Worse over, except Indonesia

Worse over, except Indonesia

CHICAGO (Reuters): The worst may be over for most Asian
economies with the exception of Indonesia, according to P. Jan
Kalff, chairman of the board of managing directors for the Dutch
bank holding company ABN AMRO Holding NV.

"I think you have seen the worst of it for almost all
countries except one -- Indonesia," Kalff told reporters Monday
in Chicago.

Kalff said that while other countries in Asia are making
changes required by the International Monetary Fund to reform
their economies, Indonesia has been recalcitrant.

"It will take several more weeks, if not months, to correct
the situation" in Indonesia, Kalff said.

But he also noted that ABN AMRO is the oldest foreign bank in
Indonesia and has weathered several financial crises in the
country.

Kalff also said that the US$244.1-million provision the
company took for Asian loans in February should be enough to
cover loans that come due, as a result of the crisis.