News Brief: IMF Team to Visit Indonesia to Assess Developments

January 8, 1998

IMF Team to Visit Indonesia to Assess Developments

The International Monetary Fund (IMF) announced today that an IMF staff team will leave tomorrow (Friday) for Indonesia to assess recent economic and market developments and to negotiate an acceleration of the much needed reforms already agreed under the IMF-supported program. The staff team will be joined in Jakarta on Sunday by First Deputy Managing Director Stanley Fischer, who will hold discussions with Indonesia’s leaders.

IMF management believes that the recent depreciation of the rupiah represents a significant overreaction by the market. The IMF staff team will also review fiscal policy and assess the budget proposed earlier this week, taking into account the changes in prospects for output growth, for the exchange rate, and for inflation since the formulation of the original economic program.

On Monday, Managing Director Michel Camdessus will begin a visit to a number of countries in the region, including Indonesia, where he will continue the discussions begun by Mr. Fischer.


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