New Regulations to Support National Economic Recovery


The government has revised regulations on the National Economic Recovery (PEN) program implementation to support state financial policies for handling COVID-19. Regulations that were previously contained in Government Regulation (PP) No. 23/2020 are now revised into Regulation No. 43/2020, which came into force on August 4, 2020.

Finance Minister's Special Staff for Strategic Communication Yustinus Prastowo revealed several points in the regulation that were revised. "Some points are related to funds placement in banks, some are related to regional PEN, (the regulation) determines loan scheme as well," Yustinus said, Thursday (8/6).

Article 10 of the regulation states that the government can place funds in partner commercial banks using the state money management mechanism in PEN implementation. Commercial banks to partner with the government must have a valid business license as a commercial bank, have business activities in Indonesia, and the state, local government, legal entities, and Indonesian citizens must be the local shareholders. Besides, partner commercial banks must have a minimum composite health level 3, which has been diversified by the Financial Services Authority (OJK) and carry out banking business activities that support the national economic recovery acceleration.

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