The IMF is not everything

The IMF is not everything

The Indonesians seem to have only a few choices left in their
relationship with the International Monetary Fund (IMF). This is
perhaps what is underlying the refusal of Coordinating Minister
for the Economy Dorodjatun Kuntjoro-Jakti to end Indonesia's
contract with the IMF. In his calculation, the termination of
this contract will entail a major risk in the national economy.

The renewal of the contract with the IMF until next year is
controversial because it has been signed without the knowledge
and approval of President Megawati Soekarnoputri.

Why don't government officials make use of a chance to improve
bilateral relations with major countries to balance the
relationship between Indonesia and the IMF? The current
development of international politics and security gives room for
such improvement.

Criticism against the IMF has been mounting along with the
broadening of the role that this institution plays in handling
economic crises in many countries. This criticism has been
launched not only by developing countries but also from noted
economists from advanced countries who are graduates of world-
famous universities. These people really understand that in its
maneuvering the IMF often lacks a good grasp of specific issues
in individual countries; and that it is not free from the
interests of advanced countries and multinational corporations.
These traces are visible in Indonesia.

We must think about creating a strong national economy within
a year so the termination of our contract with the IMF in 2003 is
considered something proper and natural. The priority at the
moment, however, should be to improve the ways in which
differences in the Cabinet can be publicly discussed.

-- Bisnis Indonesia, Jakarta