Anticipation Of SOES Facing Recession Year
Although there have been improvements in the performance of SOEs, it should be noted that several other problems still arise and require better handling. The problem related to the increasing accumulation of SOE debt is a problem that must be immediately resolved. The consolidated debt of SOEs in 2021 has reached 1500 trillion. Several state-owned companies with large debts include PLN (643 T), Pertamina (237 T), Garuda (184 T), BUMN Karya (WSKt/ADHI/WIKA total 170 T), PTPN (43 T), and Angkasa Pura 1 (35 T).
This debt problem is inseparable from the poor performance of SOEs as a result of COVID-19, as well as several government assignments projects to SOEs that require large costs. What needs to be criticized is the failure of PLN’s debt-funded jumbo projects such as the blast furnace construction project at KRAS. Such a project requires special investigations to find the root cause of the problem and the resulting losses.
Meanwhile, related to government-assigned projects, such as infrastructure development or subsidies and energy compensation, the state should be able to close it immediately, so it doesn’t burden the state-owned company’s cash flow. Unfortunately, the repayment process often takes a long time. We are happy to hear that the Ministry of Finance will pay Pertamina and PLN a subsidy obligation of Rp 164 T this year.