WB grants 800-mln-USD loan to back Indonesia’s investment and trade reforms
The World Bank's Board of Executive Directors on June 16 approved a 800-million-USD loan to support reforms of Indonesia's investment and trade policies and to help accelerate the country's economic recovery and transformation.
As a result of the pandemic, Indonesia has entered its first recession in two decades. (Photo: VNA)The loan is intended to aid Indonesia’s ambitious reform programme to attract investment and increase the country’s economic competitiveness, said Satu Kahkonen, WB Country Director for Indonesia and Timor-Leste.
“These reforms have the potential to support an economic transformation away from commodities and towards higher value-added sectors. This could provide a much-needed boost to the post-pandemic economic recovery.”
High barriers to investment and trade have limited Indonesia's ability to attract export-oriented foreign direct investment, reduced its integration into the global economy, and increased the cost of food in the country. These limitations also have slowed the growth of manufacturing and non-commodity sectors. The lion's share of jobs in the past decades have been created in the commodities and low-productivity service sectors, which often pay below middle-class wages.
As a result of the pandemic, Indonesia has entered its first recession in two decades. This has exacerbated the challenges the economy is facing in expanding to more sophisticated sectors to help create better-paying, higher-productivity jobs./.
You should also see
Government’s action programme cracks down on illegal fishing
A raft of measures to deal with illegal, unreported and unregulated (IUU) fishing is included in the Government’s freshly issued action programme as the country is striving to clamp down on illegal fishing, or else it will be hit by the European Commission (EC)’s warning card.
See more
World
Thailand urged to increase proportion of renewable power generation
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
World
Indonesia lifts tsunami alert given after Ruang volcano’s eruption
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
World
Thailand expects to export 1 million tonnes of durian this year
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
World
Philippines, US launch annual joint military drills
Thousands of Philippine and American troops kicked off joint military drills dubbed Balikatan, or “shoulder to shoulder” in the Philippines on April 22.
World
COVID-19 case number in Thailand surges after Songkran festival
The number of COVID-19 infections in Thailand has increased after Songkran celebrations as the JN.1 strain remains dominant in the country, according to the Department of Disease Control (DDC) of Thailand.
