RP out of IMF sick ward

RP out of IMF sick ward

MANILA (Reuters): President Fidel Ramos yesterday compared the Philippines to a fully recovered patient of the International Monetary Fund, leaving the sick ward this month as its once healthy neighbors hobbled in for treatment.

The Philippines is negotiating for a precautionary arrangement with the IMF, involving close to $2 billion in standby funds, after its expected exit from the Fund by the end of this month, officials said.

"For 35 years, we were in the intensive care ward of the hospital, laboring under various programs mandated by foreign institutions like the IMF," Ramos told a rally in San Jose town on central Mindoro island.

"But now, during the month of March 1998, finally we are out of the hospital. In fact, we are in the streets. We are not only jogging, we are running. We are racing with all of the other competitors in Asia-Pacific."