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Garuda receives Rp 1 trillion loan from Indonesia Eximbank

09 October 2020 09:39

JAKARTA. PT Garuda Indonesia Tbk (GIAA) has received a Rp 1 trillion loan from Indonesia Eximbank amid its negotiation regarding third-party liabilities.

In a stock exchange filing published on Friday (9/10), Garuda Indonesia CFO Fuad Rizal said the loan is part of a special export assignment programme stipulated in Decree of the Minister of Finance No. 428/KMK.08/2020 on the Special Assignment to Indonesia Eximbank to Support the Aviation Industry.

"The loan is to support the company's service export activities in order to accelerate national economic growth," Mr Rizal said. However, he did not specify what service export activities the airline is engaged in, nor did he disclose the interest of the one-year loan.

According to Garuda Indonesia Corporate Secretary, in addition to having intensive discussions with the government about support during the coronavirus (COVID-19) pandemic the airline is also negotiating its maturing liabilities with third parties. This is to maintain the company's liquidity in response to the pandemic. (AM/MS)

 
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