Our future is at stake

Our future is at stake

The economic team of Indonesian President Megawati Soekarnoputri is putting our future on the line following its decision to opt for Post-Program Monitoring (PPM) in ending the country's cooperation with the International Monetary Fund (IMF).

By the end of this year, Indonesia will no longer sign letters of intent with the IMF. But by opting for the PPM the country will remain under the IMF's monitoring and evaluation.

As a result of choosing this option, Indonesia's debt of US$9.2 billion will have to be paid off by the year 2010, with an annual installment ranging from $900 million to $1 billion.

Two blocks have emerged in the history of our economic development.

The first block is more friendly with the IMF because it believes in the importance of economic liberalism and is enthusiastic about free trade and globalization.

The second block is more careful and proactive in national economic development. It is always suspicious of economic liberalism and globalization.

When Indonesia was plunged into the economic crisis, Soeharto and his cronies, the Golkar Party, the bureaucracy and the military were blamed, but nobody pointed their finger at the country's economists.

We are afraid that our economy will plunge once again into crisis due to misperceptions in the handling of our economy.

Our future is at stake, but there has been no commitment or moral responsibility from our economists.

-- Republika, Jakarta