ID :
31395
Thu, 11/20/2008 - 19:13
Auther :
Shortlink :
http://m.oananews.org//node/31395
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DEMOCRAT PARTY: ENOUGH WITH IMF
Jakarta, Nov. 20 (ANTARA) - Indonesia had enough bitter experiences with the International Monetary Fund (IMF) especially during the 1997/98 economic crisis, according to Sutan Bathoegana, the deputy chairman of Democrat Party Faction at the House of Representatives (DPR).
"What had happened after that? we all knew that our economy did not improve, but even got worse. It almost led us to bankruptcy," he said here Wednesday.
Based on the experiences in 1997/1998 when Indonesia was hit by economic crisis, President Susilo Bambang Yudhoyono took measures to safeguard the country's economic among other things by using foreign exchange reserves.
"In addition to the measure, President Yudhoyono has also called on all elements of the community to stay calm in facing the current global economic crisis which has affected Indonesia," he said.
Recently in Washington DC, President Yudhoyono said Indonesia would not seek aid from the IMF to overcome its problems in the current global financial crisis because in the past IMF assistance had proven ineffective.
"Our national position or attitude in the days ahead is that we will not choose a format like the one we had in the past -- cooperation with IMF -- when we had to sign a Letter of Intent and accept very tight conditions which were sometimes incompatible with our particular situation," he said during his visit to the US on Sunday (Nov. 16).
He said Indonesia had 10 years of experience cooperating with IMF which was later considered inappropriate, so in the face of the present global financial crisis it was better for the country not to have any relations with IMF again.
"In light of our experience with IMF, we have now to be more careful in entering into partnerships. To cooperate with international financial institutions, we should make sure that the measures, approaches, and the ways in which the problems are to be overcome will be right and suited to our national conditions," Yudhoyono said.
According to Yudhoyono, IMF assistance with its strict requirements and conditions was considered ineffective in overcoming global economic problems.
"What had happened after that? we all knew that our economy did not improve, but even got worse. It almost led us to bankruptcy," he said here Wednesday.
Based on the experiences in 1997/1998 when Indonesia was hit by economic crisis, President Susilo Bambang Yudhoyono took measures to safeguard the country's economic among other things by using foreign exchange reserves.
"In addition to the measure, President Yudhoyono has also called on all elements of the community to stay calm in facing the current global economic crisis which has affected Indonesia," he said.
Recently in Washington DC, President Yudhoyono said Indonesia would not seek aid from the IMF to overcome its problems in the current global financial crisis because in the past IMF assistance had proven ineffective.
"Our national position or attitude in the days ahead is that we will not choose a format like the one we had in the past -- cooperation with IMF -- when we had to sign a Letter of Intent and accept very tight conditions which were sometimes incompatible with our particular situation," he said during his visit to the US on Sunday (Nov. 16).
He said Indonesia had 10 years of experience cooperating with IMF which was later considered inappropriate, so in the face of the present global financial crisis it was better for the country not to have any relations with IMF again.
"In light of our experience with IMF, we have now to be more careful in entering into partnerships. To cooperate with international financial institutions, we should make sure that the measures, approaches, and the ways in which the problems are to be overcome will be right and suited to our national conditions," Yudhoyono said.
According to Yudhoyono, IMF assistance with its strict requirements and conditions was considered ineffective in overcoming global economic problems.
