$1.73b to be collected for reforestation fund

JAKARTA (JP): The Ministry of Forestry will raise a total of US$1.73 billion for reforestation funds within the sixth Five- year Development Plan period (Repelita VI), up more than 50 percent from $1.12 billion during Repelita V.

The ministry said here yesterday that $317 million of the total will be raised in the fiscal year which started in April, $331 million in the second, $346 million in the third, $363 million in the fourth and $381 million in the last year.

The government has assigned wood-processing companies to collect reforestation funds and forest royalties for logs taken from forests and to transfer them to the state treasury coffers through the designated banks.

Over the past five years to last March, the Ministry of Forestry received Rp 2.42 trillion ($1.12 billion) in reforestation funds.

Since the funds were deposited at state banks in the name of the Minister of Forestry they earned Rp 1.19 trillion in interest revenue.

By last April, the balance of reforestation funds in the minister's account totaled Rp 2 trillion because Rp 1.02 trillion had been spent on reforestation and timber estate programs.

The House Budgetary Commission has often suggested that the reforestation funds be managed under the state budget. (icn)