Wed, 11 Mar 2009
The government will move quickly to disburse money into the economy in an attempt to boost activity and create employment.
The first disbursement of some Rp12.2 trillion ($1.01 billion) in infrastructure funds will take place by March 18, Finance Minister Sri Mulyani Indrawati said late Thursday, The Jakarta Globe reported.

“On March 11, ministries will receive their budget allocations and must submit the necessary documentation to the Finance Ministry, so that everything can be settled by March 18,” Indrawati said.

“The infrastructure projects should start creating jobs within one or two months,” Indrawati said, adding that ministers will be expected to deliver their estimates of how many jobs can be created by their projects.

The National Development Planning Board would monitor the progress of ministries and punish those that failed to spend the money with budget cuts next year.

The Rp12.2 trillion is part of the Rp73.3 trillion stimulus package that the government plans to roll out.

The Public Works Ministry will receive the biggest share of the funds at Rp6.6 trillion, which is intended for irrigation, water supply and road schemes.

The Transportation Ministry will get Rp2.2 trillion for railway network, port and airport expansion or upgrades.
10 ministries getting the biggest infrastructure stimulus funds, according to Kompas, are:
Public Works (Rp6.6 trillion)
Transportation (Rp2.2 trillion)
Energy, Mineral Resources (Rp500 billion)
People's Housing (Rp400 billion)
Maritime and Fisheries (Rp100 billion)
Agriculture Ministry (Rp650 billion)
Trade (Rp335 billion)
Manpower (Rp300 billion)
Health (Rp150 billion)

Foreign ownership of local-currency bonds fell 9.6% as of March 3 from December, the government said Thursday. Funds abroad sold more Indonesian shares than they bought in the last three trading days, according to the stock exchange, Reuters reported.

Overseas investors’ holdings of local bonds fell to Rp79.24 trillion ($6.5 billion) from Rp87.61 trillion in December, according to the web site of the finance ministry. Ownership reached a record Rp106.66 trillion in August before risk aversion mounted as Lehman Brothers Holdings Inc. filed for bankruptcy in September.

Non-deliverable forwards contracts signal traders are betting the rupiah will drop 2% to Rp12,358 per dollar in a month, after indicating a rate of Rp12,325 on Wednesday.



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