Officially Received PMN IDR 7.5 Trillion, Garuda Indonesia Optimistics Immediately Complete The Restructuring Process: Cash Flows Are Getting Healthy

Garuda Indonesia aircraft. (Photo: Doc. Antara)

JAKARTA- PT Garuda Indonesia (Persero) Tbk officially received State Capital Participation (PMN) worth IDR 7.5 trillion today. This PMN is believed to be able to strengthen Garuda's efforts to accelerate the recovery of its business performance. President Director of Garuda Indonesia Irfan Setiaputra said, with the presence of this PMN, Garuda Indonesia could make an optimal contribution to the community in the midst of the momentum of national economic recovery. This contribution is realized through increased accessibility and provision of flight services, both safe, comfortable, and competitive. "Therefore, for the realization of this PMN, we would like to express our gratitude to the government and all parties who provide full support for Garuda's performance transformation mission," he said in an official statement, Tuesday, December 20. Irfan's word, the continuous support provided by the government in this phase of recovery performance is certainly an important marker of the state's confidence in the performance outlook and role of Garuda Indonesia as an inseparable part of the nation's economy. Furthermore, Irfan explained, this PMN fund will be used in stages by prioritizing the precautionary principle as well as compliance aspects that apply. "Of course, the contribution is aligned with Garuda's commitment to continue to strengthen the foundation of business continuity that is oriented to the focus of profitability and optimization of good corporate governance throughout its business lines," said Irfan. Irfan's words, support from PMN funds derived from the 2022 APBN will then be used to support the acceleration of company's performance recovery, particularly in flight operational lines. Among them are through fleet restoration programs, maintenance of aircraft parts and various other aircraft components, as well as restructuring of the company's cash flows to support the smooth running of Garuda Indonesia.

Irfan said, PMN support is running on the track. This is in line with the outlook for business performance which continues to show positive growth. "We are optimistic that this PMN can strengthen its commitment to all creditors to maximize future business performance growth, in order to provide optimal value for Garuda Indonesia's business collaboration with all its business partners," he said. Irfan also admitted that he is optimistic that the realization of PMN will further strengthen Garuda Indonesia's steps to continue accelerating the restructuring process. "We project it to be completed by the end of this year. This will certainly be an important phase for Garuda Indonesia's efforts to maximize the momentum of the revival of the national aviation industry sector in 2023," concluded Irfan.