Indonesia turns down IMF loan offer

The International Monetary Fund claims it's there to offer a helping hand to those in need.

But that's not how Indonesia sees it, with the country's president revealing his government recently turned down a loan deal from the global body, stressing it'd be better off going it alone.

The loan offer was worth between 20 and 30 billion dollars, according to Indonesian Finance Ministry officials.

The IMF and World Bank had prepared the funds for countries facing economic pressure from global uncertainty, particularly with the fallout from the conflict in the Middle East.

But after a thorough review of its current economic standing, Jakarta decided the turn the deal down.

The rejection comes as President Prabowo pushes to reduce government borrowing and cut spending, while redirecting savings made from the state sector into domestic programs.

To discuss this we speak with former Executive Director at the IMF, and former Vice President of the New Development Bank, Paulo Nogueira Batista Jr.