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World Bank approves $300m loan to improve Indonesia’s financial sector

first_imgRead also: Digital payments boost financial inclusion in 2019A lack of robust economic growth has hampered efforts to lift people out of poverty, with the number of poor recorded at 24.79 million people, or 9.22 percent of the population, in September 2019, Statistics Indonesia (BPS) data published on Jan. 15 show. Indonesia’s economy grew by 5.02 percent in 2019, the weakest since 2015, as investment and exports cooled.The government’s baseline scenario was for Indonesia’s gross domestic product (GDP) to grow more than 4 percent this year amid the coronavirus (COVID-19) pandemic, Finance Minister Sri Mulyani Indrawati said Friday.Under the assumption that the pandemic would last six months, that global trade would slump by 30 percent and that the country would go into lockdown, economic growth could fall to between zero and 2.5 percent, she warned. The World Bank estimated that about half of the adult Indonesian population do not have access to bank accounts, leaving them with limited opportunities to protect themselves against financial and nonfinancial shocks.”A further acceleration of reforms that promote efficiency and inclusion while not compromising stability is now needed to finance the infrastructure gap and broaden economic opportunities for individuals and firms in Indonesia” said Luky Alfirman, a director general for financing and risk management at the Finance Ministry.The Asian Development Bank (ADB) on March 3 also announced it would provide around $2.7 billion in loans this year to support Indonesia’s human capital, infrastructure and green energy development.Read also: ADB to provide Indonesia with $2.7b in loans to support human capital, infrastructure developmentADB president Masatsugu Asakawa said the bank planned to provide Indonesia with more loans this year than the $1.7 billion it provided in 2019. The bank plans to provide Indonesia with $500 million for a competitiveness enhancement program and another $500 million for a financial inclusion program this year.“We want to expand ADB’s support for human capital development and infrastructure connectivity,” Asakawa said during a news conference in Jakarta after a meeting with President Joko “Jokowi” Widodo.On March 21, the ADB announced approval for a $3 million grant to support Indonesia’s fight against COVID-19, primarily for the immediate purchase of key medical equipment such as ventilators and personal protective gear, including gloves, coveralls and masks for health workers.“The ADB is committed to supporting Indonesia in the fight to control COVID-19. This assistance will improve Indonesia’s ability to test people for the virus, manage severe cases and reduce the risk of transmission among health workers,” said Asakawa. “We will continue our work with the government and various partners to provide flexible solutions that will help Indonesia minimize the health and economic impacts of this pandemic.”The grant is part of the $6.5 billion initial package to address the immediate needs of its developing member countries as they respond to the COVID-19 pandemic.Topics : The World Bank has approved the disbursement of a US$300 million loan to support the development of Indonesia’s financial market by expanding its outreach and broadening the range of products.World Bank country director for Indonesia and Timor-Leste Satu Kahkonen said that the country’s macroeconomic fundamentals remained strong despite slowing poverty reduction, but she urged more action to help the middle class achieve financial security.”A sound and well-functioning financial sector is critical to sustain Indonesia’s growth and to achieve the government’s economic growth and poverty reduction goals, particularly amid the continued challenging global conditions,” Kahkonen said in a statement made available to the press.The loan would also be used to improve efficiency in the financial sector through the use of modern technology.Furthermore, the fund would be used to strengthen the resilience of the sector to withstand shocks by promoting sustainable finance and establishing disaster-risk finance mechanisms.last_img read more

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After last year’s epic collapse, Clippers ready for playoffs

first_img Newsroom GuidelinesNews TipsContact UsReport an Error This is the fifth consecutive season the Clippers have made the playoffs. Jordan, Blake Griffin and Chris Paul have been together in the previous four, J.J. Redick the previous two. To Griffin, that should mean something.“I think … for the most part, this being our fourth year, third year with however many guys you want to say, I think the reassurance that we’ve been here before and just the experience alone has helped us be in the right mindset going into the playoffs,” Griffin said. “Everybody kind of knows what to expect, everybody knows what to do. I think we’re confident.”He paused.“But at the same time, we’ve been in situations in the playoffs where things can go crazy pretty quickly,” Griffin said.Coach Doc Rivers was asked if he is anxious to see if his team learned from the 2015 craziness. It’s doubtful the Clippers will ever forget their humiliating experience in the 2015 playoffs. Up 19 points with 2:34 left in the third quarter of Game 6 of the Western Conference semifinals against Houston, the Clippers collapsed and lost by 12 (119-107) at Staples Center.A win, and the Clippers would have been in the conference finals for the first time ever. Instead, they lost Game 7 at Houston. Hearts were broken.Center DeAndre Jordan hasn’t forgotten. When he was asked Saturday what he took from it, his eyes verified that.“We’ve got to finish every game, finish every series and be locked in throughout the entire playoffs,” said Jordan, whose team will open the 2016 postseason by playing host to Portland in Game 1 of their best-of-seven series Sunday night at 7:30 at Staples Center.center_img “I don’t know if I’m anxious,” he said. “I’m anxious to get started, is what I am. I think this group has been waiting for the playoffs since Game 1 (of the regular season) and so now we get to start it tomorrow.” While it may be good for the Clippers to keep that 2015 bummer in the back of their minds, this is not the time to dwell on it too much because they have a new task at hand – getting past Portland for a probable second-round date with the defending champion Golden State Warriors.Rivers said the keys to victory are his team playing at its pace, not letting Portland dominate the boards and playing terrific defense. There was emphasis on the latter.“I think you’re a better team when you have defensive confidence over offensive confidence because I’ve always believed your offense at some point or another will let you down at some point in the game, or even the whole game,” Rivers said. “But if your defense stays strong, you still have a chance to win the game.”The Clippers, who this season have a deeper bench, went 3-1 against the Trail Blazers this season. But Portland twice out-rebounded the Clippers 17-10 on the offensive glass.Even though the Clippers will have to try and put the brakes on Portland guards Damian Lillard and C.J. McCollum, the rebounding seems a focal point.“You obviously have to control their two main scorers, their guards,” Jordan said. “The game they beat us, they out-rebounded us. I think they did that in a couple of our wins (only one). We just have to be able to come out and limit those guys to one shot and really control the glass.”Speaking of Lillard and McCollum, they make up one of the league’s top guard tandems. Lillard averaged 25.1 points and 6.8 assists, McCollum averaged 20.7 points.“Those guys, Dame and C.J., had outstanding years and their team goes as they go,” Clippers point guard Chris Paul said.As for Griffin, how strong will he be after playing just five games since Dec. 25? He struggled his first two games back after missing the previous 45, was better the next three.“… For me, it was more getting in my rhythm and feeling better on the court, not feeling so out of sync,” Griffin said. “I felt much, much better and felt even better in practice yesterday. I’m encouraged by all of that.” If there is one early concern, it’s that Clippers shooting guard Redick is nursing a bruised left heel. He’s probable for Sunday. Redick shot 47.5 percent from 3-point range this season. last_img read more

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