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Jakarta Post

Indonesia announces $742m stimulus to shield economy from virus

  • Marchio Irfan Gorbiano 
and Made Anthony Iswara

    The Jakarta Post

PREMIUM
Jakarta   /   Wed, February 26, 2020   /  08:53 am
The Jakarta Post Image
President Joko Widodo gives a speech at the cabinet plenary session at Bogor Palace, Tuesday, Feb. 11, 2020.( Setneg/Handout)

The government has announced a Rp 10.3 trillion (US$742 million) stimulus package that is expected to boost consumer spending and reinvigorate Indonesia’s tourism industry, which has been deflated by the deadly coronavirus outbreak. Finance Minister Sri Mulyani said on Tuesday that the government would disburse 
Rp 4.6 trillion to the 15.2 million beneficiaries of its staple needs program. The government will also add Rp 1.5 trillion to housing loan and down payment subsidies for low-income Indonesians. “This is the 30 percent bottom segment. They will use the funds immediately for consumption,” Sri Mulyani said at the State Palace. The government will also grant Rp 3.3 trillion to regional authorities to compensate for tax revenue losses from tax exemptions that are also part of the stimulus. “We will support ten tourist destinations [...] by not co...