JAKARTA - PT Garuda Indonesia (Persero) Tbk. will soon obtain US$ 1 billion capital injection from the government that will be used to pay the company's debt.
Deputy Minister of SOEs Kartika Wirjoatmodjo stated, as quoted from Bloomberg on Sunday (11/5) that the funds will be used to pay off US$ 500 million of the company's debt and also to support its operations for three to six months.
Kartika explained that the prospect of Garuda's business would still be attractive after the COVID-19 epidemic. "Garuda is still a good company with bright prospects," he said.
According to the company's 2019 financial statements, the airline's total debt reached US$ 1.83 billion. (ARM/AR)