Jakarta — The government is buoyant that after injecting IDR 1.8 trillion in capital into PT Askrindo and Perum Jamkrindo through state equity participation (PMN), the volume of Kredit Usaha Rakyat (KUR) guarantees is set to double in 2010.
“With a gearing ratio of 10 to 1, the additional PMN capital will boost these companies’ capacity to extend guarantees to the tune of IDR 37.5 trillion in 2010,” Finance Minister Agus Martowardojo said at the DPR-RI Building in Senayan, Jakarta, on August 25, 2010.
Agus noted that before the capital infusion via PMN, Jamkrindo and Askrindo had only managed to guarantee IDR 19.5 trillion in 2009. “Thus, the target of expanding KUR by IDR 20 trillion per year from 2010 through 2014 will be achieved,” he added.
At the same event, Parliament Member Nusron Wahid expressed skepticism, contending that it is virtually impossible to achieve an annual expansion of IDR 20 trillion in KUR guarantees. “When you look at it, since the KUR program was launched in 2007, the actual guarantee volume has only reached IDR 16 trillion to date,” he observed.
According to Nusron, the IDR 1.8 trillion capital injection would at most increase the outstanding KUR to IDR 18 trillion. “So, what the government hopes to achieve appears to be a tall order,” he concluded.