-- Indonesia has rejected loan offers from the International Monetary Fund (IMF) and the World Bank, as the country's fiscal position remains stable, Jakarta Globe reported Tuesday, citing Finance Minister Purbaya Yudhi Sadewa.
He said the IMF had proposed a credit facility of about $25 billion to $35 billion during the recent Spring Meetings in the United States. The government, however, declined the offer, citing about $27 billion in budget reserves carried over from the previous fiscal year., the news outlet said.
He added that the World Bank had also extended an offer, though the value was not disclosed. The minister said Indonesia continues to rely on internal buffers to manage external shocks, including volatility in global oil prices.
He also reaffirmed the government's commitment to keeping the fiscal deficit below the 3% of GDP legal ceiling, reportedly.
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