March 23, 2020 / 6:54 AM / 8 days ago

World Bank approves $300 million loan for Indonesia's financial sector reforms

FILE PHOTO - A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo

JAKARTA (Reuters) - The World Bank said on Monday it has approved a $300 million loan for Indonesia to assist in financial sector reforms.

The loan will provide budget support for Indonesia’s reform agenda by expanding financial market outreach, allowing more focus on technology, and promoting sustainable finance practice, it said in a statement.

The approval came after the Indonesian government announced that the 2020 budget deficit may widen beyond its current forecast of 2.5% of gross domestic product amid pressures from coronavirus outbreak.

Reporting by Tabita Diela; Editing by Muralikumar Anantharaman

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