Indonesia to Close Over 750 State-Owned Enterprises
Summary
Indonesia will close more than 750 state-owned enterprises in a sweeping restructuring aimed at cutting losses and reducing state spending. President Prabowo Subianto says only productive companies that create value for the public will remain in operation by the end of the year.
Key Points
- Indonesia plans to shut down more than 750 state-owned enterprises that are in deficit and have low productivity.
- President Prabowo Subianto said the restructuring of state enterprises will be completed by the end of this year.
- The government says it has already closed 290 enterprises and expects the total number to fall below 300 by December 31.
- Officials say the restructuring has already saved more than 500 trillion rupiah in administrative expenses and could save 700 trillion rupiah this year.
