Large Portion of Micro, Small and Medium Enterprises (MSME) Loans
At the Financial Services Industry Annual Meeting, President Joko Widodo reaffirmed his commitment to making the micro, small and medium enterprise (MSME) sector a motor of recovery and an economic driver.
Financing to MSMEs, said the President, cannot rely on the natural growth model. "Credit for MSMEs is still in the range of 20%. The 2024 target is to reach 30% of the portion of MSMEs and cannot rely on natural growth. This must be carried out with a breakthrough from now on and seriously," said the Head of State. The President also emphasized that financial institutions, including banks, need to open up easy access to credit for MSMEs. Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Wimboh Santo said there are five policies that strengthen financial support and support national economic recovery. One of them is through the expansion of financial access to the MSME community. OJK together with relevant authorities support efforts to achieve financing to the MSME sector of up to 30% by 2024 by making breakthroughs and providing guidance and optimization of land or markets that have not been exploited. This year, said Wimboh, OJK projects bank credit growth to be in the range of 6.5%-8.5%, with an estimated growth of third party funds (DPK) in the range of 9%-111%. Efforts to open up financing space for the MSME sector were achieved by Bank Indonesia. At the BI Board of Governors Meeting yesterday, the central bank made a breakthrough to boost MSME financing. The central bank provides incentives in the form of relaxation of daily reserve requirements of up to 100 basis points (bps) for banks that channel credit to priority sectors, inclusive financing, and banks that meet the Macroprudential Inclusive Financing Ratio (RPIM) target starting March 1, 2022.
|•SOURCE•| Articles :BISNIS | Image :SINARMAS |
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