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View all search resultsPandemic taking heavy tolls on SOEs
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T
he economic crisis brought about by the COVID-19 outbreak has hit state-owned enterprises (SOEs) in the energy, transportation and infrastructure sectors, a top government official has said.
Deputy SOEs Minister Kartika “Tiko” Wirjoatmodjo said SOEs in the energy sector, such as electricity giant PLN and oil and gas company Pertamina, had suffered severe losses amid low demand during the health crisis.
“SOEs in the energy sector have suffered the worst revenue losses, as low consumption of electricity and fuel show the economy is still far from normal,” he told a virtual discussion on Tuesday.
Indonesia’s economy shrank 5.32 percent year-on-year (yoy) in the second quarter this year due to the health crisis and is widely expected to contract further in the third quarter. The contraction would mark the country’s first economic recession since the 1998 Asian financial crisis.
