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Das Ende für Präsident Wahid scheint nahe
Parlament wirft dem Staatschef Korruption vor
Von Daniel Kestenholz
Bangkok - In Indonesien werden die Rufe nach dem Rücktritt von Präsident Abdurrahman Wahid, der in die Offensive ging: Eine "Lektion in Demokratie" nannte er Vorwürfe des Parlaments, wonach er in zwei Korruptionsskandale involviert sei. Doch die Vorwürfe "beruhen nicht auf Fakten", sagte Wahid, der versicherte, er trete nicht zurück und das Volk stehe hinter ihm. Wie jüngst auf den Philippinen bahnt sich in Indonesien ein Verfassungscoup an, bei dem die politische Elite ihre eigenen Interessen als jene des Volkes erklärt.
Fast ohne Gegenstimme hatte das Unterhaus Wahid am Donnerstag eine Verwarnung erteilt. Nach einem Untersuchungsbericht habe der Präsident das Volk bei den so genannten Bruneigate- und Buloggate-Skandalen belogen, seine Macht missbraucht und im Palast eine neue Form von Vetternwirtschaft eingeführt. Der Bericht führte jedoch keinen einzigen Beweis auf, der Wahids direkte Verwicklung in die Sechs-Millionen-Dollar-Skandale belegt.
Auch die Abgeordneten wussten zunächst nicht, ob die Verwarnung der erste Schritt für ein Amtsenthebungsverfahren sei. Die Antwort könnte bei Massenprotesten liegen, die gestern nach der mehrtägigen Belagerung des Parlamentes durch Gegner und Anhänger Wahids erstmals ruhten. Wahid habe seine Glaubwürdigkeit und politische Basis verloren und solle der Nation ein langwieriges Amtsenthebungsverfahren mit seinem Rücktritt ersparen, forderte Dewi Fortuna Anwar, die ehemalige Beraterin von Altpräsident Habibie. Der frühere Freund und heutige Intimfeind von Wahid, Moslemführer Amien Rais, der Indonesiens höchstem Verfassungsgremium MPR vorsteht, verlangte die sofortige Einberufung der MPR für Wahids Amtsausschluss. Die Faktionsführer, so Rais, suchen nach Verfassungswegen, um Wahid loszuwerden.
Ironischerweise gehen Anhänger von Altdiktator Suharto und Islamisten als die Sieger aus der Debatte gegen Wahid hervor. Wahid gilt als Galionsfigur moralischer Werte mit wenig Interesse an irdischen Reichtümern. Ihn wegen Bestechung des Amtes zu entheben mutet wie ein schlechter Scherz an, weil es ihn auf die Stufe eines Suharto oder philippinischen Estrada heben würde, die die Staatskassen schamlos plünderten.
Doch wegen seines konfusen Regierungsstils und geringen Detailwissens hat Wahid selbst ehemalige Anhänger überzeugt, dass er vom Regieren wenig versteht. Um der Nation noch größere Verwirrung zu ersparen, vermeidet er neuerdings öffentliche Reden, die er seinem gewandten Sprecher Wimar Witoelar überlässt, einem ehemaligen Fernsehmoderator. Der geh- und sehbehinderte Präsident schuf sich viele Feinde mit seinen Nickerchen vor laufenden Kameras und seinem oft arroganten Benehmen. Über seine berühmten Witze lacht niemand mehr, Reformen blieben vordergründig, die alte Elite genießt eine ähnliche Straffreiheit wie unter Altdiktator Suharto, und Wahids Verteidigungsminister Mahfud tat ihm diese Woche einen schlechten Dienst, als er vor einem Militärputsch warnte, sollte Indonesiens junge Demokratie unfähig sein, ihr eigenes Haus in Ordnung zu halten.
Im letzten August trat Wahid einen Teil der Macht an seinen Vize Megawati Sukarnoputri ab. Sie führt inzwischen das Gros der Tagesgeschäfte, ohne dass dies die Landeswährung oder das Vertrauen von Investoren gestärkt hätte. Megawati glänzte auch bei der Korruptionsdebatte gegen Wahid durch undurchsichtige Manöver. Ihre Demokratische Partei des Kampfes PDI-P unterstützte die Rüge gegen Wahid, womit Megawati den Präsidenten zum ersten Mal spüren ließ, dass er von ihr abhänge, und nicht umgekehrt. Hatte Wahid doch im Oktober 1999 dieser Zeitung gesagt, seine "Schwester Megawati" sei "als Politikerin eine null", wenige Tage, bevor er der populären Megawati die Präsidentschaft wegschnappte.WWW.WELT.DE
Da kann man mal wieder sehen, wie klein die Welt ist. Den Bericht fand ich in der "Welt online", ist zwar schon eine Woche alt, aber immer noch aktuell. Ich glaube auch, das viele Unternehmen in Indonesien, die unter staatlicher Aufsicht sind, bewußt von politischen Gegnern nach unten gezogen werden, um so auch den Staat zu destabilisieren. Ist allerdings nur meine ganz persönliche Meinung und hat nichts mit dem Bericht oben zu tun.
Parlament wirft dem Staatschef Korruption vor
Von Daniel Kestenholz
Bangkok - In Indonesien werden die Rufe nach dem Rücktritt von Präsident Abdurrahman Wahid, der in die Offensive ging: Eine "Lektion in Demokratie" nannte er Vorwürfe des Parlaments, wonach er in zwei Korruptionsskandale involviert sei. Doch die Vorwürfe "beruhen nicht auf Fakten", sagte Wahid, der versicherte, er trete nicht zurück und das Volk stehe hinter ihm. Wie jüngst auf den Philippinen bahnt sich in Indonesien ein Verfassungscoup an, bei dem die politische Elite ihre eigenen Interessen als jene des Volkes erklärt.
Fast ohne Gegenstimme hatte das Unterhaus Wahid am Donnerstag eine Verwarnung erteilt. Nach einem Untersuchungsbericht habe der Präsident das Volk bei den so genannten Bruneigate- und Buloggate-Skandalen belogen, seine Macht missbraucht und im Palast eine neue Form von Vetternwirtschaft eingeführt. Der Bericht führte jedoch keinen einzigen Beweis auf, der Wahids direkte Verwicklung in die Sechs-Millionen-Dollar-Skandale belegt.
Auch die Abgeordneten wussten zunächst nicht, ob die Verwarnung der erste Schritt für ein Amtsenthebungsverfahren sei. Die Antwort könnte bei Massenprotesten liegen, die gestern nach der mehrtägigen Belagerung des Parlamentes durch Gegner und Anhänger Wahids erstmals ruhten. Wahid habe seine Glaubwürdigkeit und politische Basis verloren und solle der Nation ein langwieriges Amtsenthebungsverfahren mit seinem Rücktritt ersparen, forderte Dewi Fortuna Anwar, die ehemalige Beraterin von Altpräsident Habibie. Der frühere Freund und heutige Intimfeind von Wahid, Moslemführer Amien Rais, der Indonesiens höchstem Verfassungsgremium MPR vorsteht, verlangte die sofortige Einberufung der MPR für Wahids Amtsausschluss. Die Faktionsführer, so Rais, suchen nach Verfassungswegen, um Wahid loszuwerden.
Ironischerweise gehen Anhänger von Altdiktator Suharto und Islamisten als die Sieger aus der Debatte gegen Wahid hervor. Wahid gilt als Galionsfigur moralischer Werte mit wenig Interesse an irdischen Reichtümern. Ihn wegen Bestechung des Amtes zu entheben mutet wie ein schlechter Scherz an, weil es ihn auf die Stufe eines Suharto oder philippinischen Estrada heben würde, die die Staatskassen schamlos plünderten.
Doch wegen seines konfusen Regierungsstils und geringen Detailwissens hat Wahid selbst ehemalige Anhänger überzeugt, dass er vom Regieren wenig versteht. Um der Nation noch größere Verwirrung zu ersparen, vermeidet er neuerdings öffentliche Reden, die er seinem gewandten Sprecher Wimar Witoelar überlässt, einem ehemaligen Fernsehmoderator. Der geh- und sehbehinderte Präsident schuf sich viele Feinde mit seinen Nickerchen vor laufenden Kameras und seinem oft arroganten Benehmen. Über seine berühmten Witze lacht niemand mehr, Reformen blieben vordergründig, die alte Elite genießt eine ähnliche Straffreiheit wie unter Altdiktator Suharto, und Wahids Verteidigungsminister Mahfud tat ihm diese Woche einen schlechten Dienst, als er vor einem Militärputsch warnte, sollte Indonesiens junge Demokratie unfähig sein, ihr eigenes Haus in Ordnung zu halten.
Im letzten August trat Wahid einen Teil der Macht an seinen Vize Megawati Sukarnoputri ab. Sie führt inzwischen das Gros der Tagesgeschäfte, ohne dass dies die Landeswährung oder das Vertrauen von Investoren gestärkt hätte. Megawati glänzte auch bei der Korruptionsdebatte gegen Wahid durch undurchsichtige Manöver. Ihre Demokratische Partei des Kampfes PDI-P unterstützte die Rüge gegen Wahid, womit Megawati den Präsidenten zum ersten Mal spüren ließ, dass er von ihr abhänge, und nicht umgekehrt. Hatte Wahid doch im Oktober 1999 dieser Zeitung gesagt, seine "Schwester Megawati" sei "als Politikerin eine null", wenige Tage, bevor er der populären Megawati die Präsidentschaft wegschnappte.WWW.WELT.DE
Da kann man mal wieder sehen, wie klein die Welt ist. Den Bericht fand ich in der "Welt online", ist zwar schon eine Woche alt, aber immer noch aktuell. Ich glaube auch, das viele Unternehmen in Indonesien, die unter staatlicher Aufsicht sind, bewußt von politischen Gegnern nach unten gezogen werden, um so auch den Staat zu destabilisieren. Ist allerdings nur meine ganz persönliche Meinung und hat nichts mit dem Bericht oben zu tun.
Montag 5. März 2001, 09:36 Uhr
Wirtschaftsabschwung in den USA trifft auch Asien
Das Abkühlen der US-Konjunktur scheint die Wachstumsraten von Unternehmen, welche ihren Sitz in Asien haben, nachhaltig zu belasten. So reagiert zum Beispiel Taiwans D-Link Corp., ein Hersteller von Netzwerkzubehör, mit der Errichtung von neuen Fabriken in China und Indien, um die schleppende Nachfrage in den USA ausgleichen zu können. Auch Acer, Taiwans größter Hersteller von PCs, musste zwar im vergangenen Monat 900 Arbeiter entlassen, plant jedoch in diesem Jahr 1000 neue Filialen in China zu eröffnen. In den kommenden Jahren sollen es dann jeweils 500 weitere sein.
Zwar liegt der Anteil des US-Exports am Produktionsvolumen "nur" bei rund 20 Prozent, doch die sinkende Nachfrage bringt einen weiteren Vertrauensverlust in die asiatische Region mit sich. Die Situation für Teile Asiens sieht ohnehin nicht rosig aus. Thailand, Indonesien und die Philippinen haben bereits mit immensen Schuldenbergen zu kämpfen. Die Region wird von Bombenattentaten, ethnischen Unruhen und weit verbreiteter Angst vor Korruption erschüttert, was zu geringem Vertrauen der ausländischen Investoren führt. Die sinkenden Umsatzzahlen werden weiter dazu beitragen, dass es Unternehmen aus dem asiatischen Raum schwer haben werden.
Experten gehen davon aus, dass die Wachstumsrate für Asien in diesem Jahr von 7,2 auf 5,4 Prozent sinken wird. Nur der chinesische Markt wird sich wahrscheinlich behauptet schlagen können. Man geht von einer unveränderten Wachstumsrate von 7 Prozent für das Jahr 2000 aus. Für Taiwan sieht die Situation bedeutend schlechter aus. Das Land hat bereits die höchste Arbeitslosenzahl der vergangenen 15 Jahre. Diese liegt bei 3,27 Prozent.
Die schlechten Aussichten führen dazu, dass viele Unternehmen geplante Investitionen aufschieben, bis sich die Lage gebessert hat. Doch es gibt auch Gegenbeispiele, wie die Winbond Electronics Corp., bei welcher man davon ausgeht, dass es zu spät sein könnte, falls man warte, bis sich die US-Konjunktur erholt haben wird.
Nachrichten www.Yahoo.de
Wirtschaftsabschwung in den USA trifft auch Asien
Das Abkühlen der US-Konjunktur scheint die Wachstumsraten von Unternehmen, welche ihren Sitz in Asien haben, nachhaltig zu belasten. So reagiert zum Beispiel Taiwans D-Link Corp., ein Hersteller von Netzwerkzubehör, mit der Errichtung von neuen Fabriken in China und Indien, um die schleppende Nachfrage in den USA ausgleichen zu können. Auch Acer, Taiwans größter Hersteller von PCs, musste zwar im vergangenen Monat 900 Arbeiter entlassen, plant jedoch in diesem Jahr 1000 neue Filialen in China zu eröffnen. In den kommenden Jahren sollen es dann jeweils 500 weitere sein.
Zwar liegt der Anteil des US-Exports am Produktionsvolumen "nur" bei rund 20 Prozent, doch die sinkende Nachfrage bringt einen weiteren Vertrauensverlust in die asiatische Region mit sich. Die Situation für Teile Asiens sieht ohnehin nicht rosig aus. Thailand, Indonesien und die Philippinen haben bereits mit immensen Schuldenbergen zu kämpfen. Die Region wird von Bombenattentaten, ethnischen Unruhen und weit verbreiteter Angst vor Korruption erschüttert, was zu geringem Vertrauen der ausländischen Investoren führt. Die sinkenden Umsatzzahlen werden weiter dazu beitragen, dass es Unternehmen aus dem asiatischen Raum schwer haben werden.
Experten gehen davon aus, dass die Wachstumsrate für Asien in diesem Jahr von 7,2 auf 5,4 Prozent sinken wird. Nur der chinesische Markt wird sich wahrscheinlich behauptet schlagen können. Man geht von einer unveränderten Wachstumsrate von 7 Prozent für das Jahr 2000 aus. Für Taiwan sieht die Situation bedeutend schlechter aus. Das Land hat bereits die höchste Arbeitslosenzahl der vergangenen 15 Jahre. Diese liegt bei 3,27 Prozent.
Die schlechten Aussichten führen dazu, dass viele Unternehmen geplante Investitionen aufschieben, bis sich die Lage gebessert hat. Doch es gibt auch Gegenbeispiele, wie die Winbond Electronics Corp., bei welcher man davon ausgeht, dass es zu spät sein könnte, falls man warte, bis sich die US-Konjunktur erholt haben wird.
Nachrichten www.Yahoo.de
Es scheint aber trotz allem wieder etwas mehr Mut und Zuversicht zu herrschen.
Akkreditive und Garantien von immer mehr Banken aus Indonesien werden nicht mehr nur abgewiesen, sondern die Banken bei uns beschäftigen sich wieder damit und sind auch bereit, die teils zu akzeptieren. Vor einigen Wochen sah es da düster aus, da nach Nennung des Landes Indonesien sofort die Gespräche beendet wurden.
Akkreditive und Garantien von immer mehr Banken aus Indonesien werden nicht mehr nur abgewiesen, sondern die Banken bei uns beschäftigen sich wieder damit und sind auch bereit, die teils zu akzeptieren. Vor einigen Wochen sah es da düster aus, da nach Nennung des Landes Indonesien sofort die Gespräche beendet wurden.
Wieder ein positives Ereignis
7 Apr 2001
Coming IMF visit gives Jakarta ray of hope
Review mission next week will pave way for US$400m in fresh loans
By Shoeb Kagda in Jakarta
INDONESIA received a welcome shot in the arm yesterday as its four-month impasse with the International Monetary Fund (IMF) was at last broken, providing a glimmer of hope for the country`s battered economy.
Mr Sjahril: expects rupiah to strengthen, interest rates to fall, if IMF approves loan
--------------------------------------------------------------------------------
With the rupiah on its knees, having fallen by over 10 per cent against the US dollar since January, and with the government predicting its Budget deficit for FY2001 could balloon by more than 60 per cent over its earlier estimate, an announcement by the IMF that it would send a long-awaited team to Jakarta next week could prove to be an important turning point for President Abdurrahman Wahid`s government.
The IMF mission next week to review Indonesia`s progress on economic reforms would not only pave the way for the disbursement of US$400 million (S$726 million) in fresh loans delayed since December, but also set the right tone when the government meets its major donors grouped under the Paris Club later this month to discuss the rescheduling of US$5.8 billion in debt.
"The mission should start work next Wednesday ... all conditions for the mission (to visit) have been met," IMF Indonesian representative John Dodsworth told Reuters.
The mission, which will be led by IMF deputy director for Asia-Pacific Anoop Singh, will work with the government on a new letter of intent which will later be presented to the IMF`s executive board which decides whether to hand over more money to Indonesia.
Indonesia has repeatedly lagged on reforms and its already deep economic problems are being compounded by the rapid fall in the value of the rupiah, rising interest rates and inflation.
"There are still many issues we still have to tackle,` Mr Dodsworth said. "The fiscal situation has deteriorated a lot, and basically the mission will have to find ways to correct (it) ... that is the challenge of the mission," he said.
But despite the IMF`s positive statements and announcements by the Indonesian Bank Restructuring Agency (Ibra) that it would sell six trillion rupiah (S$1 billion) worth of restructured corporate loans under its control to help plug the Budget deficit, the Indonesian currency continued its downward spiral.
Ibra said in a statement the loan sales through an open tender were expected to close by the end of May. It did not give further details, including why the government decided to cut the amount, originally set at 16.5 trillion rupiah.
The powerful economic entity also announced that its oversight committee would henceforth review all major corporate restructuring plans for which financial agreements have not been legally closed under a newly agreed set of principles.
Under the new principles, agreed on by the Financial Sector Policy Committee last week, the committee will review all cases above 750 billion rupiah for single obligors where the memorandum of understanding covers all related companies of the group.
The rupiah was trading at 10,875 against the dollar yesterday, down 148 points from Thursday`s closing level. Even Bank Indonesia could not talk up the currency when it said it expected next week`s IMF visit to help boost sentiment in the ailing rupiah, which could give the central bank room to cut the current high interest rates.
"There should be an impact," central bank governor Sjahril Sabirin told reporters when asked about the impact of the visit. "Because the main indicator now is the stamp of approval from the IMF, if the approval is obtained, (the rupiah) will strengthen and there could be room for interest rates to go down."
But Raden Pardede, chief research officer at Danareksa Research House, reckons the good news has come too little too late as the market had already absorbed the seriousness of the government`s budgetary problems. "The IMF`s visit will not resolve the government`s Budget deficit although it might ease the current pressure," said Mr Pardede. "The damage has already been done and the economy is bleeding badly."
The rupiah`s plight is also putting pressure on interest rates which, if they rise, will raise the burden of restructuring Indonesia`s ruined bank sector, for which the government has already earmarked around 650 trillion rupiah.
Mr Pardede added that continuing political uncertainty will also weigh heavily on the rupiah in the coming months. President Abdurrahman has been fighting for his political life after being censured by Parliament in February, and there are growing fears that the elite political struggle could lead to widespread social unrest.
