#Finance
Pertamina secures US$7.2 billion funding for Balikpapan refinery project
PT Pertamina has successfully secured a substantial funding of US$7.2 billion to support the Balikpapan Refinery Development Master Plan (RDMP) project.
Government increases ownership as Freeport divests another 20% of shares
The Indonesian government’s efforts to increase share ownership in PT Freeport Indonesia (PTFI) have paid off. Freeport McMoran CEO Richard Adkerson and PTFI CEO Tony Wenas agreed to release another 20 percent stake in the mining company to the government.
Bank Indonesia maintains interest rates amid anomalous performance of the US dollar
BI Rate held steady at 5.75% as Bank Indonesia (BI) identifies anomalies in the performance of the US dollar.
Impending US debt ceiling crisis threatens global economy
The United States' debt, which has reached its limit, has the potential to push the country into a recession. As the specter of defaulting on its debt haunts the US, the nation is facing difficulties in obtaining funding, given that it has already reached its debt ceiling of U$31.4 trillion.
World Bank to pay East Kalimantan for excess carbon emission reduction
After two days of meeting with World Bank officials, 1 million tons of excess CO2e emission reductions for East Kalimantan for the 2019-2020 period will be paid for by the Forest Carbon Partnership Facility-Carbon Fund (FCPF-CF).
Indonesia’s export market suffers as China’s demand slumps
Indonesian exports witnessed a significant drop last month, but a substantial decline in imports allowed the country ro maintain a trade plus, reflecting the adverse impact of a weakened global economy on trade flows.
Pertamina Geothermal Energy issues US$ 400 million green bonds to settle debt
PT Pertamina Geothermal Energy Tbk (PGE/PGEO), has issued green bonds worth US$ 400 million (IDR 5.95 trillion). The company received oversubscriptions of 8.25 times with a total bid of US$ 3.3 billion (IDR 49.12 trillion).
Indonesian banking sector boosts green financing and EV credits
The Indonesian banking sector is becoming more proactive in promoting green financing as part of achieving sustainable development. One of their efforts involves endorsing the disbursement of loans specifically for electric vehicles (EV).
US EXIM Bank approves US$99.7 million loan for Balikpapan refinery project
US EXIM Bank has finally granted loan disbursement worth US$99.7 million for the Refinery Development Master Plan (RDMP) operated by Pertamina subsidiary PT Kilang Pertamina Balikpapan.
Indonesia Stock Exchange (IDX) sees 42 companies IPO raising IDR 32.7 billion
A total of 42 companies are planning to get on the IPO list on the Indonesia Stock Exchange (IDX) with a total fund of IDR 32.7 trillion (US$ 2.2 billion) as of 2023.
Indonesia's investment realization of IDR 328.9 trillion gives boost to economic growth and creating jobs
The Investment Coordinating Board (BKPM) noted that investment realization in Q1 of 2023 increased by 16.5% compared to the same period in 2022. Currently, the total investment made has reached IDR 328.9 trillion (US$ 22.4 billion) and created jobs for 384,892 workers.
DGT efforts to increase Indonesia's tax ratio up to 15%
The Directorate General of Taxes (DGT) intends to raise the present tax ratio to 15%, aligns with the global average. Indonesia's current tax ratio of 10.4% is still below the global average of 13.5%, as per the DGT. Indonesia is also trailing behind other nations in the ASEAN region; for instance, Thailand's tax ratio is at 14.5%, the Philippines at 14%, and Singapore at 12.9%.