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.