Indonesia gets US$1.3bil loans from World Bank for Covid-19 response, reforms as motorbike sales jump in May

JAKARTA, June 19 (Reuters): Indonesia motorbike sales jumped 1,065.67% on an annual basis in May to 254,710 units, returning to pre-pandemic levels, the Indonesia Motorcycle Industry Association said on Friday (June 18), citing data from the government.

And on a brighter note, the World Bank has approved two loans totalling U$1.3 billion for Indonesia this week to support its Covid-19 response and economic policy reforms, according to statements from the lender and the government.

A US$500 million loan was approved on Thursday to fund Indonesia's free vaccination campaign and expand Covid-19 care and testing facilities, the multinational lender said in a statement on Friday.

The US$800 million was approved earlier this week.

The government has announced in a statement it would use the proceeds to open more sectors to private investment, especially in renewable energy, improve access to basic food and facilitate access to the manufacturing sector.

Indonesia is grappling with a spike in Covid-19 cases weeks after Aidilfirtri festivities, during which many had travelled to their hometowns to celebrate.

On Thursday, the country reported the biggest daily increase in cases since Jan. 30 of 12,624 infections.

Its total caseload of 1.95 million and more than 53,750 deaths are the highest in South-East Asia.

The World Bank has provided Indonesia with at least $2.2 billion in loans this year including for programmes to deepen its financial markets and to respond to national disasters. - Reuters
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Aseanplus News

Asean News Headlines as at 8pm on Thursday (Aug 5)
Indonesia says 'Jurassic Park' project on track despite Unesco warnings
China slams US approval of arms sale to Taiwan
Vietnam logs 7,244 new Covid-19 cases and 393 deaths
At least 40 bodies found in Myanmar jungle area after army crackdown: media
Indonesian govt and private sector team up to train 9 million digital professionals by 2030
Cambodian cashew, pepper firms have shot to sell products on
Indonesia hails 'new era' for US ties, hosts biggest joint military drills
Expats wait anxiously as Singapore weighs Covid-19 reopening
Moderna says its Covid-19 shot remains 93% effective 4-6 months after second dose

Stories You'll Enjoy