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