Happy News! OJK Extension Of Credit Restructuring Until 2024

Illustration. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) has extended its credit and financing restructuring policy until 2024 which will be carried out "targeted" and sectorally to overcome the continued impact of the COVID-19 pandemic.

In an official statement from the OJK, quoted by Antara, Monday, November 28, the OJK stated that currently, global economic uncertainty remains high, mainly due to the normalization of global economic policies by the Central Bank of the US The Fed, the uncertainty of geopolitical conditions, and the high pace of inflation.

The slowdown in world economic growth in the future is inevitable as predicted by various international institutions.

On the other hand, the recovery of the national economy continues in line with the more controlled pandemic and normalization of community economic activities. Most of Indonesia's sectors and industries have returned to strong growth. However, based on an in-depth analysis conducted by the OJK, several exceptions were found due to the prolonged impact of the COVID-19 pandemic (scarring effect).

In connection with these developments and responding to the end of the credit or financing restructuring policy in March 2023, the OJK has taken policies to support certain segments, sectors, industries and regions (targeted) that require an additional credit or financing restructuring period for one year until March 31, 2024.

The segment in question is the MSME segment which covers all sectors. Meanwhile, sectorally, namely the accommodation and food and drink supply sector. Furthermore, there are several industries that provide large jobs, namely the textile and textile product (TPT) industry and the footwear industry.

This policy is carried out in an integrated and applicable manner for banks and finance companies.

Meanwhile, the existing and comprehensive credit or financing restructuring policy in the context of the COVID-19 pandemic is still valid until March 2023. Financial Services Institutions (LJK) and business actors who still need this policy can use the policy until March 2023 and will remain valid until the end of the credit or financing agreement between LJK and debtors.

OJK will continue to observe the development of the global economy and its impact on the national economy, including the intermediation function and stability of the financial system. In this regard, OJK continues to ask LJK to prepare adequate buffers or buffers to mitigate possible risks.

OJK will also respond proportionally to further developments while still prioritizing financial system stability and maintaining the momentum of national economic recovery.