In support of Indonesia's ongoing response to the crisis, the Bank Group approves a $2 billion Public Expenditure Support Facility.
The 2008 financial crisis resulted in an historic global economic downturn that impacted countries worldwide, including Indonesia. The Government of Indonesia, however, quickly enacted a stimulus and other policy measures that helped mitigate the impact of the recession and maintain the confidence of international and domestic markets. But while the World Bank Group determined that Indonesia entered the 2008 financial crisis in a strong position, it also recognized how the ripple effects of the global turmoil could adversely affect the country's financial markets. In support of Indonesia's ongoing response to the crisis, the Bank Group approves a $2 billion Public Expenditure Support Facility with a deferred drawdown option, meaning that the Government of Indonesia can use the funds when and if its access to financial markets is limited further.
P115199: Approved March 3, 2009
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The document provides background and implementation information before describing the loan's achievements.