G-7 should consider Third World's plight<\/p>\n
JAKARTA (JP): Indonesia, as the chair of the Non-Aligned
\nMovement, has officially sent letters to members of the Group of
\nSeven industrialized nations, asking them to take into account
\nthe interests of developing nations in any move they may take
\nregarding the currency rates.<\/p>\n
Finance Minister Mar'ie Muhammad said yesterday that the
\nmessages, delivered to the finance ministers of the United
\nStates, Japan and Britain, underlined Indonesia's concern over
\nthe steep appreciation of the Japanese yen against the U.S.
\ndollar.<\/p>\n
\"We asked the industrialized countries to take into account
\nthe interests of the developing nations in any measure they may
\ntake regarding the yen-dollar realignment,\" Mar'ie told
\njournalists, following a meeting with President Soeharto.<\/p>\n
Mar'ie was meeting with the President to report on the latest
\nG-7 finance ministers meeting, held in Washington yesterday, and
\nthe result of the Asia Pacific Economic Cooperation forum's
\nfinance ministers meeting in Bali last week.<\/p>\n
Indonesia is one of the countries hardest hit by the sharp
\nappreciation of the yen against the dollar, since early last
\nMarch, because about 40 percent of its estimated US$90 billion
\nforeign debts is denominated in yen and quite a portion of its
\nexport commodities is priced in the American dollar.<\/p>\n
Nonetheless, Mar'ie reaffirmed that Indonesia's external
\nbalance is in a comfortable position and its macroeconomic
\ncondition is safe.<\/p>\n
\"But Indonesia, as the chair of the Non-Aligned Movement, sees
\nthe impact of the yen-dollar volatility within a global context,
\nespecially from the interests of the developing nations,\" Mar'ie
\nsaid.<\/p>\n
The finance minister also reported to the President about the
\nplanned annual meeting, on May 2, of the Manila-based Asian
\nDevelopment Bank in Auckland, New Zealand. (hen)<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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