Yudhoyono thanked Rudd

Kevin Rudd offers Indonesia $1bn loan | Business | News.com.au

Kevin Rudd offers Indonesia $1bn loan

December 10, 2008 01:22pm
Kevin Rudd and Susilo Bambang Yudhoyono
Good friends ... Kevin Rudd, pictured with Susilo Bambang Yudhoyono, will give Indonesia a $1bn loan if needed / AFP

AUSTRALIA will provide $1 billion to Indonesia as a stand-by loan to help tackle the global financial crisis if it's needed.

Prime Minister Kevin Rudd's bilateral talks with his Indonesian counterpart Susilo Bambang Yudhoyono in Bali have included discussions on a facility for a stand-by loan if needed by Indonesia.

Indonesia is also seeking potential assistance from Japan, the European Union, the Asia Development Bank and the World Bank.

"The scope ... of our proposed participation is in the vicinity of $1 billion," Mr Rudd said in Bali.

"Australia will of course act as a friend and good neighbour of Indonesia as we have done in the past, a decade ago, providing a financial facility of around $1 billion in a different financial crisis.

"This is the sort of thing good friends and good neighbours should do to help one another in times of global financial crisis."
Legend of Perth, unless they use the money to buy the hardware to eventually annnihilate us with in the future.

Indonesia's president thanked Australia for its support.

"The ... thanks is for the provision of a stand-by loan for Indonesia if needed in case, or if the financial situation in Indonesia requires it," Yudhoyono said.

Rudd also announced $3 million towards a new Institute for Peace and Democracy in Bali, which is aimed at fostering democracy in the Asia Pacific.

The new institute works alongside the Bali Democracy Forum, and will organise workshops and research on democratic processes.