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