OJK Monitors Implementation of UMKM Debt Cancellation
- VIVA.co.id/M Ali Wafa
Jakarta, VIVA – The Financial Services Authority (OJK) has stated that it will continue to monitor the implementation of Government Regulation (PP) Number 47 of 2024 regarding the elimination of bad debts for Micro, Small, and Medium Enterprises (MSMEs), which began in the second week of January 2025.
"We fully support the government's priority program through PP No. 47 of 2024 concerning the elimination of bad debts for MSMEs, which is currently being implemented," said OJK Chairman of the Board of Commissioners Mahendra Siregar on Tuesday (Jan 14).
Siregar explained that the implementation of this MSME debt elimination program is crucial.
This is because it requires supervision, evaluation, and effectiveness to support future national economic growth.
"This is what we are focusing on now. Of course, it’s not just about the launch or ceremonial aspects, but more importantly, its implementation, evaluation, effectiveness, and monitoring to drive further improvements. In due course, we will provide updated reports," Siregar stated.
Gedung Otoritas Jasa Keuangan (OJK)
- Website OJK
Earlier, the Minister of Micro, Small, and Medium Enterprises (MSMEs), Maman Abdurrahman, announced that the debt elimination program for MSMEs would cover approximately 1 million MSMEs, with a total value of IDR 14 trillion.
The minister elaborated that in the initial phase, 67,000 MSMEs would benefit from the program, with a total debt elimination value of around IDR 2.4 trillion.
Minister Abdurrahman also emphasized that there are no financial issues arising for state-owned banks implementing this write-off policy.
“If they’ve already been listed for write-offs, they’re blacklisted because they couldn’t repay, which also causes losses for the banks due to the administrative record. Among these one million individuals, there are those who have passed away or can no longer be traced. But for those who are still accounted for and need access to new financing, they need their records cleared, which is why they’re included in the list," he explained.