ADB grants US$ 500 Mn loan towards Indonesia’s SOE reforms

The Asian Development Bank (ADB) has approved a $500 million policy-based loan to support reforms to state-owned enterprises (SOEs) in Indonesia.

The loan will cover the first subprogram under the State-Owned Enterprises’ Reform Program, which will help Indonesia improve the efficiency and resilience of SOEs and strengthen their corporate governance. The program is aligned with the government’s comprehensive and ambitious State-Owned Enterprises Roadmap (2020–2024), which is introducing wide-ranging reforms to transform SOEs and ensure they contribute to Indonesia’s goal of becoming a high-income country by 2045.

“SOEs can play a vital role in fostering inclusive and sustainable recovery from the COVID-19 pandemic in Indonesia,” said ADB Senior Public Management Specialist for Southeast Asia Yurendra Basnett.

Indonesia had more than 100 SOEs in 2021, with combined assets of $610 billion, equivalent to about 53% of gross domestic product.

by Daily News Sri Lanka

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