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Jakarta, October 14, 2022 — Indonesia's economy grew by 3.69% in 2021, higher than the 2.07% contraction recorded in 2020 (source: BPS). This growth is attributed to various initiatives by the Indonesian government, particularly in addressing the negative economic impacts of COVID-19.
One initiative that has had a positive impact on the national economic recovery in 2021 is "Jaminah" (Government Guarantee). Jaminah is a credit guarantee program designed to ensure loans disbursed by banks as part of the economic recovery efforts in Indonesia following the contraction in 2020 due to the COVID-19 pandemic.
On October 6, 2022, the Indonesian Export Financing Institution (LPEI) presented the results of research conducted by the Indonesia Eximbank Institute at the 2022 Banking Policy Research Seminar (SRKP) hosted by the Financial Services Authority (OJK).
Under the theme of strengthening the role of the banking sector in supporting economic recovery post-pandemic, LPEI's research titled "With or Without Jaminah" emerged as the first-place winner in the Call for Paper SRKP 2022 event in the general bank researcher category.
This research paper compares simulations of Indonesia's economic growth under two scenarios: one with the Jaminah program and one without it, using a Computable General Equilibrium (CGE) model.
"Our goal in conducting this research was solely to measure the impact of Jaminah on Indonesia's economic recovery. However, this paper garnered the attention of the government and won first place," explained Rini Satriani, Head of the Indonesia Eximbank (IEB) Institute.
Rini stated that the "With or Without Jaminah" research is expected to provide insights into the government's efforts to strengthen economic resilience through the banking sector. Specifically, exporters operating in the real sector can continue their operations by receiving funding support from banks through the Jaminah program.
It is worth noting that the Jaminah program is designed to benefit businesses impacted by COVID-19 that are export-oriented, contributing to foreign exchange reserves and increasing the national production capacity. The eligible corporations under the program fall under the Non-SOE and Non-SME categories. One of the criteria for corporate recipients of this program is that they are existing customers of the Credit Granting Bank, requiring additional Working Capital with a value ranging from IDR 10 billion to IDR 1 trillion.
Media Contact:
Chesna F. Anwar
Corporate Secretary - Indonesian Eximbank
Phone: (021) 39503600
Email: corpsec@indonesiaeximbank.go.id
Web: indonesiaeximbank.go.id
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