News Brief: Camdessus Announces IMF Support for Indonesia’s Economic Program
IMF News, October 8, 1997
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- Published: October 8, 1997
Summary
- Publication date: October 8, 1997
- Issued by: IMF EXTERNAL RELATIONS DEPARTMENT, Public Affairs, Media Relations
- Context: Indonesia announced measures to respond to recent pressures in the foreign exchange market and indicated it will seek financial support from the IMF, the World Bank, and the Asian Development Bank (ADB).
Statement by the Managing Director
- Quoted text from Michel Camdessus:
- "The Indonesian government has announced measures to respond to the recent pressures in the foreign exchange market. It has also indicated that it will be seeking financial support for an economic program from the IMF, the World Bank, and the Asian Development Bank (ADB). We welcome this announcement."
- "Over the last few months the IMF has been working closely with the Indonesian authorities in developing an adequate response to the crisis in Southeast Asia. The IMF strongly supports the approach that has been followed by Indonesia, which sees this as an occasion to strengthen its economic policies even if fundamentals are basically sound."
- "Two IMF teams will arrive in Jakarta this week to begin discussions on an IMF-supported economic program and to provide technical assistance on financial sector reform. In the work on the rehabilitation of the financial sector the IMF teams will cooperate closely with World Bank and ADB teams also in the field. It is expected that work on a program will be completed speedily for submission to theconsideration of the IMF Executive Board at an early date, under the accelerated procedures of the Emergency Financing Mechanism."
IMF Actions and Timetable
- Immediate steps:
- Two IMF teams to arrive in Jakarta "this week" to begin discussions and provide technical assistance on financial sector reform.
- Expected process:
- Work on a program "will be completed speedily" for submission to the consideration of the IMF Executive Board at an early date.
- Submission to follow "the accelerated procedures of the Emergency Financing Mechanism."
Cooperation with Other Institutions
- Coordination:
- IMF teams will "cooperate closely with World Bank and ADB teams also in the field" on financial sector rehabilitation.
- Financial support sought from:
- IMF, the World Bank, and the Asian Development Bank (ADB).
Contact Information (as provided)
- E-mail: publicaffairs@imf.org; media@imf.org
- Fax: 202-623-6278
- Phone: 202-623-7100
IMF EXTERNAL RELATIONS DEPARTMENT, October 8, 1997