Bad IMF

Bad IMF

From Kompas

Fertile and rich in natural resources, Indonesia, ironically,
is in worse shape than a country poor in natural resources.

In Indonesia, the abundant natural resources have not been
properly managed, and in many cases they have been taken away by
western capitalist countries.

In 1997 a monetary crisis began to hit Indonesia. This crisis
later developed into a protracted economic crisis, the squeeze of
which is still felt today. Following this crisis, Indonesia's
offshore loans swelled. Then the International Monetary Fund
(IMF) came in with an injection of fresh funds.

With the presence of the IMF, Indonesia has become mired even
more deeply in debts.

Meanwhile, Coordinating Minister for the Economy Dorodjatun
Kuntjoro-Jakti said Indonesia still needed loans from the IMF to
support its economic recovery program. In fact, it is the IMF
that has aggravated Indonesia's condition.

With the favor of the IMF, foreign parties can learn about
Indonesia's real economic condition, as well as its wealth. Then
through the IMF these foreign parties can intervene in
Indonesia's domestic affairs, as Indonesia has to sign a letter
of intent with the IMF about what Indonesia must do in following
the advice from the IMF.

If Indonesia is to get out of this crisis, it must have the
guts to say "no" to the IMF and immediately set itself free from
the control of the IMF. Then the government must never hesitate
to confiscate state funds siphoned off by certain government
officials, and be ready to manage its natural resources in the
best possible manner. Last but not least, the corrupt economic
system must be overhauled and replaced with an appropriate and
correct system.

DINA M.

Serang, Banten