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ADB expected to approve 1.5 bil. dlr. loan to Indonesia

MANILA, June 24 Kyodo

The Asian Development Bank (ADB) board of directors is scheduled to meet Thursday to discuss and approve its delayed 1.5 billion U.S. dollar loan to Indonesia for the country's financial reform programs, a bank spokesman said Wednesday.

"We're having a board meeting tomorrow. It is expected that the loan to Indonesia will be discussed and approved finally," the spokesman said.

The ADB has several times postponed the release of the loan after similar delays by the International Monetary Fund (IMF) and the World Bank of their bailout package to the financially battered economy.

The IMF said at that time that the postponement was due to Indonesia's failure to enact broad bank reforms and to aggressively restructure corporate debt.
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Publication:Asian Economic News
Date:Jun 29, 1998
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