A new agreement

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