In the face of growing political turmoil, the government lost its nerve over planned cuts in the fuel subsidies this month, and in the end pushed up prices only for commercial users, a move widely panned.
7 Apr 2001
Coming IMF visit gives Jakarta ray of hope
Review mission next week will pave way for US$400m in fresh loans
By Shoeb Kagda in Jakarta
INDONESIA received a welcome shot in the arm yesterday as its four-month impasse with the International Monetary Fund (IMF) was at last broken, providing a glimmer of hope for the country`s battered economy.
Mr Sjahril: expects rupiah to strengthen, interest rates to fall, if IMF approves loan
--------------------------------------------------------------------------------
With the rupiah on its knees, having fallen by over 10 per cent against the US dollar since January, and with the government predicting its Budget deficit for FY2001 could balloon by more than 60 per cent over its earlier estimate, an announcement by the IMF that it would send a long-awaited team to Jakarta next week could prove to be an important turning point for President Abdurrahman Wahid`s government.
The IMF mission next week to review Indonesia`s progress on economic reforms would not only pave the way for the disbursement of US$400 million (S$726 million) in fresh loans delayed since December, but also set the right tone when the government meets its major donors grouped under the Paris Club later this month to discuss the rescheduling of US$5.8 billion in debt.
"The mission should start work next Wednesday ... all conditions for the mission (to visit) have been met," IMF Indonesian representative John Dodsworth told Reuters.
The mission, which will be led by IMF deputy director for Asia-Pacific Anoop Singh, will work with the government on a new letter of intent which will later be presented to the IMF`s executive board which decides whether to hand over more money to Indonesia.
Indonesia has repeatedly lagged on reforms and its already deep economic problems are being compounded by the rapid fall in the value of the rupiah, rising interest rates and inflation.
"There are still many issues we still have to tackle,` Mr Dodsworth said. "The fiscal situation has deteriorated a lot, and basically the mission will have to find ways to correct (it) ... that is the challenge of the mission," he said.
But despite the IMF`s positive statements and announcements by the Indonesian Bank Restructuring Agency (Ibra) that it would sell six trillion rupiah (S$1 billion) worth of restructured corporate loans under its control to help plug the Budget deficit, the Indonesian currency continued its downward spiral.
Ibra said in a statement the loan sales through an open tender were expected to close by the end of May. It did not give further details, including why the government decided to cut the amount, originally set at 16.5 trillion rupiah.
The powerful economic entity also announced that its oversight committee would henceforth review all major corporate restructuring plans for which financial agreements have not been legally closed under a newly agreed set of principles.
Under the new principles, agreed on by the Financial Sector Policy Committee last week, the committee will review all cases above 750 billion rupiah for single obligors where the memorandum of understanding covers all related companies of the group.
The rupiah was trading at 10,875 against the dollar yesterday, down 148 points from Thursday`s closing level. Even Bank Indonesia could not talk up the currency when it said it expected next week`s IMF visit to help boost sentiment in the ailing rupiah, which could give the central bank room to cut the current high interest rates.
"There should be an impact," central bank governor Sjahril Sabirin told reporters when asked about the impact of the visit. "Because the main indicator now is the stamp of approval from the IMF, if the approval is obtained, (the rupiah) will strengthen and there could be room for interest rates to go down."
But Raden Pardede, chief research officer at Danareksa Research House, reckons the good news has come too little too late as the market had already absorbed the seriousness of the government`s budgetary problems. "The IMF`s visit will not resolve the government`s Budget deficit although it might ease the current pressure," said Mr Pardede. "The damage has already been done and the economy is bleeding badly."
The rupiah`s plight is also putting pressure on interest rates which, if they rise, will raise the burden of restructuring Indonesia`s ruined bank sector, for which the government has already earmarked around 650 trillion rupiah.
Mr Pardede added that continuing political uncertainty will also weigh heavily on the rupiah in the coming months. President Abdurrahman has been fighting for his political life after being censured by Parliament in February, and there are growing fears that the elite political struggle could lead to widespread social unrest.
In the face of growing political turmoil, the government lost its nerve over planned cuts in the fuel subsidies this month, and in the end pushed up prices only for commercial users, a move widely panned.
alles wird ein wenig uebertrieben.
befinde mich selber in indonesien, jakarta, und soweit ich das beurteilen kann ist die lage friedlich.
ein wechsel an der regierungsspitze wird, auch nach meinung der einheimischen, nicht zum GAU fuehren.
im gegenteil, die leute denken, dass dies INd. sogar helfen wird.
fuer mich gibt es keinen grund an ind. und seiner wachstumsstory zu zweifeln.
eine rezession in den usa duerfte nur kurzzeitig die aussichten verschlechtern, da man hier doch sehr von der inlandsnachfrage abhaengt.
alles in allem bleibt ind. fuer mich ein klarer favorit fuer jedes depot, schliesslich sind hier noch kursgewinne wie am neuen markt moeglich. mit einem unterschied: das KGV stimmt, d.h. im moment extrem niedrig, 7-8 nur auf den gesamtmarkt bezogen.
mehr informationen unter www. indoexchange.com, mit englischen nachrichten und informationen.
TheRealInsider
befinde mich selber in indonesien, jakarta, und soweit ich das beurteilen kann ist die lage friedlich.
ein wechsel an der regierungsspitze wird, auch nach meinung der einheimischen, nicht zum GAU fuehren.
im gegenteil, die leute denken, dass dies INd. sogar helfen wird.
fuer mich gibt es keinen grund an ind. und seiner wachstumsstory zu zweifeln.
eine rezession in den usa duerfte nur kurzzeitig die aussichten verschlechtern, da man hier doch sehr von der inlandsnachfrage abhaengt.
alles in allem bleibt ind. fuer mich ein klarer favorit fuer jedes depot, schliesslich sind hier noch kursgewinne wie am neuen markt moeglich. mit einem unterschied: das KGV stimmt, d.h. im moment extrem niedrig, 7-8 nur auf den gesamtmarkt bezogen.
mehr informationen unter www. indoexchange.com, mit englischen nachrichten und informationen.
TheRealInsider
Trading Spotlight
So sehe ich die Geschichte auch; insbesondere ist die Stimmung der Indonesier wesentlich erfreulicher als es hier dargestellt wird.
Der Betrieb am Flughafen gleicht dem einer pulsierenden Wirtschaftsmetropole. Viele investierende und geschäftswillige Leute aus dem Ausland.
Der Betrieb am Flughafen gleicht dem einer pulsierenden Wirtschaftsmetropole. Viele investierende und geschäftswillige Leute aus dem Ausland.
Und weiter geht`s !
Tuesday April 10, 10:25 AM
IMF Team Supports Amendments to Bank Indonesia Law
JAKARTA, April 10 Asia Pulse - A team of international banking experts put together by the International Monetary Fund (IMF) has deemed the Indonesian government`s proposal to amend Bank Indonesia law justifiable.
The team, which began its work assessing proposed amendments to the law last April 3, corroborated in its report the government`s stand that the central bank law should be amended, said Dipo Alam, an assistant to the Coordinating Minister of Economic Affairs on Monday.
The team consists of New Zealand central bank governor Don Brash, Chilean former central bank governor Roberto Zahler, former Bank Indonesia director Budiono and banking law and former state bank executive Sutan Remy Syahdeni.
"The team agrees that amendments (to the Bank Indonesia law) are necessary. But the Bank Indonesia`s accountability also needs to be strengthened and its independence maintained," Alam said quoting the main conclusions of the team`s assessment.
The panel has reported the results of its work to Justice and Human Rights Minister Baharuddin Lopa and Coordinating Minister for Economic Affairs Rizal Ramli, he said.
"After the House of Representatives` recess is over (in May), the government will continue its discussions on amendments to the law with the legislature," Alam said.
Declining to give details of the expert team`s recommendations, Alam said, in essence, they did not differ much from the government`s arguments for proposing to alter the law.
The IMF has cited anxiety over proposed BI law amendment as a reason for holding back a US$ 400 million loan to Indonesia since December.
The government had wanted to amend the Bank Indonesia law to increase the central bank`s accountability. But the IMF expressed worry the amendments would render BI vulnerable to political influence.
Under the current law, the central bank only has to report to the House on a monthly basis and is not accountable for the achievement (or non-achievement) of any targets in the implementation of its monetary policies.
Therefore, Alam said, the government wanted legislators to focus on the question of the bank`s accountability for its monetary policies.
"However, the experts` team is also recommending that Bank Indonesia`s independence must be maintained," Alam said.
The delayed US$400 million loan is the third tranche of a US$5 billion bailout package pledged by the IMF to help Indonesia overcome the economic crisis which has been gripping the country since mid-1997.
(ANTARA)
Tuesday April 10, 10:25 AM
IMF Team Supports Amendments to Bank Indonesia Law
JAKARTA, April 10 Asia Pulse - A team of international banking experts put together by the International Monetary Fund (IMF) has deemed the Indonesian government`s proposal to amend Bank Indonesia law justifiable.
The team, which began its work assessing proposed amendments to the law last April 3, corroborated in its report the government`s stand that the central bank law should be amended, said Dipo Alam, an assistant to the Coordinating Minister of Economic Affairs on Monday.
The team consists of New Zealand central bank governor Don Brash, Chilean former central bank governor Roberto Zahler, former Bank Indonesia director Budiono and banking law and former state bank executive Sutan Remy Syahdeni.
"The team agrees that amendments (to the Bank Indonesia law) are necessary. But the Bank Indonesia`s accountability also needs to be strengthened and its independence maintained," Alam said quoting the main conclusions of the team`s assessment.
The panel has reported the results of its work to Justice and Human Rights Minister Baharuddin Lopa and Coordinating Minister for Economic Affairs Rizal Ramli, he said.
"After the House of Representatives` recess is over (in May), the government will continue its discussions on amendments to the law with the legislature," Alam said.
Declining to give details of the expert team`s recommendations, Alam said, in essence, they did not differ much from the government`s arguments for proposing to alter the law.
The IMF has cited anxiety over proposed BI law amendment as a reason for holding back a US$ 400 million loan to Indonesia since December.
The government had wanted to amend the Bank Indonesia law to increase the central bank`s accountability. But the IMF expressed worry the amendments would render BI vulnerable to political influence.
Under the current law, the central bank only has to report to the House on a monthly basis and is not accountable for the achievement (or non-achievement) of any targets in the implementation of its monetary policies.
Therefore, Alam said, the government wanted legislators to focus on the question of the bank`s accountability for its monetary policies.
"However, the experts` team is also recommending that Bank Indonesia`s independence must be maintained," Alam said.
The delayed US$400 million loan is the third tranche of a US$5 billion bailout package pledged by the IMF to help Indonesia overcome the economic crisis which has been gripping the country since mid-1997.
(ANTARA)
Die machen aber auch alles damit es nicht besser wird?
Market bearish, Jakarta shares plunge
2001-04-20 19:49:32 GMT+7.
Jakarta (IndoExchange) - Jakarta’s blue chip stocks continued to lose ground today due to controversial statement by President Abdurrahman “Gus Dur” Wahid that there would be massive riots if the House pursued its plan to impeach him. Gus Dur also confirmed that thousands of his supporters would flood Jakarta to maintain his presidency.
This has caused the market to become even more skeptical on the political condition toward April 30, on which the House was scheduled to give their decision regarding the issuance of the second censure.
The swelling in state budget deficit for fiscal year 2001 and the depreciation of rupiah against the dollar has driven investors further away from the stock market. Things were getting worse following the Asian Development Bank’s forecast that Indonesia’s economic growth would slow down by 4.2% this year. Meanwhile, the IMF has yet to confirm when it would disburse the $400m loan tranche.
IndoExchange Top-15 slipped 8.36 pts or 1.26% to 652.76; IndoExchange-75 Average dropped 4.67 pts or 1.99% to 230.10 and IndoExchange small cap lost 3.81 pts or 3.27% to 112.73.
The JSX Composite Index closed down 6.451 pts or 1.85% to 342.858 and the LQ-45 Index down 1.527 pts or 2.22% to 67.275. Volume was of 509.79m shares worth Rp231.92bn. Losers led gainers 100 to 25 with 172 unchanged.
Gudang Garam lost Rp300 or 2.68% to Rp10,900; HM Sampoerna declined Rp300 or 2.59% to Rp11,300; Unilever Indonesia slipped Rp150 or 0.98% to Rp15,200; Astra International dropped 8.00% to Rp1,150; Ramayana Lestari Sentosa slid Rp75 or 3.13% to Rp2,325 and Timah lost Rp75 to Rp1,325.
Telkom dropped Rp50 to Rp2,225 and Indosat declined Rp50 to Rp7,850. The American Depository Receipts (ADRs) of both companies declined at the NYSE yesterday. Indosat lost 4.5% to $7.40 (Rp7,900/ordinary) and Telkom declined 7.1% to $4.18 (Rp2,275/ordinary).
On the other hand, Merck Indonesia edged up Rp100 or 1.30% to Rp7,800; Plastpack Prima Industries surged Rp75 or 7.69% to Rp1,050 and Primarindo Asia Infr inched up Rp50 or 3.03% to Rp1,700.
Shares from Sinar Mas Group managed to secure gains. Indah Kiat Pulp & Paper rose Rp15 to Rp215; Tjiwi Kimia gained Rp5 or 3.33% to Rp155 and Sinar Mas Multiartha edged up Rp5 to Rp170.
Reported by : Surya Kusuma
Market bearish, Jakarta shares plunge
2001-04-20 19:49:32 GMT+7.
Jakarta (IndoExchange) - Jakarta’s blue chip stocks continued to lose ground today due to controversial statement by President Abdurrahman “Gus Dur” Wahid that there would be massive riots if the House pursued its plan to impeach him. Gus Dur also confirmed that thousands of his supporters would flood Jakarta to maintain his presidency.
This has caused the market to become even more skeptical on the political condition toward April 30, on which the House was scheduled to give their decision regarding the issuance of the second censure.
The swelling in state budget deficit for fiscal year 2001 and the depreciation of rupiah against the dollar has driven investors further away from the stock market. Things were getting worse following the Asian Development Bank’s forecast that Indonesia’s economic growth would slow down by 4.2% this year. Meanwhile, the IMF has yet to confirm when it would disburse the $400m loan tranche.
IndoExchange Top-15 slipped 8.36 pts or 1.26% to 652.76; IndoExchange-75 Average dropped 4.67 pts or 1.99% to 230.10 and IndoExchange small cap lost 3.81 pts or 3.27% to 112.73.
The JSX Composite Index closed down 6.451 pts or 1.85% to 342.858 and the LQ-45 Index down 1.527 pts or 2.22% to 67.275. Volume was of 509.79m shares worth Rp231.92bn. Losers led gainers 100 to 25 with 172 unchanged.
Gudang Garam lost Rp300 or 2.68% to Rp10,900; HM Sampoerna declined Rp300 or 2.59% to Rp11,300; Unilever Indonesia slipped Rp150 or 0.98% to Rp15,200; Astra International dropped 8.00% to Rp1,150; Ramayana Lestari Sentosa slid Rp75 or 3.13% to Rp2,325 and Timah lost Rp75 to Rp1,325.
Telkom dropped Rp50 to Rp2,225 and Indosat declined Rp50 to Rp7,850. The American Depository Receipts (ADRs) of both companies declined at the NYSE yesterday. Indosat lost 4.5% to $7.40 (Rp7,900/ordinary) and Telkom declined 7.1% to $4.18 (Rp2,275/ordinary).
On the other hand, Merck Indonesia edged up Rp100 or 1.30% to Rp7,800; Plastpack Prima Industries surged Rp75 or 7.69% to Rp1,050 and Primarindo Asia Infr inched up Rp50 or 3.03% to Rp1,700.
Shares from Sinar Mas Group managed to secure gains. Indah Kiat Pulp & Paper rose Rp15 to Rp215; Tjiwi Kimia gained Rp5 or 3.33% to Rp155 and Sinar Mas Multiartha edged up Rp5 to Rp170.
Reported by : Surya Kusuma
!
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Jetzt geht es rund, sprach der Papagei und kam mit dem Schwanz in den Ventilator. Ich glaube, in irgendeine Richtung wird sich der Zug wohl bewegen und dann müßte eigentlich wieder Ruhe eintreten, was dann wohl endlich eine Aufwärtsbewegung im Markt bedeuten würde (tiefer geht es ja wohl kaum noch, wäre ja sonst die erste Börse mit Minuswert)
Samstag 21. April 2001, 09:14 Uhr
Politische Gegner Wahids unter Polizeischutz
Nach Drohungen von Anhängern des indonesischen Präsidenten
Jakarta (AP) Die Polizei in Indonesien hat zwei politische Gegner von Präsident Abdurrahman Wahid nach Drohungen unter Schutz gestellt. Den beiden prominenten Politikern Amien Rais und Akbar Tandjung seien jeweils mehrere Leibwächter zugewiesen worden, teilte die Polizei am Samstag mit. Es werde auch erwogen, noch weitere Politiker unter Polizeischutz zu stellen. Anhänger Wahids haben mit der Ermordung politischer Gegner des Präsidenten gedroht, sollte das Parlament ein Amtsenthebungsverfahren gegen Wahid einleiten.
Das Parlament hatte Wahid Anfang Februar eine Rüge ausgesprochen, weil er mit zwei Bestechungsskandalen in Zusammenhang gebracht wird. Beobachter erwarten, dass die Abgeordneten den Präsidenten in dieser Sache am 30. April zum zweiten Mal rügen und später ein Amtsenthebungsverfahren einleiten. Der seit 17 Monaten regierende Wahid hat alle Vorwürfe zurückgewiesen und einen Rücktritt abgelehnt. Neben den innenpolitischen Spannungen tragen Sezessionsbewegungen und Unruhen in Aceh, Irian Jaya sowie auf den Molukken und Borneo zu der allgemeinen Krise in Indonesien bei.
www.yahoo/nachrichten
Samstag 21. April 2001, 09:14 Uhr
Politische Gegner Wahids unter Polizeischutz
Nach Drohungen von Anhängern des indonesischen Präsidenten
Jakarta (AP) Die Polizei in Indonesien hat zwei politische Gegner von Präsident Abdurrahman Wahid nach Drohungen unter Schutz gestellt. Den beiden prominenten Politikern Amien Rais und Akbar Tandjung seien jeweils mehrere Leibwächter zugewiesen worden, teilte die Polizei am Samstag mit. Es werde auch erwogen, noch weitere Politiker unter Polizeischutz zu stellen. Anhänger Wahids haben mit der Ermordung politischer Gegner des Präsidenten gedroht, sollte das Parlament ein Amtsenthebungsverfahren gegen Wahid einleiten.
Das Parlament hatte Wahid Anfang Februar eine Rüge ausgesprochen, weil er mit zwei Bestechungsskandalen in Zusammenhang gebracht wird. Beobachter erwarten, dass die Abgeordneten den Präsidenten in dieser Sache am 30. April zum zweiten Mal rügen und später ein Amtsenthebungsverfahren einleiten. Der seit 17 Monaten regierende Wahid hat alle Vorwürfe zurückgewiesen und einen Rücktritt abgelehnt. Neben den innenpolitischen Spannungen tragen Sezessionsbewegungen und Unruhen in Aceh, Irian Jaya sowie auf den Molukken und Borneo zu der allgemeinen Krise in Indonesien bei.
www.yahoo/nachrichten
Also warten wir wieden die nächsten 4 Wochen ab.
