IMF inks final loan to Indonesia<\/p>\n
Agencies, Jakarta<\/p>\n
The International Monetary Fund (IMF) approved on Friday a US$505
\nmillion loan to Indonesia, the final portion of the $5.3 billion
\nsupport program devised after the 1997-1998 Asian economic
\ncrisis.<\/p>\n
Although Jakarta decided not to ask the international lender
\nfor a new support program, the country will enter into the IMF's
\n\"post-program-monitoring\" scheme, under which it will continue to
\ncheck economic conditions and advise on policy if necessary.<\/p>\n
\"An impressive fiscal consolidation and disinflation effort,
\ntogether with reduced external vulnerability, have laid the basis
\nfor a sustained improvement in growth and employment prospects in
\nthe period ahead,\" IMF deputy managing director Shigemitsu
\nSugisaki said in a statement quoted by Dow Jones news wire.<\/p>\n
The IMF also expressed optimism about the nation's efforts to
\ncontinue economic reform.<\/p>\n
\"Satisfactory progress continues to be made with key
\nstructural reforms. The divestment of government ownership in
\nbanks is proceeding well.... It will be important to sustain
\nthese reform efforts and, in particular to follow up decisively
\non the recent steps,\" Sugisaki said.<\/p>\n
IMF's Indonesia mission chief Daniel Citrin was reported by
\nAgence France-Presse as saying the economy has stabilized thanks
\nto the government's efforts to restore macroeconomic stability.<\/p>\n
The country has already announced its post-IMF reform strategy
\n-- praised by Sugisaki as a \"sound framework\". The World Bank
\nsays Indonesia must raise about $10 billion in 2004 to refinance
\nits debts.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/imf-inks-final-loan-to-indonesia-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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