IBRA raises Rp33t as of October

IBRA raises Rp33t as of October

JAKARTA: The Indonesian Bank Restructuring Agency (IBRA) said it had collected around Rp 33 trillion (US$3.7 billion) in proceeds from its assets sales as of October, with Rp 28.9 of which having been deposited to the government's coffers.

The sales of assets under the Assets Management Credit (AMC), a division within the agency, made the lion's share of the proceeds, contributing Rp 24.6 trillion, a press release said.

The state budget targets contribution from IBRA's assets sales this year of Rp 42.8 trillion, as part of the domestic financing to help cover the deficit.

Deficit for this year is estimated to stand at Rp 42 trillion, or around 2.5 percent of the country's gross domestic products (GDP).

IBRA obtained more than Rp 600 trillion worth of assets after the crisis, taken over from the hugely-indebted former bankers, with its main task being restructuring those assets and sell them to private sector. -- JP