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."