Montag, April 23 4:31 P.M. SGT
Indonesien Rizal: Das Parlament Zum Genehmigen Des Etats Durch Mid Mag
(Mehr) Dow Jones Newswires 23-04-01
0830GMT
Indonesien Rizal: Läßt Mangel An Fortschritt Auf Verbesserungen Econ Zu
(Mehr) Dow Jones Newswires 23-04-01
Taste 0836gmt Zur IWF-DarlehenZurücknahme
JAKARTA (Dow Jones) -- Indonesiens der obere Volkswirtschaftminister, der Montag erwartete er gesagt wurde, daß das Parlament einen korrigierten Etat bis zum mittlerem Mai genehmigen würde und die Weise für die Zurücknahme von Internationalem Währungsfonds verleihen pflastern würde.
" wir sind dankbaren, daß Parlament die Notwendigkeit verstanden hat, ein Paket Anträge durch eine Etatänderung schnell zu genehmigen, " älteren Major VolkswirtschaftministerRizal Ramli erklärten Indonesiens fremde Spender in einer Rede.
" wir glauben, daß wir die Erwägung des Parlaments dieses Pakets bis zum mittlerem Mai haben, " ihm hinzufügten.
Der IWF erklärte Parlamentbauteilen letzte Woche, daß er nur Kapital zum Land, unter einem Programm $5 Milliarde, nach einer Änderung des aktuellen Etats entsperren würde.
Rupiahwährung Indonesiens ist auf 31-Monate Tiefen gegen den US-Dollar die letzte Woche gefallen und aktuelle Etatannahmen für dieses Jahr unattainable gebildet.
Der Dollar ist aktuell bei 11.825 Rupiah, während der Etat eine Verbrauchssteuer von IDR7,800 annimmt.
(Mehr) Dow Jones Newswires 23-04-01
Montag, April 23 4:31 P.M. SGT
Indonesien Rizal: Das Parlament Zum Genehmigen Des Etats Durch Mid Mag
(Mehr) Dow Jones Newswires 23-04-01
0830GMT
Indonesien Rizal: Läßt Mangel An Fortschritt Auf Verbesserungen Econ Zu
(Mehr) Dow Jones Newswires 23-04-01
Taste 0836gmt Zur IWF-DarlehenZurücknahme
JAKARTA (Dow Jones) -- Indonesiens der obere Volkswirtschaftminister, der Montag erwartete er gesagt wurde, daß das Parlament einen korrigierten Etat bis zum mittlerem Mai genehmigen würde und die Weise für die Zurücknahme von Internationalem Währungsfonds verleihen pflastern würde.
" wir sind dankbaren, daß Parlament die Notwendigkeit verstanden hat, ein Paket Anträge durch eine Etatänderung schnell zu genehmigen, " älteren Major VolkswirtschaftministerRizal Ramli erklärten Indonesiens fremde Spender in einer Rede.
" wir glauben, daß wir die Erwägung des Parlaments dieses Pakets bis zum mittlerem Mai haben, " ihm hinzufügten.
Der IWF erklärte Parlamentbauteilen letzte Woche, daß er nur Kapital zum Land, unter einem Programm $5 Milliarde, nach einer Änderung des aktuellen Etats entsperren würde.
Rupiahwährung Indonesiens ist auf 31-Monate Tiefen gegen den US-Dollar die letzte Woche gefallen und aktuelle Etatannahmen für dieses Jahr unattainable gebildet.
Der Dollar ist aktuell bei 11.825 Rupiah, während der Etat eine Verbrauchssteuer von IDR7,800 annimmt.
(Mehr) Dow Jones Newswires 23-04-01
Es ist wie eine Seuche:
Indonesia`s rupiah set to resume fall
The rupiah has plunged in recent weeks on political and economic turmoil
April 27, 2001
Web posted at: 6:09 PM HKT (1009 GMT)
--------------------------------------------------------------------------------
In this story:
Rupiah hits 31-month low
IMF still holding up loan package
--------------------------------------------------------------------------------
By Staff and wire reports
JAKARTA, Indonesia -- Indonesia`s sickly currency could still get worse, its chief banker said Friday.
The International Monetary Fund also reports that the currency`s problems will continue while its political scene remains fragile.
Embattled Indonesian president Abdurrahman Wahid faces a second censure from its parliament on Monday. Fears of violence on Monday have taken their toll on Indonesia`s currency markets.
The legislature first censured Wahid in February, after he was implicated in a multimillion dollar corruption scandal. By censuring him a second time, the parliament moves one step closer to possible impeachment.
Wahid refuses to resign. This week he said he will serve out his term through 2004.
He planned to address the nation Friday evening, as supporters streamed into the capital for a Sunday rally.
Rupiah hits 31-month low
President Wahid faces the prospect of a second censure next week
The uncertain political picture has decimated the rupiah. It has been forced to levels not seen since 1998, in the fallout from the Asian financial crisis.
The rupiah hit a 31-month low on Thursday. It also broke through the key 12,000 barrier against the U.S. dollar.
"The rupiah is already very undervalued but … can weaken further," central bank governor Sjahril Sabirin said Friday.
The rupiah was trading at 11,825/11,915 on Friday, with the central bank selling dollars to prop it up.
The currency is substantially undervalued, according to Daniel Lian, Southeast Asian economist with Morgan Stanley. Lian noted that 10,500 to the dollar is a more-realistic level.
But the Indonesian government has to introduce a more realistic budget and cut its debt substantially before the situation improves. Cutting its debt levels will take years of work, requiring constant growth, low inflation and the like.
"These present very tall orders for the country to meet," Lian wrote in a report.
IMF still holding up loan package
The currency is likely to continue its decline while doubts about Indonesia`s political scene continue. A foreign-exchange trader said on Friday that 13,500 was possible.
The International Monetary Fund noted in its World Economic Outlook report that worsening market sentiment about Indonesia`s prospects is weighing on the currency.
The IMF has held up a vital $400 million loan package to Indonesia. A team which briefed Indonesia`s key donors during a meeting in Jakarta this week left without making it clear whether that loan would go ahead.
The IMF is stepping up its pressure on the government to be more responsible with its spending.
"Despite a pickup in activity in 2000, the economic and political situation in Indonesia remains very fragile," the IMF stated in the report.
"Debt restructuring and asset recovery remain key to maintaining a sound macroeconomic framework supported by safeguards to minimize the risks associated with ongoing fiscal decentralization," the IMF said.
The economy of Indonesia, the world`s fourth most populous country, has slowed to 3.5 percent growth this year, the report states. That`s down from 4.8 percent in 2000.
The World Bank expects little progress. It has warned of the risks of the current crisis and pushed for change but does not envision much movement.
"We are still very much in our base case, muddle-through scenario," Mark Baird, the bank`s country director for Indonesia, said.
Baird, who chaired the Jakarta talks this week between the Indonesian government and foreign donors, said the currency could improve if the economy and market sentiment turn around.
Reuters contributed to this report
Indonesia`s rupiah set to resume fall
The rupiah has plunged in recent weeks on political and economic turmoil
April 27, 2001
Web posted at: 6:09 PM HKT (1009 GMT)
--------------------------------------------------------------------------------
In this story:
Rupiah hits 31-month low
IMF still holding up loan package
--------------------------------------------------------------------------------
By Staff and wire reports
JAKARTA, Indonesia -- Indonesia`s sickly currency could still get worse, its chief banker said Friday.
The International Monetary Fund also reports that the currency`s problems will continue while its political scene remains fragile.
Embattled Indonesian president Abdurrahman Wahid faces a second censure from its parliament on Monday. Fears of violence on Monday have taken their toll on Indonesia`s currency markets.
The legislature first censured Wahid in February, after he was implicated in a multimillion dollar corruption scandal. By censuring him a second time, the parliament moves one step closer to possible impeachment.
Wahid refuses to resign. This week he said he will serve out his term through 2004.
He planned to address the nation Friday evening, as supporters streamed into the capital for a Sunday rally.
Rupiah hits 31-month low
President Wahid faces the prospect of a second censure next week
The uncertain political picture has decimated the rupiah. It has been forced to levels not seen since 1998, in the fallout from the Asian financial crisis.
The rupiah hit a 31-month low on Thursday. It also broke through the key 12,000 barrier against the U.S. dollar.
"The rupiah is already very undervalued but … can weaken further," central bank governor Sjahril Sabirin said Friday.
The rupiah was trading at 11,825/11,915 on Friday, with the central bank selling dollars to prop it up.
The currency is substantially undervalued, according to Daniel Lian, Southeast Asian economist with Morgan Stanley. Lian noted that 10,500 to the dollar is a more-realistic level.
But the Indonesian government has to introduce a more realistic budget and cut its debt substantially before the situation improves. Cutting its debt levels will take years of work, requiring constant growth, low inflation and the like.
"These present very tall orders for the country to meet," Lian wrote in a report.
IMF still holding up loan package
The currency is likely to continue its decline while doubts about Indonesia`s political scene continue. A foreign-exchange trader said on Friday that 13,500 was possible.
The International Monetary Fund noted in its World Economic Outlook report that worsening market sentiment about Indonesia`s prospects is weighing on the currency.
The IMF has held up a vital $400 million loan package to Indonesia. A team which briefed Indonesia`s key donors during a meeting in Jakarta this week left without making it clear whether that loan would go ahead.
The IMF is stepping up its pressure on the government to be more responsible with its spending.
"Despite a pickup in activity in 2000, the economic and political situation in Indonesia remains very fragile," the IMF stated in the report.
"Debt restructuring and asset recovery remain key to maintaining a sound macroeconomic framework supported by safeguards to minimize the risks associated with ongoing fiscal decentralization," the IMF said.
The economy of Indonesia, the world`s fourth most populous country, has slowed to 3.5 percent growth this year, the report states. That`s down from 4.8 percent in 2000.
The World Bank expects little progress. It has warned of the risks of the current crisis and pushed for change but does not envision much movement.
"We are still very much in our base case, muddle-through scenario," Mark Baird, the bank`s country director for Indonesia, said.
Baird, who chaired the Jakarta talks this week between the Indonesian government and foreign donors, said the currency could improve if the economy and market sentiment turn around.
Reuters contributed to this report
Wann kommt endlich die dritte Scheibe über 400 Mio`s :-(
Samstag, April 28 1:39 morgens SGT
IWF sagt das Gesetz und Ordnung, die zum Indonesienhilfsmittel kritisch sind
Washington, April 27 (Afp) -
Indonesien muß Gesetz und Ordnung für den IWF Zusammenfassung zum finanziellen Support zu seiner verkrüppelten Wirtschaft wiederherstellen, geschäftsführender Geschäftsführer Horst Koehler besagter hier Freitag IWF.
Der IWF, der benötigt wird, von der Stabilität des Landes sicher zu sein ", um unsere starke Verpflichtung einzuführen, um mit Indonesien also ihm zu arbeiten, kann einen Ausweg der Krise finden, " er erklärte eine Nachrichten Konferenz.
Der IWF hat seit Dezember auf der Zahlung eines Darlehens 400-million-dollar, die dritte Scheibe von einem Fünf-Milliardedollar-Sicherheitsleistung Paket festgeklemmt, das durch den IWF im Januar 2000 pledged ist.
Herum ein Milliarde Dollar ist bereits vom Sanierungsprogramm freigegeben worden, das damit einverstandenIST, Wirtschaft Indonesiens zu helfen von, dem Verwüsten 1997 asiatische Finanzkrise sich zu erholen war.
" Indonesien verdient Support, erhält Support, aber es gibt eine Notwendigkeit am Gesetz und Ordnung und diese muß wieder hergestellt werden, " Koehler, vor Wochenende Sitzungen von IWF- und Weltbankpolicymakers gesagt werden.
Die Indonesier selbst waren für das Herstellen des Gesetzes verantwortlich und Ordnung, der Internationale Währungsfondsleiter sagte.
" ich muß zulassen, daß es in der Tat eine Tragödie was in Indonesien geschieht und niemand, einschließlich der Kapitals, kann frei sich beurteilen vom Haben ein wenig, ein Teil von, Verantwortlichkeit für diese Tragödie ist, " gesagtes Koehler.
" aber wir sollten nicht auch uns verwirren. Am Ende arbeitet nichts und kein internationaler Support arbeitet, wenn es nicht einen minimalen Grad politische Stabilität und, gibt wenn Sie so wünschen, Gesetz und Ordnung, " er hinzufügte.
" es sei denn dieses hergestellt wird, kann ich nicht sehen, wie Support leistungsfähig sein kann. ",
Nach wiederholenden Jakartas überfälligen ökonomischen Verbesserungen und dem Markieren der chronischen Etatprobleme ein IWF wiederholen Team linkes Indonesien diese Woche. Er gab keinen Zeitplan für das Freigeben des verschobenen Darlehens.
Der IWF wurde " gehen ein langer Weg, Indonesien zu unterstützen festgelegt, " gesagtes Koehler.
" aber die haushaltsmäßigen Ausgaben sind... am Kern auch des politischen Problems, " sagte er.
" wenn es nicht eine Ordnung gibt, die Steuerung von dann finanzieren haben kann, ist jedes Geld, das ausgegeben wird, verlorenes Geld, " er hinzufügte.
Im neuesten Zeichen der politischen Instabilität, embattled indonesischen Präsidenten Abdurrahman Wahid früh am Tag, der einen Anklang 11th-hour zu seinen Leuten nicht gebildet wurde, lassen Sie Parlament ihn aus Büro heraus werfen.
" selbst wenn in einem Jahr, ändert dieses Land Präsidenten hundertmal, niemand kann, unsere verkrüppelte Wirtschaft in einer sehr kurzen Zeit wiederhzuerstellen, " Wahid, das in einer national im Fernsehen übertragenen Adresse gelesen von seinem Wortführer gesagt wird.
Der Anklang kam, während MPs sich vorbereitete, Montag zusammenzukommen, um die, zweite Kritik von Wahid herauszugeben zu betrachten, und Hunderte der Verfechter des Präsidenten gossen in Jakarta, um ihn zu verteidigen.
Eine zweite Kritik konnte zu die Anklage von Wahid bis August führen.
Wahid wurde zuerst an Februar 1 über zwei finanziellen Skandalen kritisiert, in denen er Miteinbeziehung verweigert hat. Eine parlamentarische Prüfspitze hat festgestellt, daß er " vermutet werden könnte, eine Rolle gespielt zu haben. ",
Wahid hat gewarnt, daß 400.000 seiner Verfechter gegen Parlament auflehnen, wenn Gesetzgeber mit der Kritik durchmachen.
Furcht vor Gewalttätigkeit am Donnerstag schickte die indonesische Währung, die zu 31-Monaten niedrig gegen den Dollar stolpert, aber die Kinetik erleichterte Freitag zur Stufe 11.000, wie Investoren sagten, daß die Furcht vor Gewalttätigkeit schien übertrieben zu werden.
Samstag, April 28 1:39 morgens SGT
IWF sagt das Gesetz und Ordnung, die zum Indonesienhilfsmittel kritisch sind
Washington, April 27 (Afp) -
Indonesien muß Gesetz und Ordnung für den IWF Zusammenfassung zum finanziellen Support zu seiner verkrüppelten Wirtschaft wiederherstellen, geschäftsführender Geschäftsführer Horst Koehler besagter hier Freitag IWF.
Der IWF, der benötigt wird, von der Stabilität des Landes sicher zu sein ", um unsere starke Verpflichtung einzuführen, um mit Indonesien also ihm zu arbeiten, kann einen Ausweg der Krise finden, " er erklärte eine Nachrichten Konferenz.
Der IWF hat seit Dezember auf der Zahlung eines Darlehens 400-million-dollar, die dritte Scheibe von einem Fünf-Milliardedollar-Sicherheitsleistung Paket festgeklemmt, das durch den IWF im Januar 2000 pledged ist.
Herum ein Milliarde Dollar ist bereits vom Sanierungsprogramm freigegeben worden, das damit einverstandenIST, Wirtschaft Indonesiens zu helfen von, dem Verwüsten 1997 asiatische Finanzkrise sich zu erholen war.
" Indonesien verdient Support, erhält Support, aber es gibt eine Notwendigkeit am Gesetz und Ordnung und diese muß wieder hergestellt werden, " Koehler, vor Wochenende Sitzungen von IWF- und Weltbankpolicymakers gesagt werden.
Die Indonesier selbst waren für das Herstellen des Gesetzes verantwortlich und Ordnung, der Internationale Währungsfondsleiter sagte.
" ich muß zulassen, daß es in der Tat eine Tragödie was in Indonesien geschieht und niemand, einschließlich der Kapitals, kann frei sich beurteilen vom Haben ein wenig, ein Teil von, Verantwortlichkeit für diese Tragödie ist, " gesagtes Koehler.
" aber wir sollten nicht auch uns verwirren. Am Ende arbeitet nichts und kein internationaler Support arbeitet, wenn es nicht einen minimalen Grad politische Stabilität und, gibt wenn Sie so wünschen, Gesetz und Ordnung, " er hinzufügte.
" es sei denn dieses hergestellt wird, kann ich nicht sehen, wie Support leistungsfähig sein kann. ",
Nach wiederholenden Jakartas überfälligen ökonomischen Verbesserungen und dem Markieren der chronischen Etatprobleme ein IWF wiederholen Team linkes Indonesien diese Woche. Er gab keinen Zeitplan für das Freigeben des verschobenen Darlehens.
Der IWF wurde " gehen ein langer Weg, Indonesien zu unterstützen festgelegt, " gesagtes Koehler.
" aber die haushaltsmäßigen Ausgaben sind... am Kern auch des politischen Problems, " sagte er.
" wenn es nicht eine Ordnung gibt, die Steuerung von dann finanzieren haben kann, ist jedes Geld, das ausgegeben wird, verlorenes Geld, " er hinzufügte.
Im neuesten Zeichen der politischen Instabilität, embattled indonesischen Präsidenten Abdurrahman Wahid früh am Tag, der einen Anklang 11th-hour zu seinen Leuten nicht gebildet wurde, lassen Sie Parlament ihn aus Büro heraus werfen.
" selbst wenn in einem Jahr, ändert dieses Land Präsidenten hundertmal, niemand kann, unsere verkrüppelte Wirtschaft in einer sehr kurzen Zeit wiederhzuerstellen, " Wahid, das in einer national im Fernsehen übertragenen Adresse gelesen von seinem Wortführer gesagt wird.
Der Anklang kam, während MPs sich vorbereitete, Montag zusammenzukommen, um die, zweite Kritik von Wahid herauszugeben zu betrachten, und Hunderte der Verfechter des Präsidenten gossen in Jakarta, um ihn zu verteidigen.
Eine zweite Kritik konnte zu die Anklage von Wahid bis August führen.
