A thought for the IMF

Coordinating Minister for the Economy Dorodjatun Kuntjoro- Jakti said extension of the Indonesian contract with the International Monetary Fund (IMF) to December 2003 was made because the country still needed the fund's assistance.

Meanwhile, State Minister of National Development Planning Kwik Kian Gie said Indonesia should sever its contract with the IMF because the latter's advice on the country's economy has not borne any good fruit.

Former finance minister under the New Order Fuad Bawazir has urged the government to form a team that will be tasked to evaluate the IMF's performance in Indonesia.

The independent team will hopefully determine whether extension of the contract is advantageous or not. The contract with the IMF, which has already been extended for another year, was first signed in 1997.

Signing the contract was a hasty decision made by the panic- stricken New Order administration during the onset of a financial crisis.

It is high time to review the decision.

-- Media Indonesia, Jakarta