Japan welcomes IMF's RI program

Japan welcomes IMF's RI program

TOKYO (Reuters): Japan welcomes a decision by the executive board of the International Monetary Fund (IMF) to approve an amended economic program for Indonesia, Japanese Finance Minister Hikaru Matsunaga said yesterday.

"I am confident that steady implementation of this agreement would help Indonesia restore confidence of international markets in her economy, and overcome her economic difficulties," Matsunaga said in the statement.

The IMF's executive board on Monday decided to release a balance-of-payments loan of nearly US$1 billion. Further payments of about $1 billion will be made in June and July after an IMF team reviews continued progress in reforms.

Matsunaga also said in the statement that Japan will immediately release an already-announced 20 billion yen in Official Development Assistance (ODA) loans to Indonesia.

In addition to the ODA loans, Japan will also immediately disburse $2 billion in aid to Indonesia.