Pressure from the World Bank and IMF

Pressure from the World Bank and IMF

We regard the call made by the World Bank and the
International Monetary Fund (to resolve the Bank Bali scandal
swiftly and satisfactorily) as a most important external
encouragement. The call has far greater weight than any similar
call made here at home could ever have. Their appeal is
understandable since both those institutions have a great
interest in assuring that we repay our debts and that our economy
does not go under.

The IMF and the World Bank are both enormously influential
institutions and ignoring their call could have the direst
consequences. It is quite possible that both institutions as well
as donor countries will halt their assistance to Indonesia or
defer disbursement of their loans if law enforcement in this
country remain ineffective.

We are aware that the Bank Bali case has many political
dimensions since it occurred at a time of tough competition
between political parties who won the most votes in the recent
general election. In a number of aspects the case has become
politicized so that the focus of the efforts that are now being
made has shifted from correcting bad banking practices to who
will be elected the next president.

We will see in the next few days whether all the pressure from
both inside and outside the country brings about a satisfactory
solution to the Bank Bali scandal. If it does not, it will mean
that it is high time for us to realize that there can be no
reform without transparency and accountability.

-- Bisnis Indonesia, Jakarta