Wahid wurde zuerst an Februar 1 über zwei finanziellen Skandalen kritisiert, in denen er Miteinbeziehung verweigert hat. Eine parlamentarische Prüfspitze hat festgestellt, daß er " vermutet werden könnte, eine Rolle gespielt zu haben. ",
Wahid hat gewarnt, daß 400.000 seiner Verfechter gegen Parlament auflehnen, wenn Gesetzgeber mit der Kritik durchmachen.
Furcht vor Gewalttätigkeit am Donnerstag schickte die indonesische Währung, die zu 31-Monaten niedrig gegen den Dollar stolpert, aber die Kinetik erleichterte Freitag zur Stufe 11.000, wie Investoren sagten, daß die Furcht vor Gewalttätigkeit schien übertrieben zu werden.
Noch was:
Friday, April 27 7:34 PM SGT
Indonesia`s President Wahid Refuses To Step Down
JAKARTA (AP)--President Abdurrahman Wahid vowed Friday to stay in office, despite near certainty that parliament will censure him next week for the second time over corruption allegations, which would open the door for impeachment.
Wahid called for calm as thousands of his angry supporters arrived in the capital ahead of a planned mass Islamic prayer rally Sunday and the censure vote Monday.
"I am appealing for peace," he said after attending weekly Islamic prayers in Pelabuhan Ratu, about 62 miles south of Jakarta. "I ask the people to remain calm and not to use violence."
Asked by reporters if he would consider stepping down, he replied "No. No."
Wahid also accused lawmakers of acting illegally against him, and said they had no power to sanction him.
Members of Wahid`s Cabinet also officially asked parliament not to go ahead with the censure, saying that it could trigger violence.
However, in what appeared to be a further blow to Wahid`s chances of political survival, the office of his popular deputy and likely successor defended the assembly`s right to censure him.
Vice President Megawati Sukarnoputri`s party, the largest in the legislature, is leading the push against Wahid.
Megawati has declined to comment publicly on Indonesia`s political crisis. However, her aides have said privately that she is ready to take over the presidency if Wahid is ousted.
Bambang Kesowo, a spokesman for Megawati, told reporters she believed that parliament was entitled to hold the president accountable for his actions.
Wahid has denied any wrongdoing in two corruption scandals worth about $6 million, and he has complained that his political rivals have manufactured the charges against him to push him from power.
The parliament first censured him Feb. 1. If it delivers a second reprimand Monday, it will have effectively opened the door for his impeachment, possibly by August.
Wahid, a prominent Muslim cleric, is scheduled to make one last plea to lawmakers in a nationally televised address Friday night.
His spokesman, Wimar Witoelar, who will read the speech on behalf of the almost blind leader, said it will be conciliatory and explain what is at stake for the world`s fourth most-populous nation if Wahid is removed from office.
Meanwhile, senior security officers have said that as many as 42,000 police and troops will be on standby or stationed around Jakarta Sunday when Wahid`s supporters stage their rally. Police also warned they will shoot protesters who try to disrupt Monday`s proceedings in parliament.
Friday, April 27 7:34 PM SGT
Indonesia`s President Wahid Refuses To Step Down
JAKARTA (AP)--President Abdurrahman Wahid vowed Friday to stay in office, despite near certainty that parliament will censure him next week for the second time over corruption allegations, which would open the door for impeachment.
Wahid called for calm as thousands of his angry supporters arrived in the capital ahead of a planned mass Islamic prayer rally Sunday and the censure vote Monday.
"I am appealing for peace," he said after attending weekly Islamic prayers in Pelabuhan Ratu, about 62 miles south of Jakarta. "I ask the people to remain calm and not to use violence."
Asked by reporters if he would consider stepping down, he replied "No. No."
Wahid also accused lawmakers of acting illegally against him, and said they had no power to sanction him.
Members of Wahid`s Cabinet also officially asked parliament not to go ahead with the censure, saying that it could trigger violence.
However, in what appeared to be a further blow to Wahid`s chances of political survival, the office of his popular deputy and likely successor defended the assembly`s right to censure him.
Vice President Megawati Sukarnoputri`s party, the largest in the legislature, is leading the push against Wahid.
Megawati has declined to comment publicly on Indonesia`s political crisis. However, her aides have said privately that she is ready to take over the presidency if Wahid is ousted.
Bambang Kesowo, a spokesman for Megawati, told reporters she believed that parliament was entitled to hold the president accountable for his actions.
Wahid has denied any wrongdoing in two corruption scandals worth about $6 million, and he has complained that his political rivals have manufactured the charges against him to push him from power.
The parliament first censured him Feb. 1. If it delivers a second reprimand Monday, it will have effectively opened the door for his impeachment, possibly by August.
Wahid, a prominent Muslim cleric, is scheduled to make one last plea to lawmakers in a nationally televised address Friday night.
His spokesman, Wimar Witoelar, who will read the speech on behalf of the almost blind leader, said it will be conciliatory and explain what is at stake for the world`s fourth most-populous nation if Wahid is removed from office.
Meanwhile, senior security officers have said that as many as 42,000 police and troops will be on standby or stationed around Jakarta Sunday when Wahid`s supporters stage their rally. Police also warned they will shoot protesters who try to disrupt Monday`s proceedings in parliament.
Aus Tagesschau.de vom 30.04.01:
Indonesien: Parlament spricht zweite Rüge gegen Wahid aus
Das indonesische Parlament hat die zweite Rüge gegen den mutmaßlich in zwei Finanzaffären verstrickten Präsidenten Abdurrahman Wahid ausgesprochen. Nach Angaben des indonesischen Fernsehens votierten 363 Abgeordneten für den Tadel. 52 Parlamentarier waren gegen eine Rüge, 42 enthielten sich der Stimme, darunter 38 Vertreter der Streitkräfte. Der Präsident hat nun dreißig Tage Zeit, zu der Rüge Stellung zu nehmen.
Mit der Rüge scheint der Weg für ein Amtsenthebungsverfahren des ersten demokratisch gewählten Staatsoberhauptes des Landes frei zu sein. Sollten die Abgeordneten mit der Stellungnahme nicht zufrieden sein, können sie die Beratende Volksversammlung, das höchste Legislativorgan, um die Einleitung des Amtsenthebungsverfahrens bitten. Dies könnte allerdings Monate in Anspruch nehmen.
Den ganzen Tag über hatten tausende Anhänger Wahids in der Hauptstadt Jakarta demonstriert. Rund 42.000 Soldaten befinden sich im Einsatz, um die befürchteten Ausschreitungen zu verhindern. Über Zwischenfälle wurde bis zum Abend (Ortszeit) nichts bekannt.
Wahid wird vorgeworfen, insgesamt umgerechnet zwölf Millionen Mark veruntreut zu haben. Der 60-Jährige bestreitet die Vorwürfe und lehnt einen Rücktritt ab. Die Abgeordneten hatten Anfang Februar eine erste Rüge gegen den Korrespondenten ausgesprochen.
Indonesien: Parlament spricht zweite Rüge gegen Wahid aus
Das indonesische Parlament hat die zweite Rüge gegen den mutmaßlich in zwei Finanzaffären verstrickten Präsidenten Abdurrahman Wahid ausgesprochen. Nach Angaben des indonesischen Fernsehens votierten 363 Abgeordneten für den Tadel. 52 Parlamentarier waren gegen eine Rüge, 42 enthielten sich der Stimme, darunter 38 Vertreter der Streitkräfte. Der Präsident hat nun dreißig Tage Zeit, zu der Rüge Stellung zu nehmen.
Mit der Rüge scheint der Weg für ein Amtsenthebungsverfahren des ersten demokratisch gewählten Staatsoberhauptes des Landes frei zu sein. Sollten die Abgeordneten mit der Stellungnahme nicht zufrieden sein, können sie die Beratende Volksversammlung, das höchste Legislativorgan, um die Einleitung des Amtsenthebungsverfahrens bitten. Dies könnte allerdings Monate in Anspruch nehmen.
Den ganzen Tag über hatten tausende Anhänger Wahids in der Hauptstadt Jakarta demonstriert. Rund 42.000 Soldaten befinden sich im Einsatz, um die befürchteten Ausschreitungen zu verhindern. Über Zwischenfälle wurde bis zum Abend (Ortszeit) nichts bekannt.
Wahid wird vorgeworfen, insgesamt umgerechnet zwölf Millionen Mark veruntreut zu haben. Der 60-Jährige bestreitet die Vorwürfe und lehnt einen Rücktritt ab. Die Abgeordneten hatten Anfang Februar eine erste Rüge gegen den Korrespondenten ausgesprochen.
Hoffentlich tritt Wahid bald freiwillig ab, um dieses Monatelange gezeter zu vermeiden !!!
News :
Tuesday, May 1 5:06 AM SGT
INTERVIEW-Bank Indonesia -2: Politics Still Key
(MORE) Dow Jones Newswires 04-30-01
1701EDT
Politics Still Key
By Benjamin Pedley
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--In the wake of the censure by parliament of Indonesian President Abdurrahman Wahid, Central Bank Deputy Governor Achjar Iljas conceded there is little it could do to prevent any further politically inspired weakness in the rupiah.
"If the factors are political, in general there is not much we can do to maintain the rupiah at a certain level," Achjar told Dow Jones Newswires Monday in an interview.
"What we can do is make concerted efforts to mitigate and reduce volatility."
In this regard, he said interest rates, open-market operations and currency intervention are policy options for the central bank, though as Chief Economics Minister Rizal Ramli acknowledged over the weekend, tighter monetary policy has failed to assist the swooning currency.
The rupiah is down 19% so far this year, blowing out costs for the Indonesian government and local companies of servicing their foreign currency-denominated loans, and driving away any remaining foreign portfolio investors. At 2000 GMT, the rupiah was at IDR11,585 to the dollar, off a 31-month low touched last week at IDR12,300.
Fearing mass demonstrations, thousands of police and troops are guarding the legislature, and others are deployed at potential trouble spots across the capital, Jakarta, after lawmakers voted overwhelmingly to censure Wahid for corruption and incompetence.
This sets the stage for the possible impeachment of the nation`s first freely chosen leader in four decades. Around 3,000 Wahid supporters in Jakarta marched in driving rain to protest parliament`s decision, though at this early stage there are no reports of violence. Lawmakers Monday voted overwhelmingly to censure Wahid for corruption and incompetence, setting the stage for possible impeachment of the nation`s first freely chosen leader in four decades.
Speaking on the sidelines of the spring meetings of the International Monetary Fund and World Bank, the Deputy Governor indicated the central bank is considering lifting interest rates further in a bid to fight inflation, caused in part by the fall in the local currency.
"I think there is a justification about higher interest rates," he said, noting that inflation in the year to the end of March was at 10.6%.
While the central bank is aware of the effect rate hikes have on economic activity, Achjar noted Bank Indonesia is mandated to deliver price stability.
"We are aware of the implications of higher interest rates on people and the real sector, but if we don`t take this action inflation might become a greater problem," he said.
Achjar said the bank will also continue to intervene in foreign exchange markets "as needed" to support the currency.
"Since January we did resort to selling dollars as there was so much pressure on the rupiah, and we will enter the market as far as it is needed, though this is not a main policy instrument, it complements the others," he said.
Analysts say the central bank would be unable to defend the currency through intervention as its foreign exchange reserves total a relatively paltry $27 billion.
Another option to prop the rupiah, which hasn`t been raised previously, could be tapping a network of currency swap facilities envisaged by the 10-member Association of Southeast Asian Nations plus Japan, China and South Korea.
The so-called ASEAN-plus-three arrangements, when finalized, would be in addition to a $1 billion facility established by ASEAN.
"ASEAN plus three is still working out modalities...Later on, this is one instrument that can be useful," Achjar said.
What would certainly aid the rupiah and Indonesian financial markets in general, however, would be an improvement in the political situation, and a resumption of International Monetary Fund lending to the government.
The IMF in December delayed a $400 million loan tranche under a $5 billion financial assistance package. For the IMF to extend the funds, it wants Jakarta to curb the borrowing power of provinces and redraft laws that allow parliament to dismiss the central bank governor, thereby impinging on its independence.
It also wants lawmakers to approve a revised 2001 budget based on a lower economic growth forecast of around 3.5%, compared with an original estimate of 5%.
Achjar said the passage of the revised budget "would be an important step in the right direction" toward the signing of a new draft letter of intent with the IMF, which would be a precursor to the disbursement of credit.
"The sooner the letter is signed the better, I don`t know what the exact timing will be, but I hope it will be completed as soon as possible," he said. "The LOI would be positive for the market and followed by inflows of foreign capital," said the central banker.
The IMF on the weekend indicated that a breakdown in law and order in Indonesia would make lending to the country almost impossible.
Turning to the macroeconomic climate, Achjar said growth will be slightly lower, and inflation a touch higher, than it forecast at the start of the year.
Though the central bank hasn`t formally revised down its growth forecast, he pegged it at between 3% and 3.5% this calendar year, compared to a previous projection of 4.5% to 5.5%.
"But if we have prolonged riots, the situation would be worse," Achjar said.
The Deputy Governor also reiterated the central bank doesn`t plan to strengthen or modify curbs on foreign exchange trading, which were introduced Jan. 15 to curb speculation, effectively killing the offshore market in the currency.
Some market participants fear the bank might impose some form of capital controls or even peg the currency in response to its recent weakness.
"We don`t have any plans for something like that," Achjar said.
News :
Tuesday, May 1 5:06 AM SGT
INTERVIEW-Bank Indonesia -2: Politics Still Key
(MORE) Dow Jones Newswires 04-30-01
1701EDT
Politics Still Key
By Benjamin Pedley
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--In the wake of the censure by parliament of Indonesian President Abdurrahman Wahid, Central Bank Deputy Governor Achjar Iljas conceded there is little it could do to prevent any further politically inspired weakness in the rupiah.
"If the factors are political, in general there is not much we can do to maintain the rupiah at a certain level," Achjar told Dow Jones Newswires Monday in an interview.
"What we can do is make concerted efforts to mitigate and reduce volatility."
In this regard, he said interest rates, open-market operations and currency intervention are policy options for the central bank, though as Chief Economics Minister Rizal Ramli acknowledged over the weekend, tighter monetary policy has failed to assist the swooning currency.
The rupiah is down 19% so far this year, blowing out costs for the Indonesian government and local companies of servicing their foreign currency-denominated loans, and driving away any remaining foreign portfolio investors. At 2000 GMT, the rupiah was at IDR11,585 to the dollar, off a 31-month low touched last week at IDR12,300.
Fearing mass demonstrations, thousands of police and troops are guarding the legislature, and others are deployed at potential trouble spots across the capital, Jakarta, after lawmakers voted overwhelmingly to censure Wahid for corruption and incompetence.
This sets the stage for the possible impeachment of the nation`s first freely chosen leader in four decades. Around 3,000 Wahid supporters in Jakarta marched in driving rain to protest parliament`s decision, though at this early stage there are no reports of violence. Lawmakers Monday voted overwhelmingly to censure Wahid for corruption and incompetence, setting the stage for possible impeachment of the nation`s first freely chosen leader in four decades.
Speaking on the sidelines of the spring meetings of the International Monetary Fund and World Bank, the Deputy Governor indicated the central bank is considering lifting interest rates further in a bid to fight inflation, caused in part by the fall in the local currency.
"I think there is a justification about higher interest rates," he said, noting that inflation in the year to the end of March was at 10.6%.
While the central bank is aware of the effect rate hikes have on economic activity, Achjar noted Bank Indonesia is mandated to deliver price stability.
"We are aware of the implications of higher interest rates on people and the real sector, but if we don`t take this action inflation might become a greater problem," he said.
Achjar said the bank will also continue to intervene in foreign exchange markets "as needed" to support the currency.
"Since January we did resort to selling dollars as there was so much pressure on the rupiah, and we will enter the market as far as it is needed, though this is not a main policy instrument, it complements the others," he said.
Analysts say the central bank would be unable to defend the currency through intervention as its foreign exchange reserves total a relatively paltry $27 billion.
Another option to prop the rupiah, which hasn`t been raised previously, could be tapping a network of currency swap facilities envisaged by the 10-member Association of Southeast Asian Nations plus Japan, China and South Korea.
The so-called ASEAN-plus-three arrangements, when finalized, would be in addition to a $1 billion facility established by ASEAN.
"ASEAN plus three is still working out modalities...Later on, this is one instrument that can be useful," Achjar said.
What would certainly aid the rupiah and Indonesian financial markets in general, however, would be an improvement in the political situation, and a resumption of International Monetary Fund lending to the government.
The IMF in December delayed a $400 million loan tranche under a $5 billion financial assistance package. For the IMF to extend the funds, it wants Jakarta to curb the borrowing power of provinces and redraft laws that allow parliament to dismiss the central bank governor, thereby impinging on its independence.
It also wants lawmakers to approve a revised 2001 budget based on a lower economic growth forecast of around 3.5%, compared with an original estimate of 5%.
Achjar said the passage of the revised budget "would be an important step in the right direction" toward the signing of a new draft letter of intent with the IMF, which would be a precursor to the disbursement of credit.
"The sooner the letter is signed the better, I don`t know what the exact timing will be, but I hope it will be completed as soon as possible," he said. "The LOI would be positive for the market and followed by inflows of foreign capital," said the central banker.
The IMF on the weekend indicated that a breakdown in law and order in Indonesia would make lending to the country almost impossible.
Turning to the macroeconomic climate, Achjar said growth will be slightly lower, and inflation a touch higher, than it forecast at the start of the year.
Though the central bank hasn`t formally revised down its growth forecast, he pegged it at between 3% and 3.5% this calendar year, compared to a previous projection of 4.5% to 5.5%.
"But if we have prolonged riots, the situation would be worse," Achjar said.
The Deputy Governor also reiterated the central bank doesn`t plan to strengthen or modify curbs on foreign exchange trading, which were introduced Jan. 15 to curb speculation, effectively killing the offshore market in the currency.
Some market participants fear the bank might impose some form of capital controls or even peg the currency in response to its recent weakness.
"We don`t have any plans for something like that," Achjar said.
Noch was gefunden.
Wahid rejects second censure, says report
By staff and wire reports
JAKARTA, Indonesia -- Indonesian President Abdurrahman Wahid has rejected a second parliamentary censure, a local newspaper reported Tuesday.
The blind Muslim cleric was reported as telling a minister and close friend that he could not accept the censure because it "a judgment on the performance of his government," putting him on a collision course with angry legislators.
Wahid has a month to respond to Monday`s second rebuke over two multi-million dollar graft scandals, but his comments to Research and Technology Minister A.S. Hikam as reported by the Indonesian Observer suggest a compromise with parliament is unlikely.
"The president said he could not accept the second memorandum (of censure) because it comes across as a judgment on the performance of his government and therefore (is) without substance," the newspaper quoted Hikam as saying.
The minister was speaking after meeting Wahid, but before parliament formally handed down the second censure late on Monday night.
It was, however, after the largest parties, controlling an overwhelming majority of the 500 seat House, had backed the called for another rebuke.
The key to Wahid`s survival is his vice president, Megawati Sukarnoputri, whose Indonesian Democratic Party-Struggle (PDI-P) is parliament`s largest and which backed the censure.
