Jokowi Aims for a 30% UMKM Credit Ratio: What's the Current Status?

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Viva Budy Kusnandar 06/04/2022 16:20 WIB

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President Jokowi targets a 30% banking credit ratio for Micro, Small, and Medium Enterprises (MSMEs) by 2024. As of the end of 2021, it stood at 21%.

Ratio of UMKM Credit to Total Banking Credit and GDP (2015-2021)

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Ratio of UMKM Credit to Total Banking Credit and GDP (2015-2021)

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President Jokowi aims to increase the ratio of banking credit for Micro, Small, and Medium Enterprises (MSMEs) to 30% within the next few years.

“Currently, the portion of credit allocated to MSMEs is only around 20 percent. Therefore, I request that by 2024, this portion reaches 30 percent. We cannot rely on natural growth. This must be implemented with breakthroughs starting now and seriously,” said Jokowi, as reported by the Indonesia.go.id portal (January 29).

The 30% target is not imposed on individual banks but is an aggregate for the national banking sector. Each bank has its own customer criteria; some focus on microcredit, while others focus on corporate credit.

According to data from the Indonesian Financial System Statistics (SSKI), the outstanding MSME credit amounted to Rp1.22 quadrillion at the end of 2021.

This value represents only 21.02% of the total banking credit of Rp5.82 quadrillion, still significantly short of Jokowi's target.

Based on business classification, until the end of 2021, Rp398.92 trillion in MSME credit was disbursed for micro businesses, Rp451.94 trillion for small businesses, and Rp367.39 trillion for medium businesses.

Meanwhile, based on the type of use, Rp923.77 trillion was disbursed for working capital credit and Rp294.49 trillion for investment credit.

Compared to the national Gross Domestic Product (GDP), the total value of banking credit for MSMEs only reached 7.21%.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Jokowi Aims for a 30% UMKM Credit Ratio: What's the Current Status?

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