AIIB approves $1 billion loan for Indonesia’s COVID-19 response

first_imgThe government expects the economy to shrink 0.4 percent this year under the worst-case scenario or grow 1 percent under a baseline scenario. It would be the weakest outcome since the Asian financial crisis hit the country’s economy in 1998 and 1999.“We appreciate AIIB for the quick response and flexibility when it comes to the urgent needs of member countries during the health and economic crises,” Deputy Finance Minister Suahasil Nazara said in the joint statement with AIIB.“These loans are important for Indonesia to support health care and protect urgently needed social expenditure and expand social assistance programs for the poor and vulnerable people to reduce the adverse social and economic impacts of COVID-19.” “The COVID-19 pandemic has forced many developing countries to make difficult trade-offs to meet the urgent needs of their citizens. AIIB’s support for Indonesia will contribute to the government’s efforts to navigate these challenges during highly uncertain times,” AIIB vice president for investment operations DJ Pandian said in a statement on Tuesday.Indonesia, which saw confirmed cases surge to over 46,800 on Monday, requested the loan to finance its efforts to strengthen hospital readiness, pandemic preparedness and testing capacity.The government is looking to borrow a total of $7 billion from multilateral organizations including the ADB, AIIB, World Bank and Japan International Cooperation Agency (JICA), according to government officials last month.The funds will be used to cover the widening budget deficit of 6.34 percent, more than double the initial ceiling of 3 percent, as the government allocates Rp 695.2 trillion (US$49.3 billion) to finance healthcare response and prevent a greater economic meltdown. The Asian Infrastructure Investment Bank (AIIB), a China-backed multilateral development bank, announced on Tuesday that it had approved a US$1 billion loan to help strengthen Indonesia’s health and economic responses to the COVID-19 crisis.AIIB’s first loan for Indonesia, totaling $750 million and co-financed with the Asian Development Bank (ADB), will be used for a project to support Indonesia’s economic recovery program, including aid for small and medium businesses and vulnerable households.Furthermore, it has also approved a $250 million loan, in partnership with the World Bank, for a separate program to strengthen the public healthcare response to the crisis, including testing, prevention and treatment of the virus, and to boost hospital readiness.center_img Topics :last_img read more

Syracuse blows 3 goal lead to Boston College, loses 14-13 in ACC Tournament

first_img Comments Syracuse (15-4, 5-2 Atlantic Coast) lost to Boston College. (18-0, 7-0) 14-13 in the ACC tournament semifinals. It was the second time this season that the Orange fell to the Eagles.The game was back and forth from the start. BC got on the board first but Syracuse quickly responded. The first half ended tied at seven.But in the second half,  Syracuse built a three goal lead on the Eagles. Once SU reached 13 goals, BC scored four goals, including two in the final two minutes, to win the game.Boston College senior Sam Apuzzo, who had nine points in the early season matchup, was held to three goals. While Tewaaraton finalist Emily Hawryschuk once again notched four goals for SU, Sam Swart, Megan Carney and Mary Rahal each had two goals. Junior Asa Goldstock had eight saves against the Eagles.Syracuse must now wait to see who it will play in the NCAA tournament.AdvertisementThis is placeholder text Facebook Twitter Google+center_img Published on April 26, 2019 at 8:27 pm Contact Kaci: [email protected]last_img read more