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1st LD Writethruu: Indonesia unveils third economic stimulus package

Xinhua, October 8, 2015 Adjust font size:

The Indonesian government on Wednesday launched the third batch of economic measures to lure investment and revive the country's economy.

The measures include relaxation of regulation for banks in managing foreign currency from export proceeds, shortening the period for investors to get business licenses, simplifying the procedures of getting business permits, lowering interest rates on loans and providing easier access, giving electricity tariff discounts and cutting fuel prices, ministers and senior officials said here.

The government decided to increase the number of banks that can manage deposits from exports, and relax the requirements for lenders to be able to manage the funds, Head of Financial Service Authority (OJK) Muliaman Hadad said.

The policy is to support the second stimulus package that encourages exporters to keep their export proceed in Indonesia, a move aiming at boosting the U.S. dollar supply to prop up rupiah which has weakened to the lowest level since 1998.

The government also decided to provide financial supports for small and medium enterprises, Economic Chief Minister Darmin Nasution said at the State Palace.

He said the period of time for investors to get a permit to use land and extend their permits will be shortened.

In addition, tariffs on electricity will be lowered by 30 percent for industry operating from 11:00 p.m. to 8:00 a.m., he added. In a bid to help companies suffering from impact of the economic slowdown and weakening rupiah, the government is offering the possibility to delay payment of up to 40 percent of total electricity bills until the next year.

Energy and Mining Resources Minister Sudirman Said said the government decided to reduce diesel fuel prices from 6,900 rupiah to 6,700 rupiah per litre, adding energy prices for industry will be lowered.

The Indonesian economy expanded at the slowest pace in six years at the first and second quarters of this year, at 4.71 percent and 4.67 percent, respectively. Endi