Jakarta, July 11 -- Indonesian President Prabowo Subianto said his administration has shut down 240 underperforming state-owned enterprises (SOEs) as part of a sweeping restructuring program to improve efficiency, saving the state around Rp70 trillion so far.

Speaking at the Meninting Dam in West Lombok, West Nusa Tenggara, on Friday (July 6), Prabowo said the closures were aimed exclusively at SOEs that have failed to generate revenue or operate efficiently.

"As of today, we have closed 240 inefficient SOEs. By the end of this July, that number will reach 250," the President said.

"By December 31, 2026, we will shut down a total of 800 inefficient SOEs that have never turned a profit and continue to incur losses," he added.

Prabowo s...