The World Bank (WB) approved two new projects totaling US$700 million to help Indonesia to respond to the COVID-19 pandemic. The financing will help support the country to enhance its social protection system and strengthen the financial sector.
Minister of Finance Sri Mulyani Indrawati said the funds will support for various sectors to provide the necessary foundation which will enable further government actions to ensure the long-term recovery of the people and the economy. The first project approved is the $400 million Additional Financing for Social Assistance Reform Program.
The second project is the $300 million COVID-19 Supplemental Financing for Indonesia’ First Financial Sector Reform Development Policy Loan. The initial development policy loan was approved in March 2020 to help increase the depth, efficiency and resilience of the financial sector.