Rabu, Juni 26, 2024

COVID-19 Credit Restructuring Deadline Postponed

The Coordinating Minister for Economic Affairs, Airlangga Hartoto, recently issued a statement affirming that the COVID-19 credit restructuring stimulus has been postponed until 2025. This initiative will be organized by the Financial Services Authority ("OJK") through the Financial System Stability Mechanism (Komite Stabilitas Sistem Keuangan/KSSK) and (Bank Indonesia/BI). According to OJK data, the use of the COVID-19 credit restructuring stimulus reached Rp. 67.39 trillion during the policy’s active period of 2020 - 31 March 2024.
Meanwhile, the Executive Head of the OJK’s Board of Banking Supervision, Dian Ediana Rae ("Head"), has stated that the utilization of credit restructuring stimulus in October 2020 reached Rp. 830.2 trillion, which was distributed to 6.68 million debtors. Up to 75% of the total number of debtors receiving this stimulus comprised micro-, small- and medium-scale enterprises (usaha mikro kecil dan menengah/UMKM).
After the termination of the COVID-19 stimulus policy, the OJK carried out appraisals of several aspects, including: 1) A decrease in the outstanding and number of debtors; 2) The readiness of the banking industry; 3) Macroeconomic and sectoral conditions; 4); The maintaining of compliance with international standards. _(ANT)

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The Coordinating Minister for Economic Affairs, Airlangga Hartoto, recently issued a statement affirming that the COVID-19 credit restructuring stimulus has been postponed until 2025. This initiative will be organized by the Financial Services Authority ("OJK") through the Financial System Stability Mechanism (Komite Stabilitas Sistem Keuangan/KSSK) and (Bank Indonesia/BI). According to OJK data, the use of the COVID-19 credit restructuring stimulus reached Rp. 67.39 trillion during the policy’s active period of 2020 - 31 March 2024.
Meanwhile, the Executive Head of the OJK’s Board of Banking Supervision, Dian Ediana Rae ("Head"), has stated that the utilization of credit restructuring stimulus in October 2020 reached Rp. 830.2 trillion, which was distributed to 6.68 million debtors. Up to 75% of the total number of debtors receiving this stimulus comprised micro-, small- and medium-scale enterprises (usaha mikro kecil dan menengah/UMKM).
After the termination of the COVID-19 stimulus policy, the OJK carried out appraisals of several aspects, including: 1) A decrease in the outstanding and number of debtors; 2) The readiness of the banking industry; 3) Macroeconomic and sectoral conditions; 4); The maintaining of compliance with international standards. _(ANT)

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