ADB Approves $500 Million Loan to Support Reforms to Indonesia's SOEs

- 19 November 2022 10:51 WIB
Indonesian Ministry SOEs Office Bulding. (Phoro/bumn.go,id)
Indonesian Ministry SOEs Office Bulding. (Phoro/bumn.go,id)

JAKARTADAILY.ID – The reforms of Indonesian State-Owned Enterprises (SOEs) coordinated by the Ministry of SOEs, Erick Thohir has proven to have a positive impact and recognized internationally.

The Asian Development Bank (ADB), on November 17, 2022, has approved a $500 million policy-based loan to support Indonesia's SOEs reforms.

"ADB is pleased to provide support to the government, through reforms in SOEs," said ADB's Senior Public Management Specialist for Southeast Asia Yurendra Basnett.

Also Read: Ministry of SOEs Holds Pertamina GMS, Appoints New Commissioners and Directors

International support for Indonesian SOEs reforms also came from The German development bank KfW which will provide co-financing with a loan equivalent of €300 million ($295.8 million).

"We are grateful that the hard work over the past three years has yielded significant results and this is recognized internationally," said Erick Thohir, in a written statement quoted, Saturday, November 19, 2022.

For information, loans from ADB and KfW are program loans where all funds go directly to the state treasury to finance the state deficit.

Also Read: Indonesian Minister of SOEs: the Restructuring and Transformation of Garuda Airlines Going According to Plans

"So nothing goes to the Ministry of SOEs," said Erick.

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Editor: Mukhtar Wijaya

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