News Brief

Camdessus Congratulates New Indonesian President on Election

Michel Camdessus, Managing Director of the International Monetary Fund (IMF), said: "On behalf of the International Monetary Fund (IMF), I congratulate Mr. Abdurrahman Wahid on his election as Indonesia's fourth President. The IMF looks forward to working with the new President and his administration in building on the macroeconomic gains achieved so far. Lower inflation, falling interest rates, and a relatively stable rupiah provide a good basis on which confidence could be promptly restored as the new government takes steps to accelerate structural reforms, particularly in financial and corporate restructuring. Indonesia has immense economic potential, which the IMF is determined to help the new government fully realize."