IMF clears payment of $469 million to Indonesia

IMF clears payment of $469 million to Indonesia

The International Monetary Fund said Friday in Washington it had cleared a payment of about US$469 million to Indonesia after a review of its economy.

IMF disbursements to Indonesia now amount to $3.6 billion, paid out of a $5 billion program.

"Indonesia has continued to make good progress in implementing economic reforms under the program," IMF first deputy managing director Anne Krueger said in a statement.

"Economic growth has been sustained, inflation has declined, the banking system has been strengthened, and asset recoveries have advanced," she said.

"Nevertheless, weaknesses in the investment climate continue to hold back a more robust economic recovery. Sustained efforts for further reform will be necessary in the context of the 2003 program to lay the basis for more rapid economic growth." -- AFP