JAKARTA: Indonesia is planning an US$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.
The government has proposed to parliament to provide 128.04 trillion rupiah in financial support to the companies, according to Ministry of Finance documents presented in a May 11 meeting with parliament's financial commission.
National flag carrier Garuda Indonesia, which is trying to restructure US$500 million worth of Islamic bonds that mature next month amid a plunge in passengers, would receive 8.5 trillion rupiah in working capital investments, according to the documents. Power utility Perusahaan Listrik Negara would receive cash compensation of 35.42 trillion rupiah this year, while oil and gas firm Pertamina would get 43.91 trillion rupiah paid in instalments through to 2022, the documents showed.
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