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