Insurance for RI gets green light<\/p>\n
WASHINGTON (Dow Jones): U.S. Export-Import Bank Chairman James
\nHarmon said Thursday the bank was near-ready to go ahead with
\nproviding US$1 billion in short-term export credit insurance for
\nIndonesia.<\/p>\n
\"I hope to sign as early as (Friday) an agreement for short-
\nterm credit for $1 billion for Indonesia,' Harmon said, speaking
\nto the Ex-Im Bank's annual conference. Indonesian Finance
\nMinister Fuad Bawazier was scheduled to speak there yesterday.<\/p>\n
Ex-Im has completed arrangements on its side but is working
\nout some final details with Fuad, a bank spokesman said.<\/p>\n
The $1 billion commitment was first made when Harmon traveled
\nin the region in January, the spokesman said.<\/p>\n
Besides needing a sovereign guarantee to extend the insurance,
\nHarmon had also stressed the importance of Indonesia sticking to
\nits International Monetary Fund reform program.<\/p>\n
On Monday, the IMF deemed Indonesia sufficiently back on track
\nto approve a $1 billion disbursement, noting that several
\ncountries planned to provide Indonesia with trade financing
\nsupport and export insurance.<\/p>\n
Ex-Im has boosted its Asian programs since U.S. banks have
\nbeen loath to guarantee the region's letters of credit following
\nthe financial crises there.<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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