(CNN Indonesia / Wella Andany)

Government Prepares 3 Phase Recovery Credit Union Due Corona Distressed

The government is preparing a three-phase or Credit Union (Koperasi) recovery program that is supressed by the spread of the corona virus. Minister of Cooperation and Small and Medium Enterprises (UKM) Teten Masduki said the first phase, survival.

In this phase, it restructured its Revolving Fund Management Institution (LPDB) partners by delaying installments and services for 12 months. So far, said Teten, the restructuring has touched 40 cooperative partners.

The second phase, providing loans. Teten said the government poured in an additional budget of Rp1 trillion.

The budget is used for financial assistance for Credit Union. Teten said the funding assistance was at 3 percent interest.

Teten said that the financial assistance had been channeled at Rp381.4 billion. While the third phase, the preparation of a number of policies to facilitate access to finance cooperatives and SMEs with mild interest and assistance.

Source: https://bit.ly/3jsh1Rz