Mar'ie meets with American business
Mar'ie meets with American business
WASHINGTON (AP): Indonesian Finance Minister Mar'ie Muhammad
told American business leaders Wednesday that Indonesia is
sticking by its program of financial change and will do whatever
is necessary to restore confidence in its economy.
After the Indonesian currency hit a record low Tuesday,
Muhammad told the U.S.- ASEAN Business Council that the rupiah is
very undervalued, according to a participant in the meeting.
The private meeting at the Indonesian Embassy included
representatives of U.S. companies who have interests in
Indonesia's economy.
The finance minister said the government would not backtrack
on reforms in an attempt to boost the Indonesian economy,
pledging instead to continue with the agenda set by the
International Monetary Fund, according to the account provided by
the participant, who declined to be identified.
Meanwhile, China announced Thursday that is was planning to
participate in a financial rescue package for Indonesia,
following its one-billion-dollar bailout for Thailand in August.
"China has already participated to the sum of one billion
dollars in the financial rescue package for Thailand," said
Assistant Foreign Minister Chen Jian.
"We are also considering participating in the rescue package
for Indonesia, but I am not aware of the sums involved," he said
at a briefing ahead of the upcoming informal East Asian summit
meeting in Malaysia.
Indonesia has secured a US$23 billion IMF-led bailout plus an
additional $15 billion in bilateral pledges to overcome an
economic crisis stemming from a sharp fall in the value of its
currency.
The growing financial crisis in Asia is sure to overshadow the
Malaysian meeting, which will involve highest-level
representation from China, Japan, South Korea and the nine
members of the Association of Southeast Asian Nations -- Brunei,
Myanmar, Indonesia, Laos, Malaysia, Philippines, Singapore,
Thailand and Vietnam.
"Since the decision was made to hold this 'nine-plus-three'
meeting, an economic turmoil of quite considerable scale has
taken place in this region," Chen said.
"We stand ready to engage in further discussions with ASEAN
and the other East Asian nations on how to take further actions
to ensure financial security and stability," he added.