With the 2018 state budget deficit that is far smaller than what was enacted, which is 1.76% of GDP or less than 2.19% in the APBN Act, KKSK
is optimistic that it will be able to continue to maintain confidence in the national economy, especially in 2018 in the midst of global turmoil.
, IBRA and Pertamina agreed to the need to modify a letter of comfort covering a number of requirements to be included in the process of financing the project by Japan Bank for International Cooperation (JBIC).
, IBRA and Pertamina agreed on the need to improve letter of comfort in the project funding planned by the consortium of Japan Bank for International Cooperation (JBIC).
In line with a decision of KKSK
in 2000, the project was to be built under the Build Opration & Transfer pattern in 35 years by a joint venture PT Jalantol Lingkarluar Jakarta (JLJ), established by Jasa Marga and IBRA.
Jakarta Infrastructure Consortium was disqualified for failing to hand over bidding document to the tender committee, instead it handed over its bidding document to the KKSK
Observers said there is no guarantee that the obligors would fulfil their obligations despite the laxity shown by the KKSK
, and 10 years are too long as the agreement could be annulled later in favor of the obligors by a new government.
, however, did not want Marubeni to become the only creditor that have a greater say in determining the fate of the bank such as in demanding bankruptcy.
Under a previous restructuring agreement, KKSK
set two options for the creditors namely they remained creditors with a small part of the credits converted into equity or shareholders with the largest part of the credits converted into shares, but later Indonesia was to become the majority shareholder controlling 80% of the share and Marubeni was to have only 20% of the shares.
On 11 April, 2001, with the purpose of helping the property sector revive, the Government through the Committee for Financial Policies (or KKSK
by its Indonesian initials) issued Decree No.
The JORR project has been taken over from the old contractor by the state-owned PT Jasa Marga and IBRA in line with a decision of the powerful Financial Sector Policy Committee (KKSK
) that put it under a new company PT Jalan Tol Lingkar Luar (JLJ) Jakarta.
Bank Mandiri also plans crash program to implement government policy according to a decision of the Financial Sector Policy Committee (KKSK
) issued on Dec, 2000 on 25% haircut for principal debt of state banks and 100% hair cut for interest and fine on the debt of SMEs.
The question was raised after the Financial Sector Policy Committee (KKSK
) which is headed by the chief economics minister Rizal Ramli approved plan to restructure a Rp16.9 trillion debt of the Texmaco Group in October, 2000.