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It is estimated that Indonesia's interest payments on debt will reach a whopping 20 percent this year, and considering that the country borrowed heavily during the pandemic and its deficit only returned to below the 3 percent legal cap last year, higher is not necessarily better when it comes to prudent fiscal management.
Debt-for-nature deals, where government borrowers swap loans for cheaper debt underpinned by credit guarantees from multilateral lenders and commit some of the savings to environmental conservation, are rare but growing.
One solution to bridging the financial inclusion gap in Indonesia is ICS, which enables lenders to assess a loan applicant's creditworthiness through nontraditional data points, like utility payments and e-commerce transactions.
The recommendation to make roughly $330 million available to the South Asian country follows agreement over the first review of the four-year Extended Fund Facility (EFF) agreement it signed up to in March, the International Monetary Fund said in a statement.
The Indonesian delegation at this week's UNGA has been pushing for improved global balance and equity between developing and developed nations, and urged reform of the international financial architecture at a high-level dialogue on development financing on Wednesday.
