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ADB provides 1 billion USD in loans for Indonesia

The Asian Development Bank (ADB) has approved a total of 1 billion USD in loans for Indonesia’s development through reforms and investment-led growth.
ADB provides 1 billion USD in loans for Indonesia ảnh 1The loans will help strengthen fiscal and public expenditure reform and promote quality investment in Indonesia, bolstering the country’s efforts to reduce poverty and income inequality (Source: www.adb.org) 

Jakarta (VNA) – The Asian DevelopmentBank (ADB) has approved a total of 1 billion USD in loans for Indonesia’sdevelopment through reforms and investment-led growth.

The funds, to be released in two tranches of 500million USD each, will be used to support Indonesia to strengthen fiscal andpublic expenditure reform as well as promote quality investment, bolstering thecountry’s efforts to reduce poverty and income inequality.

According to Senior Financial Sector Specialistfor ADB’s Southeast Asia Department Sani Ismail, the first loan will supportthe Fiscal and Public Expenditure Management Programme (FPEMP) to helpIndonesia improve budget preparation, transparency, and monitoring.

The second programme will help synchronise theplanning of national priorities with the entire budget cycle and expand socialassistance programmes as well as complemented the government’s medium-termrevenue strategy, he said.

Indonesia’s reforms inpublic expenditure management and budget transparency have been recognisedinternationally, with the country ranking second in Southeast Asia in the OpenBudget Index of 2017.

The ADB loan will also fund the Stepping upInvestment for Growth Acceleration Programme (SIGAP) to help Indonesia boostinvestment-led growth by making the country’s regulatory environment friendlierto businesses and investors.

Public Management Specialist for ADB’s SoutheastAsia Department Robert Boothe said Indonesia’s reform efforts to improve thebusiness climate and accelerate investment have begun to bear fruit. 

By the end of 2017, foreign direct investmentsreached a 7-year high, with growth in investments picking up by almost 2percent from 2016 levels, he noted.

Reform efforts had also improved Indonesia’sglobal competitiveness standings. The country climbed from 114th in 2015 to72nd in 2018 out of 189 countries in the World Bank’s Ease of Doing Businessrankings.-VNA



VNA
# Asian Development Bank (ADB) #development #reforms #investment-led growth #funds #public expenditure reform #Fiscal and Public Expenditure Management Programme (FPEMP) #global competitiveness #World Bank #vietnamplus #Vietnam News Agency Indonesia
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