AIIB projects gradual economic recovery for Indonesia as virus causes ‘temporary dip’

first_img“Many countries are going to see negative growth this year, but if Indonesia manages to remain in positive territory, it is going to be a commendable job,” Misra told The Jakarta Post in an exclusive interview. “As the pandemic slows and the base effect kicks in, almost everybody is projecting significant GDP growth [for Indonesia] next year.”The government has projected that the gross domestic product (GDP) will grow at 1 percent this year under its baseline scenario, which would be the weakest rate since the Asian financial crisis of 1998-1999, or even contract by 0.4 percent under the worst-case scenario. It expects growth to between 4.5 percent and 5.5 percent next year.The World Bank and the Asian Development Bank (ADB), respectively, have previously projected that Indonesia’s economy would grow by 4.8 percent or 5.3 percent in 2021.The AIIB approved on Tuesday a US$1 billion loan to strengthen Indonesia’s health and economic response to the COVID-19 crisis. AIIB’s first loan for Indonesia, totaling $750 million and co-financed with the ADB, will be used for a project to support Indonesia’s economic recovery, including aid for small and medium businesses and vulnerable households.Read also: AIIB approves $1 billion loan for Indonesia’s COVID-19 responseFurthermore, it has also approved a $250 million loan, in partnership with the World Bank, for a separate program to strengthen public healthcare, including testing, prevention and treatment of the virus as well as to boost hospital readiness, among other things.The government has allocated Rp 695.2 trillion ($49.3 billion) in state budget funds to fight the health and economic impacts of the pandemic, expecting the budget deficit to widen to 6.34 percent of GDP this year.The government was looking to borrow a total of $7 billion from multilateral organizations, including the ADB, AIIB, World Bank and Japan International Cooperation Agency (JICA), to help cover the deficit, government officials said last month.“The COVID-19 pandemic has forced many developing countries to make difficult trade-offs to meet the urgent needs of their citizens. AIIB’s support for Indonesia will contribute to the government’s efforts to navigate these challenges during highly uncertain times,” AIIB vice president for investment operations DJ Pandian said in a statement.The loans are part of the AIIB’s $10 billion funding facility to help the public and private sectors mitigate the COVID-19 impacts.Read also: Indonesia raises another $4b from bonds, in talks with development banksMisra said the bank, together with other multinational banks, would participate in monitoring the programs to ensure effective use of funds and to prevent moral hazard.“AIIB will also go ahead with regular investment projects in infrastructure, such as building roads and power plants, as a way to kick-start the economy,” he went on to say. “We will help in whatever way we can despite the constraints.”Two AIIB infrastructure projects are in the pipeline for Indonesia, namely a multifunctional satellite public-private partnership (PPP) project worth $150 million as well as the East Java and Bali power distribution project with state-owned electricity firm PLN worth $310 million. The bank has yet to approve the stand-alone financing of the projects.Topics : The Asian Infrastructure Investment Bank (AIIB), a China-backed multilateral development bank, projects a gradual economic recovery for Indonesia as the coronavirus crisis will only be a “temporary dip” for the country’s economy.AIIB director general for investment operations Rajat Misra said Tuesday the coronavirus crisis was “one of those events that come very rarely in history”.Read also: Explainer: Indonesia to finance coronavirus battle mostly through debtlast_img read more

LA Clippers throw up bricks, fall 87-81 to Nuggets

first_imgSpeaking of missed shots, the Clippers took a franchise-high 46 3-point shot attempts, more than half of their 85 overall shots. They made only 13 of those long-distance shots, for 28.3 percent; they shot 35.3 percent overall.Asked if he was cool with all the 3-point shots, Rivers answered in the affirmative.“Yeah, tonight, I was,” he said. “The right guys took them. If Steph Curry (of Golden State) has 30 3-pointers, should he take them? Or J.J. Redick or Jamal Crawford or Wes Johnson?“When you look at the guys that were taking the 3s, it was the right guys in the right spots. We just didn’t make any of them.”Crawford and Redick scored 20 points apiece for the Clippers. They were 3-of-7 and 6-of-12, respectively, from beyond the arc. Chris Paul scored 17 and was 3-of-8 from the distance.But Wes Johnson was 1-of-7, Pablo Prigioni 0-of-4 and Jeff Green and Paul Pierce were both 0-of-3.Paul, the team’s point guard, echoed his coach’s sentiments in this regard.“I’m OK with it because, like Doc said, a lot of them were wide open,” he said. “It was our 3-point shooters. It ain’t like Cole (Aldrich) and DJ (DeAndre Jordan) was hoisting 3s.”Johnson tried to explain.“We had a lot of good looks and tried to take what the defense gave us, but obviously we did shoot a lot,” he said. “I think it is one of those days when they just weren’t falling.”Paul admitted, “It was a tough loss.”Kenneth Faried led Denver (23-35) with 21 points and 11 rebounds. Gary Harris scored 17 and Danilo Gallinari had 16 points. The Nuggets outrebounded the Clippers, 57-47.Faried was stoked about the win that ended his team’s three-game losing streak.“We won, that’s all that matters,” he said. “I’m happy. We got the monkey off our back.”Gallinari liked his team’s defense.“That is why we won the game,” he said. “If we can play that defense every time, we give ourselves a chance to win.”Jordan led all players with 12 rebounds.The Clippers had 17 turnovers.Denver shot 37.8 percent, 25 percent (6-of-24) from 3-point range. LOS ANGELES >> Every once in a while a good basketball team is going to come up with a stinker of a game. That was the case Wednesday when the Clippers took on the Denver Nuggets, a team going nowhere fast.But it was the Nuggets who appeared headed for the playoffs as they withstood a fourth-quarter rally to defeat the Clipper,s 87-81, before a sellout of 19,060 at Staples Center.The Clippers (37-20) got off to a quick start and led, 11-2, but trailed 23-19 after one quarter. The game was tied at 39 with 2:41 to play before Denver scored the last 14 points to lead, 53-39, at halftime.The Clippers were within four points at 62-58 with 4:26 left in the third quarter, but trailed, 71-62, entering the fourth. Down 77-64 with 8:36 to play, the Clippers twice pulled within two points late, but could not get over the hump. When Denver’s Emmanuel Mudiay made two free throws with 25.5 seconds left for the game’s final points, the Clippers’ fate was all but sealed. Coach Doc Rivers and some of his players have taken note this season that, had they won one more game during the regular season in 2014-15, they would have had Game 7 of the Western Conference semifinals at home instead of at Houston, where the Clippers lost.That said, losing to Denver at home is not something that should happen to one of the better teams in the league, not a team that is trying to get to the conference finals for the first time in franchise history.Yet, after this unlikely loss, Rivers tried to downplay it.“I mean, listen, it’s a long season, honestly,” he said. “We played with the right intentions. We missed wide-open shot after wide-open shot. It’s going to happen. This wasn’t one of those games where I thought we just didn’t show up and didn’t play. I thought we missed a lot of shots, I thought we did get frustrated with the missed shots, especially in the first half.“I thought that’s what led to that last three minutes (of the second quarter). Guys were hanging their heads with the missed shots because they were layups, they were wide-open 3s. From a coaching standpoint, if my guys show up and get good shots and play the right way, I don’t have a lot of gripes.”center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more