TheJakartaPost
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The importance of SOEs to the country has not been matched by prudent management. A study by anticorruption watchdog Indonesia Corruption Watch (ICW) showed that SOEs ranked fifth among the most corrupt institutions in 2019, causing around Rp 1.3 trillion in state losses.
State-owned steelmaker Krakatau Steel has received approval from its creditors to restructure its loans totaling US$2.2 billion (about Rp 30 trillion) by, among other changes, rescheduling repayment to 2027 in order to be able to revive its business.
It would be disingenuous to conclude that after only four instances of troubles affecting state-owned companies, President Jokowi’s whole economic agenda is in trouble, especially knowing that some of these firms are still making profits and contribute to the economy.