Megawati silent
She has remained typically silent on her ambitions and the efforts to oust Wahid, but she was due to meet senior party leaders on Tuesday to consider the latest censure.
Megawati, the daughter of founding president Sukarno, is known to covet the top job, which she lost to Wahid in an upset in October, 1999, but analysts say she fears inheriting a poisoned chalice and is also anxious to avoid being seen acting unconstitutionally.
Despite the risk of an impeachment hearing by the supreme People`s Consultative Assembly (MPR), Wahid has consistently rejected parliament`s criticism, apologizing for any "inappropriate behavior" after the first censure in February, but dismissing any allegations of wrongdoing as "baseless."
He has also dismissed the parliamentary committee, which investigated the scandals as illegitimate.
The censures are over the so-called Buloggate and Bruneigate scandals, which surfaced last year.
The first involves the theft of $4.1 million from the state commodities regulator, Bulog, by people claiming to be acting on Wahid`s behalf, including his masseur.
The other involves Wahid`s acceptance, outside government channels, of a $2 million donation from the Sultan of Brunei for aid for troubled Aceh province.
Long road to impeachment
Any formal impeachment process could still take months but most analysts believe Wahid is unlikely to survive politically to the end of his term in 2004.
The MPR is due to hold its annual meeting in August, widely considered the most likely time for an impeachment push.
Analysts say Wahid`s best chance of hanging on to power is the threat of violence by his millions of fanatic supporters, some of whom have formed suicide squads to defend him.
Thousands of Wahid`s supporters, some vowing to die for him, took to the streets of the capital on Monday, but the violence many feared failed to eventuate, cheering financial markets.
Another protest by Muslim opponents of Wahid scheduled for Tuesday has been delayed a month, although a smaller demonstration by workers to mark international labor day was due to begin Tuesday morning.
Wahid rejects second censure, says report
By staff and wire reports
JAKARTA, Indonesia -- Indonesian President Abdurrahman Wahid has rejected a second parliamentary censure, a local newspaper reported Tuesday.
The blind Muslim cleric was reported as telling a minister and close friend that he could not accept the censure because it "a judgment on the performance of his government," putting him on a collision course with angry legislators.
Wahid has a month to respond to Monday`s second rebuke over two multi-million dollar graft scandals, but his comments to Research and Technology Minister A.S. Hikam as reported by the Indonesian Observer suggest a compromise with parliament is unlikely.
"The president said he could not accept the second memorandum (of censure) because it comes across as a judgment on the performance of his government and therefore (is) without substance," the newspaper quoted Hikam as saying.
The minister was speaking after meeting Wahid, but before parliament formally handed down the second censure late on Monday night.
It was, however, after the largest parties, controlling an overwhelming majority of the 500 seat House, had backed the called for another rebuke.
The key to Wahid`s survival is his vice president, Megawati Sukarnoputri, whose Indonesian Democratic Party-Struggle (PDI-P) is parliament`s largest and which backed the censure.
Megawati silent
She has remained typically silent on her ambitions and the efforts to oust Wahid, but she was due to meet senior party leaders on Tuesday to consider the latest censure.
Megawati, the daughter of founding president Sukarno, is known to covet the top job, which she lost to Wahid in an upset in October, 1999, but analysts say she fears inheriting a poisoned chalice and is also anxious to avoid being seen acting unconstitutionally.
Despite the risk of an impeachment hearing by the supreme People`s Consultative Assembly (MPR), Wahid has consistently rejected parliament`s criticism, apologizing for any "inappropriate behavior" after the first censure in February, but dismissing any allegations of wrongdoing as "baseless."
He has also dismissed the parliamentary committee, which investigated the scandals as illegitimate.
The censures are over the so-called Buloggate and Bruneigate scandals, which surfaced last year.
The first involves the theft of $4.1 million from the state commodities regulator, Bulog, by people claiming to be acting on Wahid`s behalf, including his masseur.
The other involves Wahid`s acceptance, outside government channels, of a $2 million donation from the Sultan of Brunei for aid for troubled Aceh province.
Long road to impeachment
Any formal impeachment process could still take months but most analysts believe Wahid is unlikely to survive politically to the end of his term in 2004.
The MPR is due to hold its annual meeting in August, widely considered the most likely time for an impeachment push.
Analysts say Wahid`s best chance of hanging on to power is the threat of violence by his millions of fanatic supporters, some of whom have formed suicide squads to defend him.
Thousands of Wahid`s supporters, some vowing to die for him, took to the streets of the capital on Monday, but the violence many feared failed to eventuate, cheering financial markets.
Another protest by Muslim opponents of Wahid scheduled for Tuesday has been delayed a month, although a smaller demonstration by workers to mark international labor day was due to begin Tuesday morning.
Z. Zt gibts ja wirklich laufend neuigkeiten:
Press Conference By IMF Managing Director
Horst Köhler
Prior To The IMFC Meeting
Friday, April 27, 2001
Washington, D.C.
Participants:
Horst KÖHLER, The Managing Director, IMF
Stanley FISCHER, The First Deputy Managing Director, IMF
Thomas C. DAWSON, Director, External Relations Department, IMF
Proceedings:
MR. KÖHLER: First, the world economy is going through a very difficult phase, and policymakers representing our 183 member countries are coming here, first and foremost, to discuss what needs to be done to give renewed momentum to global growth. You heard the IMF`s forecast yesterday from Mr. Mussa. Our best guess is that there will be a marked slowdown, but that it will be relatively short-lived, with the recovery beginning in the latter part of this year and gathering strength in 2002. At our meeting this weekend I expect our members to be in broad agreement on the policies needed to strengthen global growth and to contain the risks. I believe in this way they will provide a much needed boost to confidence.
The second main topic for the IMFC will be the IMF itself. At our annual meetings in Prague I set out my vision for the future of the IMF which was fully endorsed by the membership. The meetings this weekend will provide an opportunity for our members to take stock of the reforms we have been making, and to provide further guidance for our work. For this purpose, I have presented the IMFC with a report and a statement on the IMF in the process of change. This covers most areas of our work. But what are the main issues? Our most important objectives are, improved crisis prevention and financial sector stability. As you know, I do think that this institution, the IMF, has to try to achieve as a global public good, a strong contribution to the stability of the international financial system. And financial sector stability is the core issue in this.
The Fund took many initiatives in the wake of the Asian crisis—for instance, in the areas of data dissemination; improved transparency; standards and codes; vulnerability analysis, etc. I do think these initiatives have made the international financial system stronger. I expect our members to reaffirm their support for these initiatives and push for the full implementation.
But, we need to do still more to put crisis prevention at the heart of the Fund`s activities. Highest on our agenda is further work on early warning systems for crises. There is a need to combine quantitative indicators of vulnerability, with judgment from the field, our missions, and the markets. In this context, we need in particular to develop a better understanding and judgment about the working of capital markets. Our new International Capital Markets Department will play an important part in this effort. We will also continue to develop a regular informal dialogue with the private sector through the Capital Markets Consultative Group.
Good policies, ladies and gentlemen, are still the best precaution that members can take against crisis, and must take against crisis. We must, therefore, seek ways to encourage countries to be ambitious in the adoption of good policies in non-crisis situations, and therefore it is time to make operational the Contingent Credit Lines, CCL, an instrument to resist contagion in international financial markets.
The IMFC will also review progress in the Financial Sector Assessment Program, our joint effort with the World Bank, to diagnose strengths and weaknesses in member countries` financial sectors. We have successfully completed a pilot phase, and are now in the process of defining the continuation of this program for at least 24 additional countries in each of the coming two years. The Fund is actively engaged further in the review of offshore financial centers, and most recently the Executive Board has agreed on an ambitious work program to enhance international efforts to counter money laundering.
These three elements, together, form a comprehensive approach to strengthening the soundness of financial systems in member countries, and thereby the international financial system as a whole. I consider this as a priority activity of a focused IMF, and an important contribution to crisis prevention.
We are also engaged in a process of streamlining IMF conditionality, particularly in the structural area. Structural change is indispensable for sustained growth, but countries cannot do everything at the same time. So, there is a need to set priorities. By paying attention to country`s administrative capacities, and by focusing on what is really critical for the macroeconomic objectives of programs, we will make conditionality more effective. There has already been a reduction in the average number of conditions in PRGF programs, and this is strengthening country ownership and the political support needed for sustained implementation of reforms.
As you know, we have asked for public participation in the debate on conditionality through the IMF`s website. This is a further example of the increased openness of the Fund. Yet, another is the Independent Evaluation Office, which will begin work under the leadership of Mr. Montek Singh Ahluwalia, this August. This office will help to reinforce the culture at the Fund and enhance the transparency and accountability of our work.
Ladies and gentlemen, the third main theme of this weekend`s discussions is our work to help our poorest member countries strengthen economic growth and reduce poverty. This is, of course, a joint effort with the World Bank, and you have already heard from Mr. Wolfensohn about it this morning, so I will be brief.
As you know, 22 of the world`s poorest countries have now seen their debt burdens reduced through the enhanced HIPC Initiative. We are now doing our utmost to ensure that the other eligible countries benefit as well. The joint meeting of the IMFC and Development Committee will also take up our assistance to post-conflict countries and the progress in implementing the Poverty Reduction Strategy Paper (PRSP) process and Poverty Reduction and Growth Facility.
There are now 36 countries involved in the PRSP process. While the track record is short, this new approach is already achieving positive results. And I was able to convince myself on my joint visit to Africa with Mr. Wolfensohn in February. These results include better growth performance in a number of countries, and increased and better targeted social spending. At the same time, it is clear that everybody involved is learning by doing. Both poor countries and donors want to use the PRSP process as a key tool for developing and monitoring poverty reduction programs.
This means we will need to keep working to develop consultative mechanisms, provide poverty impact analyses, and strengthen the tracking of social expenditures. It also means that the IMF and the World Bank and the donor community will need to devote even more effort to build administrative capacity in poor countries to carry out these tasks, while showing flexibility and understanding of the unique situations in each country.
Ladies and gentlemen, these are the three main items on our agenda: the world economy, the IMF in the process of change, and poverty reduction strategies. There is also an over-arching theme: that is, this is all work in progress, to make globalization work for the benefit of all. That was the main theme of Prague. And we want to respond to this objective.
Globalization means increasing interdependence, and it means that more than ever there is a need for effective international cooperation. We are pressing toward a new level of policy dialogue and debate in the IMF, to make sure that we are facing up to crucial problems in the interconnected world in a timely manner. The need for this is even more clear now as we face a critical moment for the global economy. So above all, the spring meetings should boost confidence by demonstrating the determination of our member countries to act together in the appropriate manner.
Ladies and gentlemen, I would also like to say something on crisis management. I have convened yesterday a meeting of the Executive Board of the IMF to discuss Turkey`s economic program. The Board expressed strong support for the program, and commended the Turkish authorities for their efforts in implementing the program`s measures. Although final details of the program still need to be resolved, the IMF stands ready to support Turkey on its way to economic recovery.
Additional financing from the Fund and the World Bank in support of the program would be in the order of 10 billion U.S. dollars.
That is my introductory statement, and I now, of course, take your questions.
QUESTION: I would like to ask you a question on crisis management on Argentina. This is of great interest to Brazil. We have learned in recent weeks a statement of Mr. Cavallo, the minister of economy in Argentina, saying the Fund was irrelevant. We heard this week that in two telephone calls from the Fund management to the authorities in Argentina, for Mr. Cavallo to meet with the IMF team, that is in Buenos Aires, and we heard remarks yesterday from Mr. Mussa that are not particularly cheerful about the situation in Argentina.
My question is this: Is the quality of the dialogue with the authorities in Buenos Aires right now a problem? In terms of substance, what assurances are you waiting for, do you need from the Argentinean government in order to have a program, to be able to present a well formulated Argentine program to the Board? How soon do you think this will happen?
MR. KÖHLER: I can tell you that the quality of the dialogue between the IMF and the Argentine authorities, and particularly Minister Cavallo, is absolutely good, and productive. And, I am not aware that anyone urged Mr. Cavallo to have a dialogue.
MR. FISCHER: It certainly wasn`t me.
MR. KÖHLER: I can report directly about my direct dialogue, that is I met with Mr. Cavallo in Toronto, and I had telephone conversations, and these conversations, again, have been absolutely open, frank, and constructive.
To the substance, it is, no doubt, there is some concern about the situation in Argentina, but, indeed, I do think that everything is in place to find a good solution to overcome the problems. We do think that Minister Cavallo`s approach, particularly with the competitiveness law, is right.
Secondly, the minister said that he wants to bring and will bring the existing arrangement with the Fund back on track. That means the fiscal targets have to be back on track.
And thirdly, the minister didn`t ask for money. He said we don`t need that because we will find the way out with growth, and the private sector. And, I absolutely think this is the right approach. I will meet with him tomorrow. We will discuss indeed the fiscal measures to be taken to bring the program on track. What I heard from my staff on a provisional basis is that there will be a positive outcome, but I have to wait until this talk with Mr. Cavallo.
QUESTION: Maybe you can also talk about countries that are not in trouble. The World Economic Outlook has pointed to China and India as factors of stability in the international global situation. I was wondering, sir, whether you are also increasing the growth rate of India, which is stuck now at 5.6, while the government says it is growing at 8 or 9 percent. I wonder whether you have any thoughts on that.
MR. KÖHLER: I would like to respond to you that I am indeed happy that growth is strong and stable in China and India. Even the Managing Director of the IMF needs some encouragement, so there is some. And, these are big economies. The issue of growth in India is, of course, an issue of implementing further structural reforms. I think your minister, Minister Sinha, and the government is absolutely right to have defined structural reforms as the major vehicle to lift up this growth rate of 5 to 6 percent, to maybe 8 percent and even more. It is possible. More growth is needed to find a decisive breakthrough against poverty. So, I think the commitment for reforms should now be implemented into action on a broad scale. And I`m sure the authorities know about that, and are ambitious with that.
QUESTION: I would like to ask you again about Argentina. We know that the Argentina government didn`t ask for more money. That`s good. But, I would like to ask you about the worst-case scenario. Because, I talk about worst-case scenario, and we would like to know what the International Monetary Fund could do if there is a default.
MR. KÖHLER: As you know, politicians say we are not going to give answers to hypothetical questions, so let me be a kind of politician. That is an absolutely hypothetical question.
But it gives me the opportunity clearly to say that I do think it is right to stick to the convertibility law and the currency board, and I do see no reason why there should not be the assumption and the assessment, the judgment that there is a way out to growth, based on this framework.
QUESTION: Mr. Köhler, I would like to ask you if you think pressure on the ECB will lighten up given the U.S. GDP numbers we saw this morning suggesting that the U.S. is not slipping into a recession, and in fact deflationary pressures are growing.
MR. KÖHLER: I don`t think that we are in a very nice world even with first quarter growth numbers for the U.S. economy. There is still the recognition that in the U.S. and in all other regions, growth is slowing down. That is the crucial point. There is no region taking up the slack. And, I do not think that it is appropriate to assess a debate, what is the right policy response to this situation as being qualified as just only pressure on the ECB.
You may know that I myself was very much involved in the formulation of the Maastricht treaty and the independence of the European Central Bank. This treaty is even more strongly formulated than the Bundesbank law. And, I am a deep believer in this. So, it is certainly up to the central bank counsel, ECB, to take a decision based on their judgment, on their objectives. But it is, I think, right for this institution to speak up about the broader picture in the context of our surveillance obligation, and also to have a debate about interconnections in a globalized world, and this is my point. I do think that we should be aware of linkages between the slowdown in the U.S., the slowdown in Asia, and, of course, the slowdown in Europe. These are linkages not only via trade, the linkages are via financial and corporate connections. Stock prices, and business confidence. I would like to underline that I do think that an interest rate cut in Europe could be helpful. I myself am not formulating an urgent request, but I am giving my assessment and based on that I do think it would be helpful.
QUESTION: What would be the duration of a stand-by arrangement with Turkey? And secondly, do you have any idea about the order of magnitude of a first installment when you reach an agreement, the first payment? And thirdly, would it be for budget purposes, and at the same time supporting the foreign reserves? Do you have an idea about how these could be split?
MR. KÖHLER: I think we have ideas and we should have ideas, but we should discuss it very carefully with Minister Dervis when he comes here this weekend to Washington. The formal negotiation about the program, has not yet ended. It is absolutely premature to talk about these questions today.
QUESTION: Mr. Köhler, unfortunately I have to follow-up on Turkey. I give you a bridge where you can answer. I`m not talking about what the Turks are thinking. I`m talking about how you protect your position for the IMF in terms of the big size of the program, and the American criticism and the indications of Mr. Treasury Secretary O`Neill. We are a little bit worried and a little bit confused on the following issue: We thought that the package might be smaller from the IMF, and might be an element of burden sharing from other sources, G-7 sources. Maybe BIS, maybe the European Union. And yet, the overriding conditionality job would be the IMF`s. On that structure, to avoid criticism later on, but have a larger program that is needed, with a more component of burden sharing, and then also including some indications of what you think about what the Bank should do with their agreement, it would be a different sort of program.
MR. KÖHLER: Every crisis case is a particular case. So, therefore, we have a case-by-case approach. And, we are now dealing with Turkey. We need to solve a problem. Referring to the specifics of the problem. If there is a need to take money, we have to take it to solve the problem. We do think that the number of 10 billion dollars is justified, because of the strength of the program and the specifics of the problems.
And this is the case-by-case solution. I do think that this outcome is not, at least for the Managing Director of the IMF, there is not a burden sharing, as you call it, between the bilaterals and the IMF. I am not too worried about that. Because I have the full unanimous support of my shareholders expressed in the Board, including the U.S., which means this Board appreciated the handling of this crisis through the IMF. And, even more so, major shareholders all expressed their appreciation that the Fund was in the lead to find a solution. And, I could have thought about a different solution, but in this case it was necessary to also find a rapid solution because talking and talking would have worsened the situation, and would have made the fiscal problem even bigger. So we had to decide on a concrete solution, and we think the outcome is reasonable. It will work, and in the end it could strengthen the standing and reputation of the IMF.
QUESTION: [Interpreted] In Mexico, we`re talking about a credit line, or rather contingent credit, we`re speaking a lot about the possibility of the International Monetary Fund granting a new credit called contingent credit to support the economies that are in risk of contagion from a global crisis. I would like to know if you could tell me first what would this credit consist of? What are the candidate countries for this contingent credit? Is Mexico likely to obtain such credit?
And I would also like to know what does the Fund think about whether the peso is risking being overvalued as in 1995? And lastly, do you have any kind of forecast as regards the risks Mexico is facing in light of the global deceleration?
MR. KÖHLER: Mexico, of course, is so close to the United States—and this means so close geographically, and in terms of trade and commerce to the U.S.—that it will suffer from the slowdown of the U.S. economy. The growth for this year will be lower than without this marked slowdown in the U.S. The even more important and encouraging point is that Mexico has made, and is continuing to make, a very, good sound policy. It pays off now that the fundamentals of the Mexican economy are strong and that the government of the new president is continuing to make it even stronger. So I am very confident that Mexico will weather the storm. It will have to accept lower growth rates, but it will come out of this even more stronger.
