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Indonesia to launch 3rd economic stimulus package next week

Xinhua, October 1, 2015 Adjust font size:

Indonesia will unveil a third economic stimulus package next week in a bid to further lure investment and prop up gross domestic product (GDP) growth, an official said here on Thursday.

"The limited cabinet meeting today aims at preparing for the launch of the stimulus package next week. The contents of the package are being finalized," Cabinet Secretary Pramono Anung said after the cabinet meeting at the State Palace.

According to Pramono, the package would include more efforts to simplify the procedure or cut the time needed for investors to get business licenses in the country.

The Indonesian government on Tuesday unveiled a second batch of stimulus measures to lure investors, prop up the weakening rupiah and accelerate GDP growth.

Rupiah has plunged to the lowest level since 1998 as it was trading at 14,654 on Thursday, according to the central bank website.

The Indonesian economy expanded at the slowest pace in six years at the first and second quarters of this year, at 4.71 percent and 4.67 percent, respectively. Endi