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INDONESIA FACES BANKRUPTCY IF IT DOESN'T PAY UP: MINISTER.
JAKARTA, May 1 Asia Pulse - Minister of State Development Planning Kwik Kian Gie said that Indonesia might face a heavier burden to pay recapitalization bonds which according to the Indonesian Bank Restructuring Agency (IBRA) could increase to US$700 billion.
"We have the problem of loan in form of recapitalization bonds totalling US$70 billion, which (IBRA said) has the potential to increase to US$700 billion if we fail to pay it back on time. Obviously, this republic will go bankrupt," Kwik said here Tuesday.
Kwik said, the government would not be able to repay bonds which will due fall by 2021.
"Indonesia would fail to repay the Rp700 trillion of bonds on time. Now we beg (for debt reschedulling) of $4.1 billion to the CGI and $5.4 billion to Paris Club," the minister said.
In its report, IBRA said that the government's recapitalization bonds might swollen up to Rp7,000 trillion ($700 billion) if the government failed to repay the bonds which due fall on 2021.
Bonds payment roll-over would only increase the burden for the state budget.
The ...
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Source: HighBeam Research, INDONESIA FACES BANKRUPTCY IF IT DOESN'T PAY UP: MINISTER.