JAKARTA, June 11 (Xinhua) -- The World Bank's Board of Executive Directors has approved funding of 400 million U.S. dollars to support the Indonesian government's reforms to deepen, increase efficiency and strengthen the financial sector resilience.
World Bank Country Director for Indonesia and Timor-Leste Satu Kahkonen said here on Friday that the new funding was designed to assist Indonesia in addressing vulnerability in the financial sector exacerbated by the COVID-19 pandemic.
"This funding complements the government's efforts to protect the financial sector and the economy as a whole from the impacts of the COVID-19 crisis," Kahkonen was quoted by Antara news agency as saying.
Indonesian Finance Minister Sri Mulyani Indrawati said the COVID-19 outbreak had made various structural reforms in overcoming the vulnerability of the financial sector urgent to be carried out.
"Indonesia is committed to strengthening the financial sector because of its very important role in maintaining Indonesia's growth and reducing poverty, especially during the COVID-19 recovery phase," she said. Enditem
