In August, ADB signed a $350 million private sector loan to help develop the Tangguh Liquefied Natural Gas Project in Irian Jaya Barat province.
Indonesia enjoyed rapid economic growth and a decline in poverty in the early 1990s until the 1997 Asian financial crisis, which exposed serious governance problems in the country.
Since the crisis, a focus on debt reduction has lessened spending on economic and social development.
The Government's Medium-Term Development Plan, which ADB supports, seeks to address these problems and increase the country's economic growth, create jobs, and improve progress toward the achievement of the MDGs.
“Indonesia is at a critical stage in its pursuit of poverty reduction and economic growth,” says Rajat M. Nag, Director General of ADB's Southeast Asia Department. “Bold vision, pragmatism, and a commitment to continuous reform should lead to high economic growth by 2009.”
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