Soeharto pledges IMF sweep economic reforms<\/p>\n
The following is a letter accompanying the memorandum of
\nIndonesia's reinforced economic reform program signed in Jakarta
\nThursday.<\/p>\n
Mr. Michel Camdessus
\nManaging Director
\nInternational Monetary Fund
\nWashington, D.C. 20431<\/p>\n
Dear Mr. Camdessus:<\/p>\n
1. The attached Memorandum on Economic and Financial Policies
\n(MEFP) outlines the strengthened and much reinforced program that
\nIndonesia intends to implement over the next three years to
\novercome its current economic difficulties. This comprehensive
\npolicy package includes bold reforms to sweep away structural
\nrigidities, improve fiscal transparency, and restore the banking
\nsystem back to financial health. These reforms will be supported
\nby a prudent fiscal and monetary policy.<\/p>\n
2. The policies described in the attached MEFP supplement and
\nrevise those in the MEFP of Oct. 31, 1997. The specific
\nperformance criteria relating to the monetary, fiscal, and
\ninternational reserves target will be set over the next few days,
\nand presented in annexes that will also be attached to this
\nletter.<\/p>\n
3. We firmly believe that the policies set forth in the
\nattached MEFP will serve to quickly restore market confidence,
\nwhich has declined considerably over the past several months, and
\nenable the country to return to the path of rapid growth.
\nNevertheless, we remain committed to taking any additional
\nmeasures that may be necessary for this purpose. During the
\nperiod of the proposed stand-by arrangement, Indonesia will
\nconsult with the Managing Director of the Fund on the adoption of
\nany measure that may be appropriate, at the initiative of either
\nthe Indonesian authorities or the Managing Director, in
\naccordance with the Fund's policies on such consultations. We
\nwill also provide the Fund with such information that it requests
\non the progress made in policy implementation and achievement of
\nprogram objectives.<\/p>\n
4. In order to ensure that the economic objectives are
\nrealized, I have decided to establish under my chairmanship a
\nhigh council in charge of overseeing the implementation of the
\nprogram. The Secretary General of this council will have full
\nresponsibility and authority to ensure the timely implementation
\nof the reform measures agreed with the IMF, and will report
\ndirectly to the President. The work of the council will be
\nassisted by a high-level IMF advisor.<\/p>\n
Sincerely yours,<\/p>\n
Signed,<\/p>\n
Soeharto<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/soeharto-pledges-imf-sweep-economic-reforms-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }