August 21, 2018 / 5:23 AM / a month ago

ADB to lend Indonesia $1 billion: finance ministry

JAKARTA (Reuters) - The Asian Development Bank (ADB) will lend the Indonesian government $1 billion next week, an Indonesian finance ministry official said on Tuesday.

A commuter train is seen against the backdrop of high-rise buildings at Tanah Abang district in Jakarta, Indonesia, January 19, 2018. REUTERS/Beawiharta

“Next week a $1 billion loan from ADB will be disbursed, the process is almost complete,” Scenaider Siahaan, finance ministry director of borrowing strategy, told reporters.

Siahaan said the loan in process is separate from a combined $1 billion in credits the ADB approved in June for Indonesia, to support fiscal reform and promote investment.

The finance ministry has previously said it would reduce its bond issuance this year after yields across the curve rose during an emerging market sell-off.

Reporting by Maikel Jefriando; Writing by Gayatri Suroyo; Editing by Richard Borsuk

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