Politics
This is what the BIS said about Jokowi's proposal to extend bank credit restructuring
Jakarta, CNBC Indonesia – PT Bank Rakyat Indonesia (Persero) Tbk. or BRI, has opened its voice regarding President Joko Widodo's (Jokowi) proposal to extend the easing of credit restructuring affected by Covid-19 until 2025. The state-owned bank, known as Bank Wong Cilik, admits that it only learned of the proposal from media reports, but is ready to carry out orders if the government determines.
“BRI knows the information about the political plan in the media and if the policy of extending the restructuring plan has been issued by the government and the Financial Services Authority (OJK), then BRI will comply with it and implement it,” said BRI Micro Business Director Supari when contacted by CNBC Indonesia, Monday (07/01/2024).
He stated that as part of the program to save MSMEs from the impact of the pandemic, BRI has been implementing the Covid-19 restructuring program since the issuance of POJK No. 11/POJK.03/2020 in March 2020 and ended on March 31, 2024 in accordance with the Decree of the OJK Board of Commissioners No. 34/KDK.03/2022.
“In restructuring credit for MSMEs affected by COVID-19, BRI is focusing on the health of customers and as a precautionary measure,” Supari continued.
He also said that during the pandemic, the BIS had prepared more conservative reserves in line with PSAK 71 to anticipate future risks. Supari explained that until the end of March 2024, the BIS' credit quality was still maintained with non-performing loans (NPLs) at 3.11% and NPL coverage at 214.26%.
“Going forward, BIS also hopes that there will be a strengthening of policies that can strengthen people's purchasing power and increase household consumption, as these two factors are the main drivers of credit growth to MSMEs, which are the main contributors and backbone of the Indonesian economy amidst challenging macroeconomic conditions,” he added.
As is known, the restructuring program ended last March. This program was revoked following the government's decision to revoke the Covid-19 pandemic status in Indonesia last October.
Jokowi requested the extension of the Covid-19-affected credit restructuring program until 2025 at the Cabinet session on Monday (24/6/2024). Coordinating Minister for Economic Affairs Airlangga Hartarto said this is aimed at reducing corporate credit loss provisions (KUR).
Along with the end of this policy on March 31, 2024, the banking sector recorded a profit of IDR 61.87 trillion, an increase of only 2.02% on an annual basis (yoy). On the other hand, the increase in the gross non-performing loan (NPL) ratio increased from 2.25% in March to 2.33% in April.
The proposal drew mixed reactions from bankers and economists. Most said the policy was useful in helping finance MSMEs, but some also worried about moral hazard.
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This is the reason why OJK withdrew the Covid-19 credit restructuring program
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