Govt, BI shake hands on $40b burden-sharing scheme toward COVID-19 recovery

The government and Bank Indonesia (BI) agreed to a burden-sharing scheme worth Rp 574.59 trillion (US$39.7 billion) on Monday to finance the nation’s COVID-19 response and bolster economic recovery efforts.The scheme will see the central bank

Govt owes Pertamina Rp96.5t for three years of fuel subsidies

The government has yet to compensate state-owned oil and gas giant Pertamina Rp 96.5 trillion (US$6.8 billion) for fuel subsidies given to the poor from 2017 to 2019.Rp 20.79 trillion was from 2017, Rp 44.85 trillion from 2018 and Rp 30.86 trillion

Govt boost exports of SME products through virtual business matching, coaching

The Trade Ministry is trying to spur exports by small and medium enterprises (SME) by connecting them with potential buyers abroad through virtual business matching events.In a virtual meet-up in mid-May, West Nusa Tenggara-based brown sugar produc

Govt housing subsidy program hampers market growth, World Bank says

The government’s housing subsidy program designed to resolve the country’s mounting backlog might backfire by hampering property industry growth and leading to the construction of lower quality homes, the World Bank has warned.World Ban

Govt to overhaul preemployment card program amid irregularities

The government is gearing up to overhaul its preemployment card program to address findings by the Corruption Eradication Commission (KPK) earlier this month on suspected irregularities in the operation of the program.The committee in charge of the

Govt expects unemployment to worsen, continue into next year

The nation’s high unemployment rate is expected to worsen and continue into next year as the country braces for further economic consequences of the COVID-19 crisis, senior government officials said on Monday.Some 5.5 million people may lose

Govt raises $2.5b through global sukuk offering to address pandemic deficit

Indonesia has raised US$2.5 billion from a three-tranche global sukuk (sharia-compliant bond) offering to help the government fund the battle against the coronavirus pandemic, the Finance Ministry announced on Wednesday.The sukuk were offered on th

Govt says hotels may open. Hotels prefer to stay closed

Hotels in Indonesia are likely to remain closed throughout June, with operations to resume in July at the earliest, a hotelier association has said, citing concerns about low demand amid consumer fears over the COVID-19 pandemic.Demand for accommod

Govt to spend $49.7b on procuring SMEs products, services

The government plans to buy products and services from small and medium enterprises (SMEs) for official state procurement, potentially spending over Rp 700 trillion (US$49.7 billion) as part of its efforts to help the sector, a minister says.Coope