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OJK extends loan-restructuring phase for just three sectors
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A man walks past the Financial Services Authority (OJK) building in Central Jakarta on May 15, 2013. (Tribunnews/Herudin)
T
he Financial Services Authority (OJK) has extended the loan-restructuring program for certain businesses that it believes still require more time to recover from the COVID-19 pandemic and to withstand a global slowdown next year.
Textile and footwear manufacturers; hotels and restaurants; and businesses classed as micro, small and medium enterprises (MSMEs) will be able to avail themselves of the restructuring program for another year, or until March 2024.
Meanwhile, companies outside of those categories will only be able to take advantage of the program until March 2023.
“We have assessed restructured loans for the last two years. Some sectors have recovered, but there are some industries that still need more time,” OJK chairman Mahendra Siregar told reporters on Monday.
Read also: Big RI banks look to further growth despite global tempest
Mahendra added that the deteriorating global economy was a certainty next year, which would affect some industries in the country, particularly those with a heavy reliance on exports.
He said the OJK would closely monitor these risks and their possible effect on the country’s financial sector.