Secondly, we are indeed in talks with the Mexican authorities to make the Contingent Credit Lines, CCL, operational and to make it operational for Mexico. The basic idea of this facility is to reward good policies. There are elements we are still in the process of discussing with the Mexican authorities, but even this is in very good shape. Mexico has, for instance, agreed to a Financial Sector Assessment Program, and the findings of these programs are very good, very strong.
Thirdly, the government has embarked on a very sound transparent fiscal policy, launching a project for tax reform. All of this is good, and in my view justifies clearly that if the Mexican authorities would like and decide to ask for this credit line, they should get it. I hope we can finalize the talks during the course of the next month, before summer.
As for the peso overvaluation, I will refrain from discussing or commenting on particular exchange rates. But I think in Mexico they have a very good and reputable central bank. They will take the right action if there is a need.
QUESTION: Your chief economist, Michael Mussa, was rather scathing in his criticism of the European Central Bank, and you did echo his belief that they should cut interest rates. How forcefully will you be putting that sentiment to them here on the weekend?
A second question on Turkey. Their last program didn`t last very long, and we`re told that this program will have at least some measures that they will have to implement before they actually get the money that you`re promising for them, but how certain can you be, nevertheless, if given the fragility of the coalition government there that they will be able to succeed in this program?
MR. KÖHLER: Let me first say that I didn`t ask for an interest rate cut. I said it is helpful. (Holding up a newspaper.) I feel I am the chief of the IMF, but I am not this chief. Mr. Mussa is a brilliant economist. Sometimes he also overstates his fear, his vision, to make a nice and entertaining presentation; so his formulation may not have been the absolute appropriate one. But, the more important thing is this is a brilliant, excellent, serious economist. So, we should not focus on whether or not he put pressure on someone in the ECB. It was the pointed argument of a serious economist. That should be part of our discussion, and I`m sure that the colleagues from the ECB and central banks from Europe will do so. So this weekend`s discussion will be constructive. And no one has the absolute truth. I am absolutely sure that Mr. Duisenberg and others will have arguments for their position, and they will elaborate here on that, and then we will discuss it together and come to a joint conclusion.
Turkey, there is no absolute certainty, but there is a high probability that this program works. Why? I think the Turks have gone through a difficult, painful process of recognizing reality. And, the most important thing is that they now have a floating exchange rate. This will help. It paves the way for getting out of this crisis with growth.
Secondly, I am not amused by how some people, commentators, judge Turkish people. The Turkish people are solid people, hard working, well known for paying back loans, debt. This should also count.
Thirdly, under the leadership of Minister Dervis an adjustment program has been put together that goes very far. It withstands all comparisons to other adjustment programs. And, in particular, it is true that they make a strong stab in restructuring the bank sector, which is the core problem.
This program is also based on clear commitment and action to combat corruption and to make the political process more transparent, to depoliticize the economy. All of the political parties in the coalition are involved in the program. So there is no absolute certainty, but a high probability that it works. And anyway, it deserves the support of the international community.
QUESTION: Mr. Managing Director, I would like to ask you about Indonesia. As you know, the political situation in Indonesia is explosive, potentially. The government is not in a strong position to deliver on many promises. On the central issue of the budget deficit, just last month the government said it would be hard to keep it under 5 percent of GDP. More recently, it has committed itself to 3.7 percent of GDP. My question is, do you find this credible in the political circumstances in Indonesia? If so, what next? If not, how are you going to proceed in Indonesia?
MR. KÖHLER: I must admit that it is indeed a tragedy what happens in Indonesia. And, no one, including the Fund, can judge itself free of part of the responsibility for this tragedy. But we should also not confuse ourselves. At the end, nothing works, and no international support works if there isn`t a minimum degree of political stability and if you want, law and order. Unless this is established, I can`t see how support can be efficient, because Indonesia deserves support, will get support, but there is a need for law and order. And this has to be reestablished. Indonesians themselves, that is their obligation to deliver on that.
The budget—I think there is commitment, and there is also commitment from the Fund to go a long way to support Indonesia. But, the budgetary issues are, if you want, at the core also of the political problem. If there is not an order that can control financing, then all money that is spent is lost money. So, we need to know what is the basic order in this country in order to implement our strong commitment to work with Indonesia to help it find a way out of the crisis.
QUESTION: There have been some G-7 members that have made criticisms about the way the IMF was managing crises, and according to some press releases the American administration would like the IMF to first get some results from the countries before giving them the money. What is your comment?
MR. KÖHLER: I think the U.S. administration has the same desire as the IMF and the international community. We want support programs, crisis packages, to be successful. And, if a new administration comes in with a fresh look, I think this does no harm. I do think, therefore, that crisis prevention is and should be even more at the heart of the Fund.
Secondly, I do think that we should have a look how, through prior action, the governments can demonstrate that they are serious with their commitment to do the right things. I think this is the approach Secretary O`Neill has taken. I think it is a reasonable approach, and we are exercising it, for instance, with Turkey.
QUESTION: Argentina. You said the other day in the press conference you gave with the press agencies that you needed more precisions on the Cavallo plan. What kind of precision are we talking about? Are we talking about how he is going to cut the budget, the deficit, the numbers? That is first.
Second, I wanted to know your opinion. You know that he has proposed to include the euro in the convertibility plan, to peg it not only to the dollar, but also to the euro. And, I wanted to know your opinion on that.
MR. KÖHLER: The precision is exactly what you hinted at. We want to know how Argentina comes back on track with the fiscal targets set out in the IMF arrangement, and we are going to discuss that tomorrow with the minister, and I look forward, really, to hear his ideas and suggestions and hope that we can agree on that.
On the basket idea, I must say, I am still a strong believer in a good role for the euro in the long run, but it has nothing to do with this issue of Argentina. I think, and my working assumption is absolutely clear, there is a convertibility law, there is a currency board. We base our cooperation and our advice on this framework, nothing else.
QUESTION: For Brazil, what are the risks of contagion from Argentina?
MR. KÖHLER: There are some signals, some signs of spillover, as can you recognize it with the interest rate spreads. So everybody should be vigilant. But here, it is also true what I already said about Mexico. Brazil has strong economic fundamentals. It improved a lot since its crisis some years ago. It has, I would say, an absolutely outstanding performing central bank. It has a clear commitment from the government and Minister Malan to stay the course of fiscal solidarity. So I have no doubt that Brazil can weather and will weather the storm. There is tension, but no need for panic.
MR. DAWSON: Thank you. We will see you at the closing press conference.
Press Conference By IMF Managing Director
Horst Köhler
Prior To The IMFC Meeting
Friday, April 27, 2001
Washington, D.C.
Participants:
Horst KÖHLER, The Managing Director, IMF
Stanley FISCHER, The First Deputy Managing Director, IMF
Thomas C. DAWSON, Director, External Relations Department, IMF
Proceedings:
MR. KÖHLER: First, the world economy is going through a very difficult phase, and policymakers representing our 183 member countries are coming here, first and foremost, to discuss what needs to be done to give renewed momentum to global growth. You heard the IMF`s forecast yesterday from Mr. Mussa. Our best guess is that there will be a marked slowdown, but that it will be relatively short-lived, with the recovery beginning in the latter part of this year and gathering strength in 2002. At our meeting this weekend I expect our members to be in broad agreement on the policies needed to strengthen global growth and to contain the risks. I believe in this way they will provide a much needed boost to confidence.
The second main topic for the IMFC will be the IMF itself. At our annual meetings in Prague I set out my vision for the future of the IMF which was fully endorsed by the membership. The meetings this weekend will provide an opportunity for our members to take stock of the reforms we have been making, and to provide further guidance for our work. For this purpose, I have presented the IMFC with a report and a statement on the IMF in the process of change. This covers most areas of our work. But what are the main issues? Our most important objectives are, improved crisis prevention and financial sector stability. As you know, I do think that this institution, the IMF, has to try to achieve as a global public good, a strong contribution to the stability of the international financial system. And financial sector stability is the core issue in this.
The Fund took many initiatives in the wake of the Asian crisis—for instance, in the areas of data dissemination; improved transparency; standards and codes; vulnerability analysis, etc. I do think these initiatives have made the international financial system stronger. I expect our members to reaffirm their support for these initiatives and push for the full implementation.
But, we need to do still more to put crisis prevention at the heart of the Fund`s activities. Highest on our agenda is further work on early warning systems for crises. There is a need to combine quantitative indicators of vulnerability, with judgment from the field, our missions, and the markets. In this context, we need in particular to develop a better understanding and judgment about the working of capital markets. Our new International Capital Markets Department will play an important part in this effort. We will also continue to develop a regular informal dialogue with the private sector through the Capital Markets Consultative Group.
Good policies, ladies and gentlemen, are still the best precaution that members can take against crisis, and must take against crisis. We must, therefore, seek ways to encourage countries to be ambitious in the adoption of good policies in non-crisis situations, and therefore it is time to make operational the Contingent Credit Lines, CCL, an instrument to resist contagion in international financial markets.
The IMFC will also review progress in the Financial Sector Assessment Program, our joint effort with the World Bank, to diagnose strengths and weaknesses in member countries` financial sectors. We have successfully completed a pilot phase, and are now in the process of defining the continuation of this program for at least 24 additional countries in each of the coming two years. The Fund is actively engaged further in the review of offshore financial centers, and most recently the Executive Board has agreed on an ambitious work program to enhance international efforts to counter money laundering.
These three elements, together, form a comprehensive approach to strengthening the soundness of financial systems in member countries, and thereby the international financial system as a whole. I consider this as a priority activity of a focused IMF, and an important contribution to crisis prevention.
We are also engaged in a process of streamlining IMF conditionality, particularly in the structural area. Structural change is indispensable for sustained growth, but countries cannot do everything at the same time. So, there is a need to set priorities. By paying attention to country`s administrative capacities, and by focusing on what is really critical for the macroeconomic objectives of programs, we will make conditionality more effective. There has already been a reduction in the average number of conditions in PRGF programs, and this is strengthening country ownership and the political support needed for sustained implementation of reforms.
As you know, we have asked for public participation in the debate on conditionality through the IMF`s website. This is a further example of the increased openness of the Fund. Yet, another is the Independent Evaluation Office, which will begin work under the leadership of Mr. Montek Singh Ahluwalia, this August. This office will help to reinforce the culture at the Fund and enhance the transparency and accountability of our work.
Ladies and gentlemen, the third main theme of this weekend`s discussions is our work to help our poorest member countries strengthen economic growth and reduce poverty. This is, of course, a joint effort with the World Bank, and you have already heard from Mr. Wolfensohn about it this morning, so I will be brief.
As you know, 22 of the world`s poorest countries have now seen their debt burdens reduced through the enhanced HIPC Initiative. We are now doing our utmost to ensure that the other eligible countries benefit as well. The joint meeting of the IMFC and Development Committee will also take up our assistance to post-conflict countries and the progress in implementing the Poverty Reduction Strategy Paper (PRSP) process and Poverty Reduction and Growth Facility.
There are now 36 countries involved in the PRSP process. While the track record is short, this new approach is already achieving positive results. And I was able to convince myself on my joint visit to Africa with Mr. Wolfensohn in February. These results include better growth performance in a number of countries, and increased and better targeted social spending. At the same time, it is clear that everybody involved is learning by doing. Both poor countries and donors want to use the PRSP process as a key tool for developing and monitoring poverty reduction programs.
This means we will need to keep working to develop consultative mechanisms, provide poverty impact analyses, and strengthen the tracking of social expenditures. It also means that the IMF and the World Bank and the donor community will need to devote even more effort to build administrative capacity in poor countries to carry out these tasks, while showing flexibility and understanding of the unique situations in each country.
Ladies and gentlemen, these are the three main items on our agenda: the world economy, the IMF in the process of change, and poverty reduction strategies. There is also an over-arching theme: that is, this is all work in progress, to make globalization work for the benefit of all. That was the main theme of Prague. And we want to respond to this objective.
Globalization means increasing interdependence, and it means that more than ever there is a need for effective international cooperation. We are pressing toward a new level of policy dialogue and debate in the IMF, to make sure that we are facing up to crucial problems in the interconnected world in a timely manner. The need for this is even more clear now as we face a critical moment for the global economy. So above all, the spring meetings should boost confidence by demonstrating the determination of our member countries to act together in the appropriate manner.
Ladies and gentlemen, I would also like to say something on crisis management. I have convened yesterday a meeting of the Executive Board of the IMF to discuss Turkey`s economic program. The Board expressed strong support for the program, and commended the Turkish authorities for their efforts in implementing the program`s measures. Although final details of the program still need to be resolved, the IMF stands ready to support Turkey on its way to economic recovery.
Additional financing from the Fund and the World Bank in support of the program would be in the order of 10 billion U.S. dollars.
That is my introductory statement, and I now, of course, take your questions.
QUESTION: I would like to ask you a question on crisis management on Argentina. This is of great interest to Brazil. We have learned in recent weeks a statement of Mr. Cavallo, the minister of economy in Argentina, saying the Fund was irrelevant. We heard this week that in two telephone calls from the Fund management to the authorities in Argentina, for Mr. Cavallo to meet with the IMF team, that is in Buenos Aires, and we heard remarks yesterday from Mr. Mussa that are not particularly cheerful about the situation in Argentina.
My question is this: Is the quality of the dialogue with the authorities in Buenos Aires right now a problem? In terms of substance, what assurances are you waiting for, do you need from the Argentinean government in order to have a program, to be able to present a well formulated Argentine program to the Board? How soon do you think this will happen?
MR. KÖHLER: I can tell you that the quality of the dialogue between the IMF and the Argentine authorities, and particularly Minister Cavallo, is absolutely good, and productive. And, I am not aware that anyone urged Mr. Cavallo to have a dialogue.
MR. FISCHER: It certainly wasn`t me.
MR. KÖHLER: I can report directly about my direct dialogue, that is I met with Mr. Cavallo in Toronto, and I had telephone conversations, and these conversations, again, have been absolutely open, frank, and constructive.
To the substance, it is, no doubt, there is some concern about the situation in Argentina, but, indeed, I do think that everything is in place to find a good solution to overcome the problems. We do think that Minister Cavallo`s approach, particularly with the competitiveness law, is right.
Secondly, the minister said that he wants to bring and will bring the existing arrangement with the Fund back on track. That means the fiscal targets have to be back on track.
And thirdly, the minister didn`t ask for money. He said we don`t need that because we will find the way out with growth, and the private sector. And, I absolutely think this is the right approach. I will meet with him tomorrow. We will discuss indeed the fiscal measures to be taken to bring the program on track. What I heard from my staff on a provisional basis is that there will be a positive outcome, but I have to wait until this talk with Mr. Cavallo.
QUESTION: Maybe you can also talk about countries that are not in trouble. The World Economic Outlook has pointed to China and India as factors of stability in the international global situation. I was wondering, sir, whether you are also increasing the growth rate of India, which is stuck now at 5.6, while the government says it is growing at 8 or 9 percent. I wonder whether you have any thoughts on that.
MR. KÖHLER: I would like to respond to you that I am indeed happy that growth is strong and stable in China and India. Even the Managing Director of the IMF needs some encouragement, so there is some. And, these are big economies. The issue of growth in India is, of course, an issue of implementing further structural reforms. I think your minister, Minister Sinha, and the government is absolutely right to have defined structural reforms as the major vehicle to lift up this growth rate of 5 to 6 percent, to maybe 8 percent and even more. It is possible. More growth is needed to find a decisive breakthrough against poverty. So, I think the commitment for reforms should now be implemented into action on a broad scale. And I`m sure the authorities know about that, and are ambitious with that.
QUESTION: I would like to ask you again about Argentina. We know that the Argentina government didn`t ask for more money. That`s good. But, I would like to ask you about the worst-case scenario. Because, I talk about worst-case scenario, and we would like to know what the International Monetary Fund could do if there is a default.
MR. KÖHLER: As you know, politicians say we are not going to give answers to hypothetical questions, so let me be a kind of politician. That is an absolutely hypothetical question.
But it gives me the opportunity clearly to say that I do think it is right to stick to the convertibility law and the currency board, and I do see no reason why there should not be the assumption and the assessment, the judgment that there is a way out to growth, based on this framework.
QUESTION: Mr. Köhler, I would like to ask you if you think pressure on the ECB will lighten up given the U.S. GDP numbers we saw this morning suggesting that the U.S. is not slipping into a recession, and in fact deflationary pressures are growing.
MR. KÖHLER: I don`t think that we are in a very nice world even with first quarter growth numbers for the U.S. economy. There is still the recognition that in the U.S. and in all other regions, growth is slowing down. That is the crucial point. There is no region taking up the slack. And, I do not think that it is appropriate to assess a debate, what is the right policy response to this situation as being qualified as just only pressure on the ECB.
You may know that I myself was very much involved in the formulation of the Maastricht treaty and the independence of the European Central Bank. This treaty is even more strongly formulated than the Bundesbank law. And, I am a deep believer in this. So, it is certainly up to the central bank counsel, ECB, to take a decision based on their judgment, on their objectives. But it is, I think, right for this institution to speak up about the broader picture in the context of our surveillance obligation, and also to have a debate about interconnections in a globalized world, and this is my point. I do think that we should be aware of linkages between the slowdown in the U.S., the slowdown in Asia, and, of course, the slowdown in Europe. These are linkages not only via trade, the linkages are via financial and corporate connections. Stock prices, and business confidence. I would like to underline that I do think that an interest rate cut in Europe could be helpful. I myself am not formulating an urgent request, but I am giving my assessment and based on that I do think it would be helpful.
QUESTION: What would be the duration of a stand-by arrangement with Turkey? And secondly, do you have any idea about the order of magnitude of a first installment when you reach an agreement, the first payment? And thirdly, would it be for budget purposes, and at the same time supporting the foreign reserves? Do you have an idea about how these could be split?
MR. KÖHLER: I think we have ideas and we should have ideas, but we should discuss it very carefully with Minister Dervis when he comes here this weekend to Washington. The formal negotiation about the program, has not yet ended. It is absolutely premature to talk about these questions today.
QUESTION: Mr. Köhler, unfortunately I have to follow-up on Turkey. I give you a bridge where you can answer. I`m not talking about what the Turks are thinking. I`m talking about how you protect your position for the IMF in terms of the big size of the program, and the American criticism and the indications of Mr. Treasury Secretary O`Neill. We are a little bit worried and a little bit confused on the following issue: We thought that the package might be smaller from the IMF, and might be an element of burden sharing from other sources, G-7 sources. Maybe BIS, maybe the European Union. And yet, the overriding conditionality job would be the IMF`s. On that structure, to avoid criticism later on, but have a larger program that is needed, with a more component of burden sharing, and then also including some indications of what you think about what the Bank should do with their agreement, it would be a different sort of program.
MR. KÖHLER: Every crisis case is a particular case. So, therefore, we have a case-by-case approach. And, we are now dealing with Turkey. We need to solve a problem. Referring to the specifics of the problem. If there is a need to take money, we have to take it to solve the problem. We do think that the number of 10 billion dollars is justified, because of the strength of the program and the specifics of the problems.
