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November 6, 2024 | 04:43 pm
TEMPO.CO, Jakarta - Minister of Micro, Small, and Medium Enterprises (MSMEs) Maman Abdurrahman spoke about the debt cancellation for MSMEs initiated by President Prabowo Subianto. He mentioned that about one million MSME players will have their debts forgiven.
“This is a symbolic policy program by President Prabowo, a gesture of government support for MSME players engaged in the agriculture and fisheries sector, which has approximately 1 million individuals,” said Maman at the Presidential Palace in Jakarta, on Tuesday, November 5, 2024, as reported Antara.
However, he clarified that not all MSMEs are eligible for debt cancellation. The beneficiaries are MSMEs who are customers of the State-Owned Banks Association (Himbara) and are affected by natural disasters like earthquakes, COVID-19, and other difficulties.
“This is for MSME players in the agricultural and fisheries sectors, who are no longer able to pay and whose debts have already matured. Their debts have already been processed for write-off in the Himbara banks,” said Maman. “So they truly lack the financial capacity, and the timeframe [for debt forgiveness] is around 10 years.”
Conversely, MSMEs assessed by Himbara to still have the ability to operate will not be eligible for debt cancellation. “The estimation is that considering 1 million MSMEs, it (the total debt cancellation] amounts to around Rp 10 trillion,” Maman outlined.
On Tuesday, President Prabowo Subianto signed Government Regulation Number 47 of 2024 concerning the Cancellation of Bad Loans to MSMEs. Maman emphasized that this regulation provides the necessary legal framework for banks to waive MSME debts.
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