RI, Thailand seen to recover by 2000<\/p>\n
KUALA LUMPUR (Reuters): International Monetary Fund managing
\ndirector Michel Camdessus said yesterday that he believed
\nIndonesia and Thailand would recover from an economic crisis by
\n2000.<\/p>\n
\"I am pretty certain that within two years, two and a half
\nyears, you will see high growth\" in Indonesia and Thailand,
\nCamdessus told a news conference in the Malaysian capital.<\/p>\n
Both Indonesia and Thailand have received emergency financial
\naid under IMF-led reform packages but remain in the grips of a
\nsix-month old economic crisis.<\/p>\n
On Thursday, Camdessus and President Soeharto agreed fresh
\neconomic reforms for Indonesia which ranged from the elimination
\nof monopolies over major commodities to the cancellation of a big
\npower project.<\/p>\n
Camdessus said he felt Soeharto deserved international backing
\nfor adopting the new program. \"I believe he deserves the support
\nof the international community,\" he said.<\/p>\n
U.S. President Bill Clinton called Soeharto on Thursday to
\nexpress support, but financial markets reacted cautiously to
\nIndonesia's program.<\/p>\n
The IMF chief, on a tour of the region, said confidence in
\nSouth Korea's economy had gradually \"improved\", and that it was
\ncrucial that South Korea's IMF-led adjustment program be
\nimplemented with social stability.<\/p>\n
Camdessus said Thailand had not asked to renegotiate its IMF
\nprogram or requested additional emergency assistance.<\/p>\n
He expressed confidence that Bangkok would reassess its entire
\neconomic situation and adapt to changing circumstances if
\nnecessary.<\/p>\n
\"Thailand will re-analyze the whole situation and if necessary
\nwill adapt to changing circumstances,\" he said.<\/p>\n
The IMF managing director said he considered China to be a
\nstable part of the region.<\/p>\n
Malaysia has taken important economic steps, especially in the
\narea of fiscal policy, and did not need an IMF rescue package, he
\nsaid.<\/p>\n
\"Malaysia does not need a Fund program,\" he said.<\/p>\n
But he said Malaysia would have to strengthen its monetary
\npolicies, and the IMF would help the nation in its financial
\nreform and discuss economic strategy with Malaysia in March, he
\nsaid.<\/p>",
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