Singapore, RI to talk trade

Singapore, RI to talk trade

SINGAPORE (Bloomberg): Singapore and Indonesia agreed to
resume talks over a Singapore plan to guarantee payment for
Indonesian imports, the Straits Times newspaper reported
Saturday, citing an unidentified Singapore official.

Goh Chok Tong, Singapore's prime minister, raised the subject
earlier this year when Indonesian manufacturers were thwarted
from importing raw materials because foreign banks refused to
honor letters of credit issued by Indonesian banks.

The two countries last met to discuss the plan in April.

Indonesia is grappling with an economic recession that has
seen its currency plunge against the U.S. dollar, interest rates
soar and unemployment rise to record levels.