KUR Distribution Reaches IDR 246.58 Trillion Until October 2024

JAKARTA - The Coordinating Ministry for Economic Affairs revealed that the realization of the distribution of People's Business Credit (KUR) until the end of October 2024 reached IDR 246.58 trillion, an increase of 23.4 percent compared to the same period in the previous year.

"As of October 31, the realization of KUR distribution has reached Rp246.58 trillion," said Deputy for Macroeconomic and Financial Coordination at the Coordinating Ministry for the Economy Ferry Irawan at the Press Conference to One KUR Decade at the Coordinating Ministry for the Economy Office on Wednesday, November 13.

Ferry said that since 2015 the KUR program has reached around 48.63 million debtors who have utilized the service. Meanwhile, specifically in 2024, the number of KUR debtors reached 4.2 million as of October 31.

According to Ferry, there was a significant increase in the new debtor target which reached 113 percent of the initial target.

"In 2024, if we look at the new debtor, there are around 113 percent of the initial target, from 1.7 million now 1.9 million new debtors. So of the total 4.2 million debtors, 1.9 million are new debtors who access KUR," he explained.

Ferry said that from 2015 to 2024 the total outstanding KUR reached IDR 490 trillion and this figure is not small so it has an impact on the national economy.

"This is not a small number, which we can contribute to, not only to the debtor, but also to our economy in general," he explained.

Ferry hopes that the target for KUR distribution in 2024 of IDR 280 trillion can be achieved or close to the target set by the government.

"For 2024, we estimate that at least it is the same or higher than our initial target, yes, for distribution in 2024," he explained.

In addition, Ferry added that the government continues to strive to encourage higher economic growth in the fourth quarter of 2024.

"Because we really need it in the fourth quarter, to increase economic activity. If you see or hear what BPS said in the third quarter yesterday for economic growth, which is 4.95 percent or the cumulative one is 5.03 percent, then if the problem with the government's target is at 5.1 percent, we need 5.2 percent in the fourth quarter," he said.