JAKARTA - Indonesia's bureaucratic red tape is preventing almost US$50 billion in fiscal support from being disbursed to virus-hit businesses and healthcare workers, risking a deeper economic slump amid a surge in cases.
"We are running out of time to save the economy," said Rosan Roeslani, chairman of the Indonesian Chamber of Commerce and Industry."The government's stimulus spending is super slow." Hospitals too are struggling to get reimbursement for the cost of treating Covid-19 patients because of the multiple layers of approvals and verifications required, said Ichsan Hanafi, secretary general of the Indonesia Private Hospitals Association, representing about 1,300 members.
Having secured Bank Indonesia's help this week in funding the fiscal deficit, the real work now begins in disbursing the money to spur growth, said Ryan Kiryanto, chief economist of PT Bank Negara Indonesia. With much of Indonesia still in the grip of the pandemic, efforts to jump-start the economy by relaxing social distancing rules are faltering. Jakarta, which began easing partial lockdown rules from early June, saw a spike in new infections at traditional markets and public transport, forcing the authorities to extend restrictions by two weeks.
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