Jakarta | The state capital injection (PMN) for next year for State-Owned Enterprises (BUMN) has been officially postponed. This postponement has disappointed Perum Jaminan Kredit Indonesia (Jamkrindo) because the capital injection could have been used by the company to improve its capital structure.
Bakti Prasetyo, Director of Guarantee at Jamkrindo, said that PMN could improve Jamkrindo's capital structure.
For example, while eight years ago Jamkrindo's capital was still below Rp 1 trillion, it has now reached Rp 8.5 trillion. With this significant capital increase, the business scope of Jamkrindo has expanded.
The assumption is that with the 2016 PMN of Rp 500 billion, Jamkrindo's capital would increase to Rp 10.5 trillion, meaning that the ratio Jamkrindo could cover would reach Rp 50 trillion.
"If we talk about the task of guaranteeing 58 million micro, small, and medium enterprises, our capital is still far from adequate," said Bakti on Monday (2/10).
Previously, the Ministry of Finance planned to provide Jamkrindo with Rp 500 billion in PMN. The government's reason for providing PMN to these two companies was to ensure the equitable distribution of people's business credit (KUR) across Indonesia.
Last week, Minister of Finance Bambang Brodjonegoro assured that the postponement of the PMN allocation in the 2016 state budget (APBN) would not reduce the role of BUMN in accelerating economic growth.
The government considers PMN as additional capital rather than expenditure, so it will not hinder BUMN's business expansion. A temporary solution suggested to BUMN is to take loans from banks.
(Source: Kontan.co.id)