Prabowo to Roll Out KUR with 5 Percent Annual Interest Rate

President of the Republic of Indonesia Prabowo Subianto has affirmed that the government will soon disburse People’s Business Credit (KUR) with a maximum interest rate of five percent per year to improve the welfare of small-scale citizens. “I have already instructed the state-owned banks that shortly we will disburse KUR at a maximum of five percent per year,” said President Prabowo in his speech at the International Labour Day commemoration at the National Monument (Monas) in Jakarta on Friday. The President explained that this policy is being implemented because small-scale communities, including labourers, farmers, and fishermen, have long been trapped by very high loan interest rates. According to him, people’s income should not be depleted just to pay burdensome loan interest. Regarding labourer welfare, Prabowo has launched a housing ownership programme to reduce the burden of rental costs. The government is striving to ensure that the monthly rental costs paid by labourers can become instalments for home ownership through the housing programme that the government will implement. The President also paid attention to the tenor that facilitates labourers in repaying mortgages, making it more flexible and long-term. “Earlier I said your income of 30 percent is for rent, later we will assure you that you will own that house. So the 30 percent that was for rent, we will reduce it, that is for you to instal your own house,” said the President in explanation. President Prabowo attended the International Labour Day celebration, which was welcomed by several labour leaders present, including the President of the All-Indonesian Labour Confederation (KSPSI) Andi Gani Nena Wea and the General Chairman of the Indonesian Labour Confederation (KSPI) Said Iqbal. Accompanying President Prabowo at the event were State Secretary Minister Prasetyo Hadi, Manpower Minister Yassierli, Minister of Environment Jumhur Hidayat, and Cabinet Secretary Teddy Indra Wijaya. In addition, Deputy Manpower Minister Afriansyah Noor, Deputy Chairman of the DPR Sufmi Dasco Ahmad, Head of Government Communication Agency Muhammad Qodari, and National Police Chief General Pol. Listyo Sigit Prabowo were also present.