S'pore says RI recovery long way off<\/p>\n
SINGAPORE (AP): Singapore's deputy prime minister expects
\nneighboring Indonesia to face a long, hard recovery from its
\nworst economic crisis in decades, according to a magazine
\ninterview published in The Sunday Times newspaper.<\/p>\n
Lee Hsien Loong said that \"perhaps Indonesia will pick up in
\nfour or five years\" depending on domestic and regional
\ncircumstances, such as whether governments will be able to make
\ndifficult reforms and how people react to these changes.<\/p>\n
\"But if the governments cannot do what is necessary, then we
\nare in for some period of uncertainty\" in Indonesia and
\nthroughout the region, said Lee, who also heads Singapore's de
\nfacto central bank.<\/p>\n
The newspaper quoted from his interview with World Link
\nmagazine, the official publication of the World Economic Forum,
\nin the upcoming July\/August edition.<\/p>\n
Indonesia has been hardest hit by Asia's financial and
\neconomic crisis.<\/p>\n
Its currency has fallen 70 percent in value over the past
\nyear, while financial institutions and many businesses have
\nbecome insolvent.<\/p>\n
Aid workers have warned recently that tens of millions of
\npeople are becoming impoverished in the world's fourth most
\npopulous country.<\/p>\n
In May, widespread social unrest sparked by price increases
\nfor basic commodities led to the resignation of Asia's longest
\nruling leader -- former President Soeharto -- and his replacement
\nby B.J. Habibie.<\/p>\n
Earlier this month, Habibie called on Indonesia's 200 million
\npeople to fast twice a week as rice supplies -- damaged by
\ndroughts over the past year -- continue to dwindle.<\/p>\n
The International Monetary Fund is organizing a US$43 billion
\nbailout package for the country, but has tied the aid to economic
\nand financial reforms.<\/p>",
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"sponsor": "Okusi Associates",
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