OJK Extends Banking Credit Restructuring in Bali

According to an article published by Berita Bali, the Board of Commissioners of the Financial Services Authority (OJK) has responded to a request from Governor of Bali, Wayan Koster to extend the period for granting credit restructuring for business actors in the Province of Bali, which was initially planned to be enforced until 31 March 2023, and is now extended to March 31, 2024.

This was realized with the issuance of POJK No. 19 of 2022, which was ratified by the OJK on 28 October 2022 and became an answer to the conditions faced by Bali. 

The new policy is a follow-up to the Governor of Bali’s application letter and the meeting between the Chairperson of the OJK and the Governor of Bali accompanied by the Bali Economic Team, on 11 August 2022 at the Jaya Sabha, which discussed Bali’s economic development as a basis for proposing an extension of the credit restructuring policy in Bali which is a strong aspiration from Balinese Business Actors, report Berita Bali.

“We express our highest appreciation that the OJK is paying attention to areas that have been deeply affected by the pandemic such as Bali. In POJK No 19 of 2022, POJK provides special treatment to Financial Services in certain regions and sectors in Indonesia that have been affected by the disaster,” said Koster in an official statement, Monday, November 28, 2022.

This condition, according to him, is very relevant to the current conditions in Bali. OJK’s special policy towards Bali is then set forth in OJK Board of Commissioners Decree No 34/KDK 03/2022 concerning Stipulation of the Food and Drink Accommodation Provision Sector, the Textile and Textile Products and Footwear Sectors, the Micro, Small and Medium Enterprises Segment and Bali Province as a sector and Region Which Require Special Treatment. 

The OJK Board of Commissioners’ policy regarding the extension of bank credit restructuring took effect from 1 April 2023 to 31 March 2024.

“We thank the President for making Bali the meeting place for the 2022 G20 Summit which just ended. With Indonesian leadership by the Indonesian President Mr. Joko Widodo, the G20 Summit went well, smoothly and succeeded in issuing the Bali Leaders Declaration (15 -16 November 2022 ),” he said.

From November 2021 to November 14 2022, most of the main events and locations for the G20 events have been held by Ministries, Institutions and Private Organizations in Bali.

Likewise, the infrastructure at the venues for the G20 Summit events has made improvements which expedite and beautify Bali. The impact of holding the G20 Summit has been very helpful in accelerating Bali’s economic recovery, and we hope to continue for years to come.

The Governor of Bali also hopes that the provision of other spatial incentives for the tourism sector, such as tax relief, extending the government guarantee policy (guarantee) for corporations and MSMEs will continue. 

Furthermore, it is hoped that the synergy and collaboration of stakeholders in Bali and the center will continue in order to support the acceleration of Bali’s economic recovery going forward, to create a green, resilient and prosperous Kerthi Bali Economy, say Berita Bali.

With the issuance of the new OJK policy, the Governor of Bali, Wayan Koster, urged banks in Bali to implement a policy of extending credit restructuring to Business Actors in Bali, with a spirit of togetherness to accelerate Bali’s economic recovery.

Source: Berita Bali

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