IMF Executive Board Completes First Review of Indonesia's Economic Program

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Page 141

Stanley Fischer, the First Deputy Managing Director of the IMF, announced on May 4 that the IMF's Executive Board had approved the completion of the first review of Indonesia's stand-by credit with the IMF. Mr. Fischer said:

"In approving the release of the next disbursement of SDR 733.8 million (about $989.4 million), Executive Directors noted that the revised program benefited from a number of important prior actions by the authorities, including a strengthened monetary framework. Directors stressed the importance of sustained implementation of the program for restoring confidence in the Indonesian economy. They noted the close collaboration between the IMF and the World Bank in the design and implementation of the program in Indonesia, and in the associated financing.

"In the coming weeks, the managements of the World Bank and the Asian Development Bank are expected to bring proposals for loans to Indonesia to their respective Boards. The...

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