Indonesian Chamber of Commerce and Industry (Kadin) chairman Rosan Roeslani said the implementation of one of the government’s stimulus programs was too slow, urging banks to soon disburse working capital loans after receiving fresh funds of Rp 30 trillion (US$2.08 billion) from the government.

“After the debt restructuring process, we now need working capital loans for micro, small and medium businesses as well as [big] businesses,” Rosan told reporters in a press conference on Thursday.

Without working capital loans from banks, he went on to say, debt restructuring would not have much of an impact in stimulating supply and demand. He added that several business associations had complained about banks’ reluctance to provide working capital loans.

The government announced last week that it would place Rp 30 trillion in state-owned banks to be disbursed as loans to micro, small and medium enterprises (MSMEs) to help support economic recovery as the pandemic wrecked the economy.

The government is following through on its promise to allocate fund placements in banks worth a total of Rp 82.2 trillion to help with their liquidity and stimulate credit growth as banks conduct credit restructuring for MSMEs. The allocation is part of the government’s stimulus worth Rp 695.2 trillion to strengthen the healthcare system and bolster the economy.

Bank Mandiri and Bank Rakyat Indonesia (BRI) will each receive Rp 10 trillion, while Bank Negara Indonesia (BNI) and Bank Tabungan Negara (BTN) will each receive Rp 5 trillion.

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