IBRA's revenue exceeds target

JAKARTA: The Indonesian Bank Restructuring Agency (IBRA) said it had collected Rp 47.2 trillion (US$5.1 billion) in revenue as of early December from its sales of assets, exceeding the full- year target of Rp 42.8 trillion.

IBRA chairman Syafruddin Temmenggung confirmed the figures late on Thursday following a meeting with the Financial Sector Policy Sector (FSPC).

Part of the proceeds would be used to help cover the 2002 budget deficit, estimated to stand at around Rp 42 trillion, or 2.5 percent of the country's gross domestic products (GDP).

Set up in 1998, IBRA is tasked to restructure more than Rp 600 trillion worth of assets it took over from bad debtors before selling them to raise funds for the government's coffers.

The agency is tasked to raise around Rp 18 trillion in cash next year.-- JP