JAKARTA, Dec 5: Indonesia will receive loans amounting to $800 million to deepen reforms and improve economic conditions in Southeast Asia’s largest economy, the World Bank announced on Wednesday.

The two loans, which are being offered at below market interest rates, will flow directly into the nation’s budget and will help finance reforms aimed at fighting poverty, encouraging investment, improving governance and expanding infrastructure, the Bank said in a statement.

The loans are an acknowledgement of the “extraordinary job” Indonesia has done in improving its macroeconomic position after the 1997 financial crisis devastated its economy, World Bank Indonesia senior economist Bill Wallace told AFP.

However, he said, “Indonesia has still got very high levels of poverty, obviously, and that’s the area we’d like to help them deliver.” —AFP