Rizal promises a quick decision-making process

JAKARTA (JP): Coordinating Minister for Economic Affairs Rizal Ramli vowed on Monday to adopt procedures to facilitate efficient decision making in a bid to accelerate the country's economic recovery.

Rizal said that swift action was crucial for the government and the Indonesian Bank Restructuring Agency (IBRA) to achieve the proceeds target for this year.

"We should accelerate the (decision making) process to achieve the (IBRA) target. Previously the decision making process was less efficient than expected. Now decision making will be prompt," he told a press conference held to explain the result of the first meeting of President Abdurrahman Wahid's new economics team.

IBRA is expected to raise Rp 18.9 trillion (US$2.30 billion) in cash from sales of its assets to help finance the state budget ending in December. But so far the agency has only raised around Rp 7.9 trillion.

Rizal was optimistic that IBRA could meet the target despite the limited time available.

Asked if he would agree for IBRA to seek a fire sale approach, he said: "There are many ways to achieve the target. We'll try to get optimum prices."

Rizal expects market sentiment to continue to improve, allowing IBRA to get fair prices for its assets.

He also expects the government privatization program to be accelerated in the remaining period of the budget year.

The government initially planned to raise some Rp 6.5 trillion this year by privatizing eight companies, but, so far, none have been sold.

Rizal said that the current state budget would benefit from the windfall of soaring oil prices.

He explained that from now onward the members of the economics team would not be allowed to debate government economics policies in the media.

He said that debates should occur only in the meeting room.

"I'm the official spokesman for government economics policy," he said.

He also said that no economics policy should be issued by the presidential office without prior discussion by his office.

"We must have a consistent policy to revive confidence," he said, pointing out that the recent issuance of a presidential decree banning foreign investment in local multimedia business, then reversing that position only days later, was one example of inconsistency.

Rizal explained that the economics team would meet every Monday morning and results would be immediately discussed with Vice President Megawati Soekarnoputri. He said that his office would issue a press release or hold a press conference in the afternoon to explain the results of the meeting.

He said that every Wednesday, he would meet with Megawati and Coordinating Minister for Politics, Social and Security Affairs Susilo Bambang Yudhoyono.

A Cabinet meeting was scheduled for Thursday, he continued.

"So this train will be moving fast. Pessimists will be left behind," he said.

Elsewhere, Rizal said that he had ordered the members of the new economics team to make preparations for the exchange of ideas with the International Monetary Fund, World Bank and Asian Development Bank to improve the role of the multilateral institutions here.

"I have talked with Stanley Fischer (IMF deputy managing director) by phone over the weekend and he supported the exchange of ideas and discussions," he said.(rei)