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Article: No thanks, IMF: Indonesia. (Pres Suharto in disagreement with IMF's assessments of his economic policies has bypassed them to get money from his smaller neighbor, Singapore)(Brief Article)
- Article from:
- The Economist (US)
- Article date:
- November 1, 1997
CopyrightCOPYRIGHT 1997 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WHEN President Suharto rose to speak at a youth rally in a remote town on East Java on October 28th, few people were paying much attention. The elderly Indonesian leader's speeches rarely surprise. But this one did. Much to the delight of his audience, Mr Suharto appeared to reject financial help for Indonesia from the IMF, and instead accept a $10 billion offer he said had been made by friendly, neighbouring Singapore.
Half of Singapore's money, said Mr Suharto, would be used to support Indonesia's currency: the rupiah has fallen in value by about a third against the American dollar since August. The rest would provide a stand-by facility to shore up the country's ...