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Australia,Indonesia : Australia contributes $1.29 billion to Indonesia contingency loan
Publish Date : 04-Jul-2012
Australia will contribute A$1 billion (S$1.29 billion) to a contingency loan programme for Indonesia, joining Japan, the Asian Development Bank and the World Bank for the stand-by loan facility, Prime Minister Julia Gillard said on Tuesday.
Ms Gillard said the contribution will be part of an international package of contingency loans to Indonesia worth US$5.5 billion (S$6.96 billion), which can be accessed if Indonesia\'s circumstances deteriorate markedly.
The announcement came as Ms Gillard met Indonesian President Susilo Bambang Yudhoyono in the northern Australian city of Darwin.
Indonesia is South-east Asia\'s largest economy and the sprawling, resource-rich archipelago has been one of the hottest investment destinations in a world buffeted by Europe\'s debt crisis and slowing growth elsewhere.
