Indonesia is planning an $8.6 billion bailout for 12 state-owned firms, to reduce the impact of the coronavirus pandemic, mostly as cash compensation and working capital investments, according to government documents reviewed by Reuters.
FILE PHOTO: General view of the main road at the business district after Indonesia's capital begins a two-week emergency period to prevent the spread of coronavirus disease in Jakarta, Indonesia, March 24, 2020. REUTERS/Willy Kurniawan
A finance ministry spokeswoman on Sunday confirmed the authenticity of the documents and that they were used in the parliament presentation. But, the documents were used in an early stage consultation with lawmakers and still need President Joko Widodo’s approval, she said. Kartika Wirjoatmodjo, deputy minister of state-owned enterprises, told Reuters last week the government was arranging a $500 million bridging loan for Garuda.
Both companies have previously said sales of electricity and fuel declined because of curbs on travel and work to control the coronavirus outbreak, which as of Saturday has infected 17,025 and killed 1,089 in the Southeast Asian country.
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