta, Finance Minister Sri Mulyani Indrawati explained that financial support will be offered to 12 SOEs through various schemes, such as payment of subsidies, distribution of social assistance, and state capital injections (PMN).

"The 12 SOEs were selected based on the consideration that they have a major influence on the lives of people," the minister revealed after a limited teleconferencing meeting themed, "Determination of the National Economic Recovery Program (PEN) and Changes to the 2020 State Budget Posture".

The 12 SOEs was also selected on the basis of ownership of assets and major contribution to the national financial system.

Details of the 12 SOEs are mentioned herewith:

1. PT PLN secured government funds to pay for the extension of electricity discount subsidies, PMN, and compensation from government receivables that accumulated to reach Rp45.4 trillion.

2, PT Hutama Karya received additional PMN of Rp7.5 trillion from Rp3.5 trillion, thereby bringing the total to Rp11 trillion.

3. PT KAI received an additional Rp3.5 trillion in bailout funds.

4. PT Bahana Pembinaan Usaha Indonesia (BPUI) received PMN of Rp6 trillion for the emergency working capital credit guarantee program. In addition, BPUI will receive non-cash PMN of Rp268 billion.

5. PTPN will receive a working capital loan bailout. The finance minister is still in the process of combing the amount of bailout funds to be offered to PTPN.

6. PT Permodalan Nasional Madani will receive an additional PMN from Rp1 trillion to Rp2.5 trillion. The goal is to channel ultra-micro financing (UMi) and micro-credit with loans below Rp10 million.

7. PT Garuda Indonesia. SOEs Minister Erick Thohir is still reviewing the scheme of the government’s assistance for SOEs.

8. PT Krakatau Steel. Akin to Garuda, the SOEs minister is still reviewing the aid scheme.

9. PT Perumnas will receive a grant of Rp659 billion.

10. PT Pertamina will receive compensation from the government. The finance minister had yet to provide precise figures on the compensation.

11. Indonesia Tourism Development Coporation (ITDC) received PMN worth Rp500 billion.

12. Perum Bulog will receive operational support for social assistance worth Rp10.5 trillion.  Related news: Government plans tourism stimulus in third quarter of 2020
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