VIVAnews - The government will launch financing instrument for exporters dealing with payment failures. Trade Minister Mari Elka Pangestu stated that the government and central bank, Bank Indonesia will issue two forms of instrument.
The incentives will in the future not be categorized as per industrial sector. It is aimed at common exporters.
The first form is rediscount of draft of export with recourse. It is a guarantee instrument from Bank Indonesia for banks to provide liquidity for exporters experiencing payment failures. "It has been approved in last October. But it is not yet realized," said Pangestu, Friday, Nov 28.
The second form is preshipment trade financing. "Exporters get certain facilities for purchasing raw materials," Pangestu said. However, the instrument is being discussed further by the Department of Trade and the Department of Finance. "I hope it can be announced by the end of the year," Pangestu said.
In addittion, the government is still seeing the possibility to access facilities from the International Financing Corporation (IFC) or other regional/multinational financial institutions. "It will be in the form of trade financing guarantee," said Pangestu.
Trade financing, Pangestu went on to say, was also reviewed in the G-20 and APEC summit. It was decided that the partnership with the World Bank and IFC was prolonged to smoothen financing. "In fact, IFC has increased trade financing value from US$1 billion to US$3 billion," she said.
Translated by: Bonardo Maulana W.
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