A new agreement

Following Wednesday's meeting of economic ministers, the results of three weeks of negotiations between Indonesia and the International Monetary Fund were made public by the Coordinating Minister for Economy, Finance and Industry/Chairman of the National Development Planning Board Ginandjar Kartasasmita. The main points of the agreement will be elaborated in further detail in separate appendices dealing with the matters of monetary policy and interest rates, restructuring of the banking sector, budgetary provisions for assistance to the poor, reformation and privatization of state-owned enterprises, structural reforms, restructuring of private offshore debts and judicial reforms, including the drafting of a bankruptcy law.

The 4 percent negative economic growth figure that is now being projected unquestionably paints a gloomy picture. However, in order to get out of the monetary and economic crisis which is now in its ninth month -- and which may be getting even worse unless it is checked in time -- there is no choice for us but to take the proper steps that could effectively lead us into the right process of surmounting the situation. To this end, every effort, however difficult, must be made.

All those efforts, however, can only succeed if we, as a nation, are really willing to proceed as one and share the burden together.

-- Suara Karya, Jakarta