The 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
Indonesia has been seeking closer economic ties with China to drive its economic growth in the context of the slowdown of the world’s economy, according to the Jakarta Post.
Indonesia’s government has tightened its tax collection policy on high-technology enterprises in the country, starting with the US-based technology giant Google, as the companies have not paid enough to the government despite their expansion.
Indonesia’s investment activities are becoming more eventful as total investment capital in the third quarter rose 13.7 percent to 176.6 trillion rupiah (over 13.3 billion USD), higher than 155.3 trillion rupiah (about 11.7 billion USD) in the same time last year.
Total direct investment in Indonesia rose 11.8 percent year-on-year (y/y) to 185.3 trillion rupiad (14.3 billion USD) in the first quarter of 2018, according to the Indonesia's Investment Coordinating Board (BKPM).
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The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
The 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) 
