Prabowo inks regulation to cancel debts of farmers, fishermen

JakartaPost-Nov 6, 2024

President Prabowo Subianto has inked a regulation to cancel debts of individuals and micro, small and medium enterprises (MSMEs) engaged in farming, fishing and plantations. The measure aimed at improving access to new loans for small businesses across the country is laid out in Government Regulation No. 47/2024 on MSME debt forgiveness, which was signed on Tuesday. “The government hopes it can help our brothers and sisters, the producers working in farming, MSMEs and fishermen, who are very important food producers. They can continue their business and become more useful for the nation and the country,” said Prabowo, according to a press statement released by the Cabinet Secretariat following the signing. The statement adds that the detailed technicalities and conditions would be determined by relevant ministries and government agencies. Micro, Small and Medium Enterprises Minister Maman Abdurrahman said on Tuesday that the regulation only concerned loans from state-owned banks and that debt forgiveness would apply to a maximum debt of Rp 500 million (US$31,595) for business entities and Rp 300 million for individuals. Maman said there were around 1 million eligible accounts with debt accumulated over the past 10 years, amounting to around Rp 10 trillion in nominal value. Read more at:

https://www.thejakartapost.com/business/2024/11/06/prabowo-inks-regulation-to-cancel-debts-of-farmers-fishermen.html.