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US$ 2.7B in Loans for Indonesia

Inter-Governmental Group Promises Funds to Get Economy Rolling Again.

(1/27/2003) The Consultative Group on Indonesia (CGI), - an inter-governmental group of nations cooperating to assist Indonesia's economic recovery, has pledged a whopping US$ 2.7 billion in loans and grants for Indonesia. Included in this amount is US$ 730 million in loans from the Japanese Government with US$ 200 million of that amount to be provided by the Japan Bank for International Cooperation.

In providing the funds the CGI emphasized the need for continuing internal reforms to improve the country's business climate as a prerequisite to future support from the CGI. The Group has called for judicial reform, tax and custom reform, enhanced security, infrastructure improvements and a more positive labor environment as all being necessary to returning the economy to health.