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Why does COBOL have to be indented, as in, have additional spacing in each sourcefile?

Consider this code (note the additional whitespace):

IDENTIFICATION DIVISION. PROGRAM-ID. HELLO-WORLD. PROCEDURE DIVISION. DISPLAY 'Hello, world'. STOP RUN.

A similar formatting can be seen in Fortran code:

program hello print *, "Hello World!" end program hello

But why do COBOL and Fortran need this whitespace? What's the reason?