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Jakarta Post

WB sets aside $2b as standby loan for RI

  • The Jakarta Post

Jakarta   /   Fri, October 17 2008   /  10:28 am

The World Bank, one of the country's major donors, has agreed to reserve next year up to US$2 billion as a standby loan for Indonesia to help the country anticipate any economic slowdown resulting from the global financial turbulence, a minister said. The standby loan will only be taken up by Indonesia if economic growth slows down to 5.8 percent in the first quarter next year, Paskah Suzetta, State Minister of the National Development Planning Agency, said on Thursday. In the first half of this year, the economy grew by fairly respectable 6.4 percent. The Central Statistics Agency (BPS) will announce the country's third quarter growth data next month. "The World Bank is willing to reserve a standby loan of $2 billion, from $5 billion proposed by the government," said Paskah in Jakarta, having just got back from a Washington meeting with the Bank's board ...