And this is the case-by-case solution. I do think that this outcome is not, at least for the Managing Director of the IMF, there is not a burden sharing, as you call it, between the bilaterals and the IMF. I am not too worried about that. Because I have the full unanimous support of my shareholders expressed in the Board, including the U.S., which means this Board appreciated the handling of this crisis through the IMF. And, even more so, major shareholders all expressed their appreciation that the Fund was in the lead to find a solution. And, I could have thought about a different solution, but in this case it was necessary to also find a rapid solution because talking and talking would have worsened the situation, and would have made the fiscal problem even bigger. So we had to decide on a concrete solution, and we think the outcome is reasonable. It will work, and in the end it could strengthen the standing and reputation of the IMF.
QUESTION: [Interpreted] In Mexico, we`re talking about a credit line, or rather contingent credit, we`re speaking a lot about the possibility of the International Monetary Fund granting a new credit called contingent credit to support the economies that are in risk of contagion from a global crisis. I would like to know if you could tell me first what would this credit consist of? What are the candidate countries for this contingent credit? Is Mexico likely to obtain such credit?
And I would also like to know what does the Fund think about whether the peso is risking being overvalued as in 1995? And lastly, do you have any kind of forecast as regards the risks Mexico is facing in light of the global deceleration?
MR. KÖHLER: Mexico, of course, is so close to the United States—and this means so close geographically, and in terms of trade and commerce to the U.S.—that it will suffer from the slowdown of the U.S. economy. The growth for this year will be lower than without this marked slowdown in the U.S. The even more important and encouraging point is that Mexico has made, and is continuing to make, a very, good sound policy. It pays off now that the fundamentals of the Mexican economy are strong and that the government of the new president is continuing to make it even stronger. So I am very confident that Mexico will weather the storm. It will have to accept lower growth rates, but it will come out of this even more stronger.
Secondly, we are indeed in talks with the Mexican authorities to make the Contingent Credit Lines, CCL, operational and to make it operational for Mexico. The basic idea of this facility is to reward good policies. There are elements we are still in the process of discussing with the Mexican authorities, but even this is in very good shape. Mexico has, for instance, agreed to a Financial Sector Assessment Program, and the findings of these programs are very good, very strong.
Thirdly, the government has embarked on a very sound transparent fiscal policy, launching a project for tax reform. All of this is good, and in my view justifies clearly that if the Mexican authorities would like and decide to ask for this credit line, they should get it. I hope we can finalize the talks during the course of the next month, before summer.
As for the peso overvaluation, I will refrain from discussing or commenting on particular exchange rates. But I think in Mexico they have a very good and reputable central bank. They will take the right action if there is a need.
QUESTION: Your chief economist, Michael Mussa, was rather scathing in his criticism of the European Central Bank, and you did echo his belief that they should cut interest rates. How forcefully will you be putting that sentiment to them here on the weekend?
A second question on Turkey. Their last program didn`t last very long, and we`re told that this program will have at least some measures that they will have to implement before they actually get the money that you`re promising for them, but how certain can you be, nevertheless, if given the fragility of the coalition government there that they will be able to succeed in this program?
MR. KÖHLER: Let me first say that I didn`t ask for an interest rate cut. I said it is helpful. (Holding up a newspaper.) I feel I am the chief of the IMF, but I am not this chief. Mr. Mussa is a brilliant economist. Sometimes he also overstates his fear, his vision, to make a nice and entertaining presentation; so his formulation may not have been the absolute appropriate one. But, the more important thing is this is a brilliant, excellent, serious economist. So, we should not focus on whether or not he put pressure on someone in the ECB. It was the pointed argument of a serious economist. That should be part of our discussion, and I`m sure that the colleagues from the ECB and central banks from Europe will do so. So this weekend`s discussion will be constructive. And no one has the absolute truth. I am absolutely sure that Mr. Duisenberg and others will have arguments for their position, and they will elaborate here on that, and then we will discuss it together and come to a joint conclusion.
Turkey, there is no absolute certainty, but there is a high probability that this program works. Why? I think the Turks have gone through a difficult, painful process of recognizing reality. And, the most important thing is that they now have a floating exchange rate. This will help. It paves the way for getting out of this crisis with growth.
Secondly, I am not amused by how some people, commentators, judge Turkish people. The Turkish people are solid people, hard working, well known for paying back loans, debt. This should also count.
Thirdly, under the leadership of Minister Dervis an adjustment program has been put together that goes very far. It withstands all comparisons to other adjustment programs. And, in particular, it is true that they make a strong stab in restructuring the bank sector, which is the core problem.
This program is also based on clear commitment and action to combat corruption and to make the political process more transparent, to depoliticize the economy. All of the political parties in the coalition are involved in the program. So there is no absolute certainty, but a high probability that it works. And anyway, it deserves the support of the international community.
QUESTION: Mr. Managing Director, I would like to ask you about Indonesia. As you know, the political situation in Indonesia is explosive, potentially. The government is not in a strong position to deliver on many promises. On the central issue of the budget deficit, just last month the government said it would be hard to keep it under 5 percent of GDP. More recently, it has committed itself to 3.7 percent of GDP. My question is, do you find this credible in the political circumstances in Indonesia? If so, what next? If not, how are you going to proceed in Indonesia?
MR. KÖHLER: I must admit that it is indeed a tragedy what happens in Indonesia. And, no one, including the Fund, can judge itself free of part of the responsibility for this tragedy. But we should also not confuse ourselves. At the end, nothing works, and no international support works if there isn`t a minimum degree of political stability and if you want, law and order. Unless this is established, I can`t see how support can be efficient, because Indonesia deserves support, will get support, but there is a need for law and order. And this has to be reestablished. Indonesians themselves, that is their obligation to deliver on that.
The budget—I think there is commitment, and there is also commitment from the Fund to go a long way to support Indonesia. But, the budgetary issues are, if you want, at the core also of the political problem. If there is not an order that can control financing, then all money that is spent is lost money. So, we need to know what is the basic order in this country in order to implement our strong commitment to work with Indonesia to help it find a way out of the crisis.
QUESTION: There have been some G-7 members that have made criticisms about the way the IMF was managing crises, and according to some press releases the American administration would like the IMF to first get some results from the countries before giving them the money. What is your comment?
MR. KÖHLER: I think the U.S. administration has the same desire as the IMF and the international community. We want support programs, crisis packages, to be successful. And, if a new administration comes in with a fresh look, I think this does no harm. I do think, therefore, that crisis prevention is and should be even more at the heart of the Fund.
Secondly, I do think that we should have a look how, through prior action, the governments can demonstrate that they are serious with their commitment to do the right things. I think this is the approach Secretary O`Neill has taken. I think it is a reasonable approach, and we are exercising it, for instance, with Turkey.
QUESTION: Argentina. You said the other day in the press conference you gave with the press agencies that you needed more precisions on the Cavallo plan. What kind of precision are we talking about? Are we talking about how he is going to cut the budget, the deficit, the numbers? That is first.
Second, I wanted to know your opinion. You know that he has proposed to include the euro in the convertibility plan, to peg it not only to the dollar, but also to the euro. And, I wanted to know your opinion on that.
MR. KÖHLER: The precision is exactly what you hinted at. We want to know how Argentina comes back on track with the fiscal targets set out in the IMF arrangement, and we are going to discuss that tomorrow with the minister, and I look forward, really, to hear his ideas and suggestions and hope that we can agree on that.
On the basket idea, I must say, I am still a strong believer in a good role for the euro in the long run, but it has nothing to do with this issue of Argentina. I think, and my working assumption is absolutely clear, there is a convertibility law, there is a currency board. We base our cooperation and our advice on this framework, nothing else.
QUESTION: For Brazil, what are the risks of contagion from Argentina?
MR. KÖHLER: There are some signals, some signs of spillover, as can you recognize it with the interest rate spreads. So everybody should be vigilant. But here, it is also true what I already said about Mexico. Brazil has strong economic fundamentals. It improved a lot since its crisis some years ago. It has, I would say, an absolutely outstanding performing central bank. It has a clear commitment from the government and Minister Malan to stay the course of fiscal solidarity. So I have no doubt that Brazil can weather and will weather the storm. There is tension, but no need for panic.
MR. DAWSON: Thank you. We will see you at the closing press conference.
Das Beharrungsvermögen von Wahid ist unwahrscheinlich !
Wednesday, May 2 12:17 AM SGT
WRAP: Wahid Refuses To Quit; Plans Televised Speech
JAKARTA (AP)--President Abdurrahman Wahid won`t quit despite a looming threat of impeachment following a second censure by the hostile parliament, a spokesman said Tuesday.
Spokesman Yahya Staquf said Wahid would pre-record a television address to the nation Wednesday morning that would be broadcast that evening.
He declined to disclose the theme of the speech, but said "resignation is out of the question."
Other officials said the 61-year-old Muslim cleric still believes he can negotiate a deal with his political rivals that will keep him in office.
There is speculation that he might offer to share power with popular Vice President Megawati Sukarnoputri, who heads the parliament`s largest party and is the daughter of Indonesia`s founding leader, Sukarno.
However, a past promise by Wahid to cede more responsibility to Megawati has come to little and many legislators now want him to quit in favor of her.
Wahid is under intense pressure after the legislature on Monday overwhelming censured him over his alleged involvement in two graft scandals. They also accused his of mismanaging the crisis-ridden country, which is wracked by economic problems and escalating communal violence and separatism.
"I don`t know what the president can do about it, but theoretically, it is hopeless," Parliament Speaker Akbar Tandjung said.
Despite growing calls for him to quit, Wahid spent most of Tuesday discussing strategy with his senior Cabinet ministers.
Aides Say Megawati Ready Take Over For Wahid
Speaking briefly to reporters between meetings, Wahid denied as gossip claims that his relationship with Megawati had deteriorated and that she was now positioning herself to take over.
"Let people talk. But nothing is happening," he said.
Later parliamentary officials delivered a copy of the censure to Wahid`s office.
"The president has truly violated state guidelines and the constitution," it said.
Wahid is Indonesia`s first freely chosen head of state following four decades of authoritarian rule. He came to power 18 months ago with high hopes of delivering democratic and economic reform after the rule of former dictator Suharto.
But Wahid`s support soon faded amid erratic policies, infighting and alleged impropriety.
He now has a month to respond to allegations of that he was involved in two graft scandals. If parliament rejects his reply, it can ask the People`s Consultative Assembly, Indonesia`s highest legislative body, to impeach him.
"It is better that he resigns now. It will be graceful and his shortcomings will be forgotten," said assembly Chairman Amien Rais, a staunch Wahid critic.
The same assembly elected him to office in October 1999 in a contest against Megawati.
Megawati hasn`t publicly commented on the unfolding crisis. However, her aides say she is ready to replace Wahid.
Wahid, though, maintains that moves to oust him are unconstitutional and that he will stay in office until his term expires in 2004.
Meanwhile, the Indonesian rupiah strengthened on Tuesday and was trading at 10,850 against the dollar. The rupiah had been valued at above 11,000 for the past few weeks - its lowest levels for 31 months - amid political uncertainty and the threat of unrest.
Wednesday, May 2 12:17 AM SGT
WRAP: Wahid Refuses To Quit; Plans Televised Speech
JAKARTA (AP)--President Abdurrahman Wahid won`t quit despite a looming threat of impeachment following a second censure by the hostile parliament, a spokesman said Tuesday.
Spokesman Yahya Staquf said Wahid would pre-record a television address to the nation Wednesday morning that would be broadcast that evening.
He declined to disclose the theme of the speech, but said "resignation is out of the question."
Other officials said the 61-year-old Muslim cleric still believes he can negotiate a deal with his political rivals that will keep him in office.
There is speculation that he might offer to share power with popular Vice President Megawati Sukarnoputri, who heads the parliament`s largest party and is the daughter of Indonesia`s founding leader, Sukarno.
However, a past promise by Wahid to cede more responsibility to Megawati has come to little and many legislators now want him to quit in favor of her.
Wahid is under intense pressure after the legislature on Monday overwhelming censured him over his alleged involvement in two graft scandals. They also accused his of mismanaging the crisis-ridden country, which is wracked by economic problems and escalating communal violence and separatism.
"I don`t know what the president can do about it, but theoretically, it is hopeless," Parliament Speaker Akbar Tandjung said.
Despite growing calls for him to quit, Wahid spent most of Tuesday discussing strategy with his senior Cabinet ministers.
Aides Say Megawati Ready Take Over For Wahid
Speaking briefly to reporters between meetings, Wahid denied as gossip claims that his relationship with Megawati had deteriorated and that she was now positioning herself to take over.
"Let people talk. But nothing is happening," he said.
Later parliamentary officials delivered a copy of the censure to Wahid`s office.
"The president has truly violated state guidelines and the constitution," it said.
Wahid is Indonesia`s first freely chosen head of state following four decades of authoritarian rule. He came to power 18 months ago with high hopes of delivering democratic and economic reform after the rule of former dictator Suharto.
But Wahid`s support soon faded amid erratic policies, infighting and alleged impropriety.
He now has a month to respond to allegations of that he was involved in two graft scandals. If parliament rejects his reply, it can ask the People`s Consultative Assembly, Indonesia`s highest legislative body, to impeach him.
"It is better that he resigns now. It will be graceful and his shortcomings will be forgotten," said assembly Chairman Amien Rais, a staunch Wahid critic.
The same assembly elected him to office in October 1999 in a contest against Megawati.
Megawati hasn`t publicly commented on the unfolding crisis. However, her aides say she is ready to replace Wahid.
Wahid, though, maintains that moves to oust him are unconstitutional and that he will stay in office until his term expires in 2004.
Meanwhile, the Indonesian rupiah strengthened on Tuesday and was trading at 10,850 against the dollar. The rupiah had been valued at above 11,000 for the past few weeks - its lowest levels for 31 months - amid political uncertainty and the threat of unrest.
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Hallo Ihr !
Bin schon seit 1999 in Indonesien investiert,und hoffe seid dem das es endlich besser wird. Ich sitze nun auf einen Riesigen Aktienberg der kaum noch etwas wert ist.
Wie geht es euch den so ? wie lange seid Ihr schon dabei ? und glaubt Ihr daran das es Wirtschaftlich besser wird wenn der Wahid weg ist ?
Ich bin mir da noch garnicht so sicher,versuche aber trotzdem ständig ein paar Aktien von BII zu ergatern,da irgendwann der Tag für uns kommen wird.
M.f.g spekulativ
Bin schon seit 1999 in Indonesien investiert,und hoffe seid dem das es endlich besser wird. Ich sitze nun auf einen Riesigen Aktienberg der kaum noch etwas wert ist.
Wie geht es euch den so ? wie lange seid Ihr schon dabei ? und glaubt Ihr daran das es Wirtschaftlich besser wird wenn der Wahid weg ist ?
Ich bin mir da noch garnicht so sicher,versuche aber trotzdem ständig ein paar Aktien von BII zu ergatern,da irgendwann der Tag für uns kommen wird.
M.f.g spekulativ
Bin selbst in TINS investiert. Nach meiner Analyse dürfte das Schlimmster überstanden sein. Für mich als typischer Antizykliker ist Indonesien ein deutlicher Kauf.
Für die Dividende von TINS werde ich wieder in Indonesien investiern. Entweder TINS, BNII oder Tempo Scan.
Gruss
Eure zinnbude
Für die Dividende von TINS werde ich wieder in Indonesien investiern. Entweder TINS, BNII oder Tempo Scan.
Gruss
Eure zinnbude
Nächste Runde im Machtkampf um indonesischen Präsidenten Wahid
Bild vergrößern
Jakarta (Reuters) - Der indonesische Präsident Abdurrahman Wahid hat die zweite Rüge des Parlaments im Zusammenhang mit mehreren Finanzaffären zurückgewiesen. Forschungsminister A.S. Hikam sagte der englischsprachigen Zeitung "The Indonesian Observer" vom Dienstag, Wahid könne nach eigenen Angaben die Rüge nicht akzeptieren, da sie einem politischen Urteil über die Arbeit seiner Regierung gleichkomme. Das Parlament hatte am Montag die Rüge erteilt und damit theoretisch den Weg für ein Amtsenthebungsverfahren freigemacht. Wahid hat 30 Tage Zeit, um zur Rüge offiziell Stellung zu nehmen. Er hat seine Unschuld in den Affären beteuert. Am Montag gab es in Jakarta wieder Demonstrationen von Wahid-Anhägern.
Hikam, der ein enger Vertrauter Wahids ist, äußerte sich nach einem Treffen mit dem 60-jährigen, fast erblindeten Präsidenten und sagte, dieser erachte die Rüge als gegenstandslos. Damit dürfte ein Kompromiss im Kampf um Wahids Amt schwierig werden. Bereits in der vergangenen Woche hatte ein Sprecher Wahids mitgeteilt, der Präsident denke auch bei einer zweiten Rüge nicht an Rücktritt. Sollte ein Amtsenthebungsverfahren gegen Wahid angestrengt werden, könnte dies Monate dauern. Wahid, der seit anderthalb Jahren im Amt ist, wird auch von der größten Partei PDI kritisiert, die von seiner Stellvertreterin im Präsidentenamt, Megawati Sukarnoputri, geleitet wird.
Megawati hat sich in den politischen Streit um Wahids Position bisher kaum eingemischt, da ihr politische Beobachter nachsagen, sie strebe das Präsidentenamt an, wolle es aber auf legale Weise erreichen. Gewählt wird in Indonesien allerdings erst im Jahr 2004.
Wahid habe bei klassischer Musik im Präsidenten-Palast auf die Entscheidung des Parlaments gewartet, meldete die amtliche Nachrichtenagentur Antara unter Berufung auf einen Berater des Präsidenten. Die Entscheidung des Parlaments fiel mit 363 von 700 Stimmen. Das Parlament kann den Präsidenten entlassen und einen neuen wählen. Ausschlaggebend dafür ist das Verhalten von Megawatis Partei.
Einem Untersuchungsbericht zufolge hat Wahid an offiziellen Stellen vorbei eine Spende des Sultans von Brunei in Höhe von umgerechnet rund 4,2 Millionen Mark angenommen. Zudem sollen Vertraute des Präsidenten in seinem Auftrag rund 8,3 Millionen Mark von der nationalen Lebensmittelbehörde abgezweigt haben.
