World Bank approves $300 million loans for Indonesia's financial sector

World Bank approves $300 million loans for Indonesia’s financial sector

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JAKARTA – The World Bank said on Monday it has approved a $300 million loan for Indonesia to assist in financial sector reforms.

The loan will provide budget support for Indonesia’s reform agenda by expanding financial market outreach, allowing more focus on technology, and promoting sustainable finance practice, it said in a statement.

Indonesia’s chance to escape middle-income trap

The approval came after the Indonesian government announced that the 2020 budget deficit may widen beyond its current forecast of 2.5% of gross domestic product amid pressures from coronavirus outbreak.

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