Data on loans urgently needed

Data on loans urgently needed

The measures to be taken to end the present currency crisis
will be known shortly, when the consultations between the
government and representatives of the two international
institutions (the International Monetary Fund and World Bank) are
finished. Many people are optimistic regarding the measures to be
taken by the government and the amount of IMF assistance.

However, will this put an end to all our problems? It appears
not. Another problem still seems to be bothering the government,
and this concerns the size of our private offshore loans and when
precisely their payment will be due.

Many people believe that these loans are mostly short-term and
that repayment times vary greatly. Therefore, unless it controls
the necessary data, the government will always be faced with the
problem of having to stand by with sufficient amounts of foreign
exchange, U.S. dollars in particular.

The absence of such data also gives rise to rumors about the
size of those offshore loans. One certain company, for instance,
is believed to be able to survive only until the end of this year
because of its loan burden, which is said to amount to hundreds
of millions of U.S. dollars. Another company is rumored to have
already defaulted on its payments. The government has summoned a
number of company representatives to discuss this problem.
However, it remains doubtful whether the authorities now indeed
have access to all these data.

Thus, our monetary situation and the rate of the rupiah are
still vulnerable to fluctuation. The size of the IMF aid packet
will of course increase the government's capability to satisfy
the public's need for U.S. dollars when needed. But the
experience that has been gained so far may serve to teach us that
a control of field data is imperative. After all, how could one
possibly hope to win a battle if one doesn't even have a field
map.

-- Bisnis Indonesia, Jakarta