Indonesia Unveils $10 Billion in Aid for State Firms Amid Virus

Indonesia will extend $10 billion in financial support to a dozen state-owned companies to tide over the impact of the coronavirus pandemic, Finance Minister Sri Mulyani Indrawati said.

The assistance, in the form of working capital, accelerated payments for subsidizing electricity and fuel to the poor and shoring up the companies’ paid-up capital, will total 149.3 trillion rupiah ($10 billion), Indrawati said at a briefing in Jakarta Monday. The recipients of state aid include electricity producer and distributor PT Perusahaan Listrik Negara, flag carrier PT Garuda Indonesia, steel producer PT Krakatau Steel and oil and gas behemoth PT Pertamina.

Here’s the break up of the government’s financial assistance:

• Payment to Perusahaan Listrik Negara include:
  • 3.46 trillion rupiah in subsidy
  • 45.42 trillion rupiah in compensation
  • 5 trillion rupiah in state capital
• Pertamina will get 45 trillion rupiah as compensation to be paid out through 2022