Indonesia’s economy saw massive growth fall 5.32% year-on-year in the second quarter of 2020 which has pushed us into a recession, for the first time in 22 years. This was unarguably promoted heavily by the global COVID-19 pandemic which started in the first quarter of 2020.

The enforcement of public policies such as large-scale social and activity restrictions (Pembatasan Sosial Berskala Besar or PSBB and Pemberlakuan Pembatasan Kegiatan Masyarakat or PPKM) which were introduced to slow COVID-19 transmission rates had impacted the local communities in more ways than one. Massive deterioration had been shown not only in their health condition but also their income and general welfare. Every aspect of the Indonesian economy was affected as we can see how national consumption, investment, and trade dropped colossally while government expenditure increased prominently at the same time.

The Ministry of Finance, through Directorate General of State Assets Management (Direktorat Jenderal Kekayaan Negara or DJKN), has established a debt remissions program called ‘Crash Program’ regulated under the Ministry of Finance Regulation (Peraturan Menteri Keuangan or PMK) Number 15/PMK.06/2021. The regulation is directed towards Small & Medium-Sized Enterprises (SMEs) debtors of maximum IDR 5 billion, housing credits program (Kredit Pemilikan Rumah or KPR) debtors of maximum IDR 100 million, and general debtors of maximum IDR 1 billion.

Crash Program allows debtors to pay off their debts without having to pay the full amount. It aids the government to do debt collection easier and in the end it is one way to inject more cash into national revenue. In a way, it is a win-win solution for both parties that will also contribute positively to the Indonesian economy as state receivable is one of the sources for the account of Non-Tax State Revenue (Penerimaan Negara Bukan Pajak or PNBP).

By the end of the first semester of 2021, Crash Program has helped 1,192 debtors to pay off their debts with a total remission of IDR 16.5 billion (out of an IDR 75.7 billion decreases in receivables outstanding). There are still 35,091 potential debtors out there who are eligible to join Crash Program with an outstanding of IDR 1.1 trillion.

With October getting closer to the end, there is not much time left to take advantage of the program. So, what are we waiting for? As Benjamin Franklin said, “Don’t put off until tomorrow what you can do today!” Don’t pay tomorrow what you can pay today (at a discount)! Lunas hari ini, lega sampai nanti. (Nona Fairuz Khairunnisa, Seksi Piutang Negara)