Indonesia borrows 7 billion USD to support COVID-19 fight
Indonesia will receive loans worth about 7 billion USD from the World Bank, the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) to finance its fight against the raging COVID-19 pandemic.
A street in Indonesia. The country is hit hard by COVID-19 (Source: VNA)
Jakarta (VNA) – Indonesia will receive loans worth about 7 billion USDfrom the World Bank, the Asian Development Bank (ADB) and the AsianInfrastructure Investment Bank (AIIB) to finance its fight against the raging COVID-19pandemic.
Bank Indonesia (BI) Governor Perry Warjiyo has said thatthe funds will be spent on financing the country’s widening budget deficit of5.07 percent of gross domestic product (GDP) to prevent a greater health crisisand economic meltdown from the COVID-19 outbreak.
Perry told the House of Representatives Commission XIoverseeing financial affairs that the three banks planned on around 7 billionUSD in loans during an investor teleconference. He added that the FinanceMinistry will also maximise the government’s budget.
Indonesian President Joko Widodo recently announcedadditional state spending worth 405.1 trillion Rp (25 billion USD) to finance the country’s battle against the pandemic. The new allocationwill be used specifically for health care, the social welfare safety network andbusiness-recovery programmes.
In funding the extra budget, the government has resorted todebt issuance, international institution loans and state budget reallocation./.
The project to move the Indonesian capital from Jakarta to North Penajam Paser in East Kalimantan might be delayed by COVID-19 as the government shifted some of its budget to pandemic relief efforts, according a government official.
Jakarta will intensify measures to restrict people’s movements after being granted permission by the Indonesian government to implement large-scale social restrictions (PSBB) to slow the spread of the COVID-19 outbreak.
The Indonesian Ministry of Foreign Affairs will allocate 100 billion Rp (some 6.1 million USD) from its 2020 budget for the protection of Indonesian citizens living abroad during the COVID-19 pandemic.
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A street in Indonesia. The country is hit hard by COVID-19 (Source: VNA) 
