Doubting IMF help

Doubting IMF help

Since the IMF took over the Indonesian economy back in 1997, I
have seen no crucial or significant structural changes to the
fundamentals of the Indonesian economy, except a simple dollar
bailout.

I do not know who initially asked for IMF help. Was it the IMF
that offered its so-called expertise as a troubleshooter to sort
out the financial mess? First, let us look at the IMF proposal on
bank restructuring, which has left us with a number of unsolved
problems. We witnessed long queues of depositors waiting to
withdraw their deposits, fearful of losing their savings. Second,
the IMF used depositors to attack back, resulting in troubled
bankers queuing up at the police headquarters and the Attorney
General's Office. Third, the IMF also introduced high quality
democracy to poorly educated people by periodically disbursing
bailout money while at the same time voting "no-confidence."
These "votes" were often followed by demonstrations at the House
of Representatives, one of which ended with demonstrators
positioning themselves atop the building's roof.

IRWAN IBRAHIM

Jakarta