Press Release: Indonesia to Make Early Repayment of Half of its Outstanding Obligations to the IMF
June 22, 2006Press Release No. 06/139
On June 22, the Indonesian authorities informed IMF Management of their decision to make an advance repayment (effective during the coming week ending June 30) amounting to SDR 2.5 billion (about US$3.7 billion), equivalent to half of Indonesia's outstanding obligations under the Extended Fund Facility (EFF). The obligations were contracted under EFF arrangements during 1998-2003 (see News Briefs No. 98/31, No. 99/13, and No. 02/7, and Press Release No. 00/4).
Mr. Rodrigo de Rato, the Managing Director of the IMF, welcomed the announcement and commended the Indonesian authorities for their economic management over the last few years. He noted that, "Indonesia's intention to make a partial repayment of EFF obligations ahead of schedule reflects Indonesia's strengthening macroeconomic fundamentals and improved balance of payments position."
Total drawings under the EFFs, the second of which expired at end-2003, amounted to SDR 7.4 billion (about US$11.1 billion). Under the original repayment expectation schedule, the final repayment of outstanding obligations is to take place in December 2010. Following the advance repayment, Indonesia's outstanding loans from the IMF will be SDR 2.5 billion (about US$3.7 billion).