TEMPO.CO, Jakarta – President Director of PT Garuda Indonesia (Persero) Tbk Irfan Setiaputra said the bailout funds for his company that were liquidated at the beginning of the year worth Rp 1 trillion had been used up to pay for aviation fuel and airport costs. The use of bailout funds is specifically for the company’s ongoing operational needs.
“(The Rp 1 trillion bailout has been exhausted) Only to pay Pertamina, Angkasa Pura I, and Angkasa Pura II. (The fund) Not to pay debts. This is purely for current, we operate every month, it must be paid, “said Irfan when met Time at his office, Soekarno-Hatta International Airport complex, Cengkareng, Friday, June 4, 2021.
Bailout is a form of assistance provided by the government for Garuda through the mandatory convertible bond (OWK) scheme. The OWK agreement was signed by Garuda and PT Sarana Multi Infrastruktur as the investment implementer from the Ministry of Finance.
Under the terms of the agreement, the company is prohibited from using the bailout funds to pay debts. “There is nothing to pay the debt,” said Irfan. Irfan denied the news circulating that the bailout money was also used to pay for the lack of pilot and cabin crew salaries which had been cut since 2020.
Garuda Indonesia’s finances in the second quarter of 2021 are increasingly battered. As explained by the Ministry BUMN At the DPR last Thursday, June 3, Garuda was responsible for a loss of up to US$ 100 million every month.
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