Jakarta –
The Supreme Audit Agency (BPK) stated that the remaining Rp 7.5 trillion of the government’s investment funds for the national economic recovery program or PEN in 2020 and 2021 to PT Garuda Indonesia could not be distributed.
Head of BPK Isma Yatun said that on this matter, BPK gave recommendations to the government.
“In order to return the remaining government investment funds in the context of national economic recovery to PT Garuda Indonesia in the amount of Rp. 7.5 trillion to the state general treasury account,” he said at the DPR plenary meeting, Tuesday (14/6/2022).
Previously, this state-owned airline was indeed looking for rescue efforts. Even in the DPR a Commission VI Garuda Rescue Committee was formed.
There have been reports regarding the strategy for rescuing Garuda so that buses can resume operating in a sustainable manner. One of them is the fulfillment of funding needs.
The report explains that the total funding requirement for Garuda Indonesia reaches US$ 936 million or Rp. 13.3 trillion (exchange rate of Rp. 14,300). The details of the total Rp 13.3 trillion fund include US$ 527 million or Rp 7.5 trillion, which is the minimum fund for Garuda Indonesia to be able to operate in a healthy manner.
This portion is expected to come from the government as the majority shareholder of Garuda Indonesia. The funds will be used, among others, for minimum cash, restructuring costs, restoration costs and aircraft leases.
“US$ 409 million (Rp 5.8 trillion) is the portion of the development that will be used for tax payments, employee debt payments, employee rationalization, debt payments after PKPU (Debt Payment Obligation Suspension) and Avtur and other costs,” the report reads.
The portion that is fulfilled from the government is Rp. 7.5 trillion, while the minority shareholder/strategic investor is Rp. 5.8 trillion. The portion filled by strategic investors is fulfilled on a best efforts basis, and will be fulfilled at the maximum by the end of 2022.
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