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. Last Updated: 07/27/2016

Jakarta Recapitalizing

SINGAPORE -- The difficult but critical task of recapitalizing Indonesia's battered banks should be completed in about three months, the country's central bank chief said Thursday.

Indonesia's economic planners have finished "the preparation" to inject money into the nation's troubled banks, said Bank Indonesia chief Sjahril Sabirin during a business forum in neighboring Singapore.

The massive program to bail out the banks staggering under huge debts is scheduled to be unveiled after Indonesia's parliament approves a budget, Finance Minister Bambang Subianto said earlier Thursday in Jakarta.

Plans to spend up to 300 trillion Indonesian rupiah ($34 million) to recapitalize the beleaguered banks have been sharply criticized by many parliamentarians as too costly and misguided.