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COVID-19: Indonesia eyes US$1 billion rescue plan for flag carrier Garuda

Indonesia is said to be drawing up a bailout plan worth a billion dollars to rescue its flag carrier Garuda. The move will help the airline avoid a debt default, as the COVID-19 pandemic has sent the aviation industry into a nosedive. US$500 million will reportedly be allocated to restructured debt, while another half-billion dollars will be used to meet operational expenses for the next six months. Officials remain positive that Garuda’s business will be robust after the pandemic.

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