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Article: IMF official says Indonesia on track of IMF program and see new agreement
- Article from:
- AP Online
- Article date:
- September 7, 1998
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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AP Online
09-07-1998
JAKARTA, Indonesia (AP) _ A top official of the International Monetary Fund's said Monday that Indonesia and the IMF were working on a new agreement as the crisis torn country was ``on track'' with programs aimed at overcoming its economic upheaval.
Hubert Neiss, the IMF's director for Asia and Pacific Affairs, said the main element of the letter of intent, which is expected to be in place by Friday, would be the framework for domestic debt restructuring for the resumption of bank loans to corporations.
He added that Indonesia must maintain a tight monetary policy despite the pressure that exerts on the economy.
``The economy is still in an adjustment period ...