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)
Jakarta (VNA) – The World Bank's Board ofExecutive Directors on June 16 approved a 800-million-USD loan to supportreforms of Indonesia's investment and trade policies and to help accelerate thecountry's economic recovery and transformation.
The loan is intended to aid Indonesia’s ambitious reformprogramme to attract investment and increase the country’s economiccompetitiveness, said Satu Kahkonen, WB Country Director for Indonesiaand Timor-Leste.
“These reforms have the potential to support an economictransformation away from commodities and towards higher value-added sectors. Thiscould provide a much-needed boost to the post-pandemic economic recovery.”
High barriers to investment and trade have limitedIndonesia's ability to attract export-oriented foreign direct investment, reducedits integration into the global economy, and increased the cost of food in thecountry. These limitations also have slowed the growth of manufacturing andnon-commodity sectors. The lion's share of jobs in the past decades have beencreated in the commodities and low-productivity service sectors, which oftenpay below middle-class wages.
As a result of the pandemic, Indonesia has entered itsfirst recession in two decades. This has exacerbated the challenges the economyis facing in expanding to more sophisticated sectors to help create better-paying,higher-productivity jobs./.
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As a result of the pandemic, Indonesia has entered its first recession in two decades. (Photo: VNA) 
