Kosgoro urges govt to follow IMF measures

JAKARTA (JP): The Kosgoro cooperatives movement, one of the founding seven organizations of Golkar, urged the government yesterday to follow all the suggested measures set by the International Monetary Fund (IMF) to help overcome the monetary crisis.

"The Indonesian government must fulfill all the requirements established by the IMF, as long as they don't impinge the nation's sovereignty," said Kosgoro in a statement, read out by its chairman Bambang W. Soeharto.

Speaking at a media briefing here yesterday, Bambang said the US$43 billion IMF rescue package should be used for the benefit of the majority of people.

"The IMF package should not add to the already mounting Indonesian foreign debt and must be used to finance all projects which can provide direct benefits to the people," he said.

He also called for a fair, accurate and transparent rescheduling of less productive development projects.

Bambang said the monetary crisis should be considered the starting point to correct all national development concepts and strategies.

"As a nation, we have to remain optimistic that we can restore and improve our economy," he said.

Bambang said political reform was necessary but did not elaborate on how or when it should occur.

When asked if political reform meant a change in national leadership, Bambang replied: "Yes, but it should only occur after the general meeting of the People's Consultative Assembly."

He added the government should include political experts along with those from other fields in a national discourse, discussing ways to overcome the crisis and anticipate further monetary and economic disorder.

"All those experts will therefore feel responsible for endeavoring to restore the nation's economy," he said.

Bambang urged the government to control and stabilize the extreme price hikes of basic commodities.

He also urged the government to take firm action against speculators, who were hoarding goods to gain from a higher price at a later date.

In an effort to strengthen the rupiah, Kosgoro urged businesses with their money in dollars to sell them and buy rupiah.