ADB new president in town

JAKARTA (JP): The new president of the Manila-based Asian Development Bank (ADB) Tadao Chino began his two-day official visit here on Tuesday.

The Ministry of Finance said during his trip, Chino, who was installed last month, will visit President B.J. Habibie and his economic team.

ADB has been committed to assisting Indonesia reform and restructure its financial sector and real sector, as well as supporting the poor affected by the economic crisis.

ADB plans to extend between US$1.4 billion and $1.6 billion in financial assistance to Indonesia this year for the restructuring of the power sector, the deregulation of industry and trade and the development of small, middle and state enterprises.

Last year, it agreed on two loan packages including a US$1.5 billion for financial sector reforms and a $300 million loan for the development of social welfare. (jsk)