Während der Abstimmung im Parlament demonstrierten rund 15.000 Wahid-Anhänger in den Straßen der Hauptstadt Jakarta. Die Demonstrationen verliefen friedlich.
www.yahoo.de/nachrichten
Es sieht nicht so aus, als wenn das Land schnell zur Ruhe kommen würde, sollte Wahid freiwillig gehen dann würde er wahrscheinlich mit seinen Anhängern so viel Unruhe schaffen, das der Nachfolger(in) bestimmt an dieser Hürde scheitern würde. Bliebe er im Amt, würde das bisherige Spiel bis 2004 so weiter gehen(Rügen, Drohungen etc.)Sollte er jedoch des Amtes enthoben werden, was ich persönlich auch für die schlechteste Lösung hielte, denn schließlich steht Indonesien am Rande eines Abgrundes und würde dann einen Schritt nach vorne machen. Es würde unweigerlich zu heftigen Unruhen kommen. Ich glaube nicht, daß sich das Militär dann weiterhin so neutral verhalten würde. Es erstaunt mich sowieso, das es sich bis auf ein bißchen Völkermord so ruhig verhält. Momentan sind es sogar die besseren Demokraten, denn bisher ignorieren sie eigentlich alles. Ich glaube aber, daß das Militär eine Zersplitterung des 200 Mio. Menschen großen Staates nicht zulassen würde.Höchstens Zulassung einer Autonomie bestimmter Regionen unter dem Deckmantel des indonesischen Einheit. Und sagen wir mal ehrlich, die anderen Gründe die davor genannt wurden, wie 4.2 Mio. schwarze Spenden (BRD ca. 78 Mio. - 20 Mio. DM nein 21 Mio., eine Mio. hat man vor kurzem noch gefunden !)sind in einem Land von der Größe von Indonesien eigentlich noch weniger als Peanuts (kann man ja bald jedem Fußballverein als schwarze Spende nachweisen).Die Begründungen sind austauschbar, vielmehr geht es dort um den zu erzielenden Effekt.Ach, ja da war ja noch die Frage wie es anlagemäßig weiter geht.Alle großen Finanzinformationsdienste halten sich mehr oder weniger geschlossen, weil sie mit ihren Prognosen in der Vergangenheit zu oft daneben lagen, weitere Fehlprognosen würde ihre Glaubwürdigkeit nach außen hin noch stärker schädigen, so das sie mit den restlichen 99% ihrer Aussagen auch in Zweifel gezogen werden, deshalb sagt man besser gar nichts.Ich behaupte (denn ich gehöre zu den Leuten dessen Meinung genauso viel gilt, wie ein Sack Reis der in China umfällt) das in den nächsten 3-4 Jahren durchaus Gewinne erzielt werden können, die einen für dieses ganze Chaos entschädigen, allerdings nur, wenn man in Indonesien breit investiert ist, einige Unternehmen werden das 10-fache machen und andere werden in Konkurs gehen.
Bild vergrößern
Jakarta (Reuters) - Der indonesische Präsident Abdurrahman Wahid hat die zweite Rüge des Parlaments im Zusammenhang mit mehreren Finanzaffären zurückgewiesen. Forschungsminister A.S. Hikam sagte der englischsprachigen Zeitung "The Indonesian Observer" vom Dienstag, Wahid könne nach eigenen Angaben die Rüge nicht akzeptieren, da sie einem politischen Urteil über die Arbeit seiner Regierung gleichkomme. Das Parlament hatte am Montag die Rüge erteilt und damit theoretisch den Weg für ein Amtsenthebungsverfahren freigemacht. Wahid hat 30 Tage Zeit, um zur Rüge offiziell Stellung zu nehmen. Er hat seine Unschuld in den Affären beteuert. Am Montag gab es in Jakarta wieder Demonstrationen von Wahid-Anhägern.
Hikam, der ein enger Vertrauter Wahids ist, äußerte sich nach einem Treffen mit dem 60-jährigen, fast erblindeten Präsidenten und sagte, dieser erachte die Rüge als gegenstandslos. Damit dürfte ein Kompromiss im Kampf um Wahids Amt schwierig werden. Bereits in der vergangenen Woche hatte ein Sprecher Wahids mitgeteilt, der Präsident denke auch bei einer zweiten Rüge nicht an Rücktritt. Sollte ein Amtsenthebungsverfahren gegen Wahid angestrengt werden, könnte dies Monate dauern. Wahid, der seit anderthalb Jahren im Amt ist, wird auch von der größten Partei PDI kritisiert, die von seiner Stellvertreterin im Präsidentenamt, Megawati Sukarnoputri, geleitet wird.
Megawati hat sich in den politischen Streit um Wahids Position bisher kaum eingemischt, da ihr politische Beobachter nachsagen, sie strebe das Präsidentenamt an, wolle es aber auf legale Weise erreichen. Gewählt wird in Indonesien allerdings erst im Jahr 2004.
Wahid habe bei klassischer Musik im Präsidenten-Palast auf die Entscheidung des Parlaments gewartet, meldete die amtliche Nachrichtenagentur Antara unter Berufung auf einen Berater des Präsidenten. Die Entscheidung des Parlaments fiel mit 363 von 700 Stimmen. Das Parlament kann den Präsidenten entlassen und einen neuen wählen. Ausschlaggebend dafür ist das Verhalten von Megawatis Partei.
Einem Untersuchungsbericht zufolge hat Wahid an offiziellen Stellen vorbei eine Spende des Sultans von Brunei in Höhe von umgerechnet rund 4,2 Millionen Mark angenommen. Zudem sollen Vertraute des Präsidenten in seinem Auftrag rund 8,3 Millionen Mark von der nationalen Lebensmittelbehörde abgezweigt haben.
Während der Abstimmung im Parlament demonstrierten rund 15.000 Wahid-Anhänger in den Straßen der Hauptstadt Jakarta. Die Demonstrationen verliefen friedlich.
www.yahoo.de/nachrichten
Es sieht nicht so aus, als wenn das Land schnell zur Ruhe kommen würde, sollte Wahid freiwillig gehen dann würde er wahrscheinlich mit seinen Anhängern so viel Unruhe schaffen, das der Nachfolger(in) bestimmt an dieser Hürde scheitern würde. Bliebe er im Amt, würde das bisherige Spiel bis 2004 so weiter gehen(Rügen, Drohungen etc.)Sollte er jedoch des Amtes enthoben werden, was ich persönlich auch für die schlechteste Lösung hielte, denn schließlich steht Indonesien am Rande eines Abgrundes und würde dann einen Schritt nach vorne machen. Es würde unweigerlich zu heftigen Unruhen kommen. Ich glaube nicht, daß sich das Militär dann weiterhin so neutral verhalten würde. Es erstaunt mich sowieso, das es sich bis auf ein bißchen Völkermord so ruhig verhält. Momentan sind es sogar die besseren Demokraten, denn bisher ignorieren sie eigentlich alles. Ich glaube aber, daß das Militär eine Zersplitterung des 200 Mio. Menschen großen Staates nicht zulassen würde.Höchstens Zulassung einer Autonomie bestimmter Regionen unter dem Deckmantel des indonesischen Einheit. Und sagen wir mal ehrlich, die anderen Gründe die davor genannt wurden, wie 4.2 Mio. schwarze Spenden (BRD ca. 78 Mio. - 20 Mio. DM nein 21 Mio., eine Mio. hat man vor kurzem noch gefunden !)sind in einem Land von der Größe von Indonesien eigentlich noch weniger als Peanuts (kann man ja bald jedem Fußballverein als schwarze Spende nachweisen).Die Begründungen sind austauschbar, vielmehr geht es dort um den zu erzielenden Effekt.Ach, ja da war ja noch die Frage wie es anlagemäßig weiter geht.Alle großen Finanzinformationsdienste halten sich mehr oder weniger geschlossen, weil sie mit ihren Prognosen in der Vergangenheit zu oft daneben lagen, weitere Fehlprognosen würde ihre Glaubwürdigkeit nach außen hin noch stärker schädigen, so das sie mit den restlichen 99% ihrer Aussagen auch in Zweifel gezogen werden, deshalb sagt man besser gar nichts.Ich behaupte (denn ich gehöre zu den Leuten dessen Meinung genauso viel gilt, wie ein Sack Reis der in China umfällt) das in den nächsten 3-4 Jahren durchaus Gewinne erzielt werden können, die einen für dieses ganze Chaos entschädigen, allerdings nur, wenn man in Indonesien breit investiert ist, einige Unternehmen werden das 10-fache machen und andere werden in Konkurs gehen.
Was meint ihr: Bei BNII nachfassen? Bei 0,002 EUR muß doch langsam der Boden gefunden sein?
Für einen Rat wäre ich dankbar.
Für einen Rat wäre ich dankbar.
habe vor ein paar tagen wieder dazugekauft und so den einstand verbilligt. ob die rechnung am ende aufgehen wird, bleibt offen. aber so viel verlieren kann man ja auf dem derzeitigen niveau auch nicht mehr. also, warum eigentlich nicht? aber in maßen.
Hallo Rooo !
Ich habe heute für 0,003€ ein paar gekauft,weil ich auch der Meinung bin das es nicht mehr weiter nach unten gehen kann.
Nur dazu,das mann nicht viel verlieren kann,kann ich nicht teilen,da es auf die Summe ankommt und nicht auf den Kurs der Aktie.
Gruß spekulativ
Ich habe heute für 0,003€ ein paar gekauft,weil ich auch der Meinung bin das es nicht mehr weiter nach unten gehen kann.
Nur dazu,das mann nicht viel verlieren kann,kann ich nicht teilen,da es auf die Summe ankommt und nicht auf den Kurs der Aktie.
Gruß spekulativ
Die Tage von Wahid sind gezählt, ich hoffe dass es ohne Militärputsch abgeht.
Zur Zeit bin ich voll investiert. Hauptsächlich in Banken.
LIPPO, BNII, BANK NIAGA, BANK BALI
Viel Glück an meine Mitsteiter !
Friday, May 4 1:53 PM SGT
Advisers Say Wahid Won`t Heed Advice On Crisis -Reports
JAKARTA (AP)--Top advisers to Indonesian President Abdurrahman Wahid have complained that he isn`t heeding their counsel on how to deal with a campaign in parliament to oust him from office, news reports said Friday.
Wahid has been censured by the legislature twice this year and faces impeachment over two corruption scandals, possibly within months.
Parliament handed down its latest rebuke Monday when it accused him of corruption, violating the constitution and failing to fix the nation`s many problems.
Achmad Tirtosudiro, the head of the president`s Supreme Advisory Council, was quoted by private television station SCTV as saying the group would no longer offer its opinions to Wahid on the matter.
"If the president had listened to our advice from the very beginning, none of this chaotic condition would have happened," Tirtosudiro said.
He said the council had advised the president several months ago on how to avoid confrontation with lawmakers.
Wahid made a nationally-televised speech Wednesday, but its vague nature only angered lawmakers further by failing to address their criticisms.
The Indonesian Observer daily reported that the content of Wahid`s speech had also been against the advice of a team of senior Cabinet ministers.
Wahid has consistently maintained that he has done nothing illegal and that parliament has no constitutional right to challenge him. He maintains that he will serve out his term until 2004.
Lawmakers are now considering whether to ask the country`s top legislature, the People`s Consultative Assembly, to initiate impeachment proceedings.
The assembly is made up of the 500-member parliament and 200 appointees. It elected Wahid to a five-year term in October 1999, ending more than four decades of authoritarian rule.
Meanwhile, the leaders of the largest parties have agreed to meet next week on how to solve the political crisis. The meeting is to be chaired by Vice President Megawati Sukarnoputri, Wahid`s constitutional successor.
Wahid has tried several times to organize a similar meeting, but was snubbed by his rivals. Megawati`s success in bringing the parties together is regarded as a sign of her ascendancy.
She is the daughter of Indonesia`s founding leader, Sukarno, and heads the largest party in parliament.
There is speculation that Wahid might have to open his Cabinet to more of Megawati`s party members and strike a power-sharing deal with her. However, earlier promises by him to cede some responsibilities to her came to nothing and several of her close aides have dismissed the idea.
Zur Zeit bin ich voll investiert. Hauptsächlich in Banken.
LIPPO, BNII, BANK NIAGA, BANK BALI
Viel Glück an meine Mitsteiter !
Friday, May 4 1:53 PM SGT
Advisers Say Wahid Won`t Heed Advice On Crisis -Reports
JAKARTA (AP)--Top advisers to Indonesian President Abdurrahman Wahid have complained that he isn`t heeding their counsel on how to deal with a campaign in parliament to oust him from office, news reports said Friday.
Wahid has been censured by the legislature twice this year and faces impeachment over two corruption scandals, possibly within months.
Parliament handed down its latest rebuke Monday when it accused him of corruption, violating the constitution and failing to fix the nation`s many problems.
Achmad Tirtosudiro, the head of the president`s Supreme Advisory Council, was quoted by private television station SCTV as saying the group would no longer offer its opinions to Wahid on the matter.
"If the president had listened to our advice from the very beginning, none of this chaotic condition would have happened," Tirtosudiro said.
He said the council had advised the president several months ago on how to avoid confrontation with lawmakers.
Wahid made a nationally-televised speech Wednesday, but its vague nature only angered lawmakers further by failing to address their criticisms.
The Indonesian Observer daily reported that the content of Wahid`s speech had also been against the advice of a team of senior Cabinet ministers.
Wahid has consistently maintained that he has done nothing illegal and that parliament has no constitutional right to challenge him. He maintains that he will serve out his term until 2004.
Lawmakers are now considering whether to ask the country`s top legislature, the People`s Consultative Assembly, to initiate impeachment proceedings.
The assembly is made up of the 500-member parliament and 200 appointees. It elected Wahid to a five-year term in October 1999, ending more than four decades of authoritarian rule.
Meanwhile, the leaders of the largest parties have agreed to meet next week on how to solve the political crisis. The meeting is to be chaired by Vice President Megawati Sukarnoputri, Wahid`s constitutional successor.
Wahid has tried several times to organize a similar meeting, but was snubbed by his rivals. Megawati`s success in bringing the parties together is regarded as a sign of her ascendancy.
She is the daughter of Indonesia`s founding leader, Sukarno, and heads the largest party in parliament.
There is speculation that Wahid might have to open his Cabinet to more of Megawati`s party members and strike a power-sharing deal with her. However, earlier promises by him to cede some responsibilities to her came to nothing and several of her close aides have dismissed the idea.
Es sieht seit tagen so aus als ob der Kurs von BII versucht nach oben zu kommen.
Stuttgard 0,004
Gruß spekulativ
Stuttgard 0,004
Gruß spekulativ
Jetzt wird Megawati in Position gebracht. ENDLICH !!!
Friday, May 4 6:58 PM SGT
Megawati Hunts Document To Restore Father`s Reputation
JAKARTA (AP)--Wanting to restore the reputation of her disgraced father, Vice President Megawati Sukarnoputri Friday demanded that state archivists trace a key document used to justify 32 years of military dictatorship. It has been missing since it was allegedly written in 1966.
"This document is really important for the sake of the nation," Megawati said. "So I have asked for the National Archives to find what happened to it."
For decades there has been debate about the existence of the one-page letter, supposedly written by Megawati`s father, Indonesia`s founding President Sukarno, a few months after the army crushed what it said was an abortive communist coup.
Indonesia`s military has always maintained that in it Sukarno voluntarily transferred power in 1966 to Gen. Suharto, who subsequently ruled with an iron fist for three decades until he was forced out by pro-democracy protests in 1998.
If it is ever found, the elusive letter could dramatically alter how Indonesians view one of the bloodiest chapters in their history.
According to Suharto and his army cronies, Sukarno formally surrendered control of the government by signing the "Letter of Orders of March 11" - known by the Indonesian acronym, Supersemar. The military interpreted this to mean that Suharto had been installed as de facto president.
Suharto outlawed public challenges to his official version of events.
Details of exactly what happened in Indonesia during that time remain hazy and confused.
In 1966 and 1967, as many as 500,000 leftists, labor unionists and Sukarno supporters were slaughtered in an army-sponsored massacre that the CIA characterized as "one of the worst mass murders of the 20th century." The carnage left an indelible mark on Indonesian society.
Sukarno died under house arrest in 1970. Since then loyalists have privately denied he transferred power to anyone. They claim the document was in fact simply an order to the military to improve security following an abortive coup in 1965.
Now, two years after Suharto`s downfall, Indonesian historians are reexamining the events and are trying to establish the truth behind Supersemar.
This, however, is proving harder than expected - the original document has never been seen in public.
"The originals of all state documents are stored here, except that one," Muchlis Paeni, the head of the national archives, told Megawati when she visited his office on Friday.
"We do have two copies - one from the State Secretariat and another from the Army Information Center - but they are very different," he said.
Megawati`s demand for a new search for the document comes less than a month before Indonesians are to celebrate the 100th anniversary of Sukarno`s birth.
It also comes as she looks increasing likely to inherit her father`s legacy and become head of state as calls mount for the impeachment of current President Abdurrahman Wahid.
Friday, May 4 6:58 PM SGT
Megawati Hunts Document To Restore Father`s Reputation
JAKARTA (AP)--Wanting to restore the reputation of her disgraced father, Vice President Megawati Sukarnoputri Friday demanded that state archivists trace a key document used to justify 32 years of military dictatorship. It has been missing since it was allegedly written in 1966.
"This document is really important for the sake of the nation," Megawati said. "So I have asked for the National Archives to find what happened to it."
For decades there has been debate about the existence of the one-page letter, supposedly written by Megawati`s father, Indonesia`s founding President Sukarno, a few months after the army crushed what it said was an abortive communist coup.
Indonesia`s military has always maintained that in it Sukarno voluntarily transferred power in 1966 to Gen. Suharto, who subsequently ruled with an iron fist for three decades until he was forced out by pro-democracy protests in 1998.
If it is ever found, the elusive letter could dramatically alter how Indonesians view one of the bloodiest chapters in their history.
According to Suharto and his army cronies, Sukarno formally surrendered control of the government by signing the "Letter of Orders of March 11" - known by the Indonesian acronym, Supersemar. The military interpreted this to mean that Suharto had been installed as de facto president.
Suharto outlawed public challenges to his official version of events.
Details of exactly what happened in Indonesia during that time remain hazy and confused.
In 1966 and 1967, as many as 500,000 leftists, labor unionists and Sukarno supporters were slaughtered in an army-sponsored massacre that the CIA characterized as "one of the worst mass murders of the 20th century." The carnage left an indelible mark on Indonesian society.
Sukarno died under house arrest in 1970. Since then loyalists have privately denied he transferred power to anyone. They claim the document was in fact simply an order to the military to improve security following an abortive coup in 1965.
Now, two years after Suharto`s downfall, Indonesian historians are reexamining the events and are trying to establish the truth behind Supersemar.
This, however, is proving harder than expected - the original document has never been seen in public.
"The originals of all state documents are stored here, except that one," Muchlis Paeni, the head of the national archives, told Megawati when she visited his office on Friday.
"We do have two copies - one from the State Secretariat and another from the Army Information Center - but they are very different," he said.
Megawati`s demand for a new search for the document comes less than a month before Indonesians are to celebrate the 100th anniversary of Sukarno`s birth.
It also comes as she looks increasing likely to inherit her father`s legacy and become head of state as calls mount for the impeachment of current President Abdurrahman Wahid.
So wie es aussieht werden wir noch viel spaß haben.
Gruß spekulativ
Gruß spekulativ
Die ersten Reaktion,wer sagt es denn!!
Rupiah strengthens 1.1% on stable political condition
2001-05-04 19:57:33 GMT+7.
Jakarta (IndoExchange) - Rupiah finished up 1.1% to Rp10,950 per dollar this afternoon, compared to Rp11,070 per dollar yesterday. ”The condition of interbank money market today is very stable,” said a dealer of Bank Buana Indonesia.
Market dealers released their dollar ahead of long weekend. It was triggered by positive sentiment from stable domestic political and security condition.
Up to now, Bank Indonesia has not intervened, but state-owned banks sold dollar in moderate amount, around $10m-$15m.
Rupiah is predicted to remain stable in next Tuesday (May 8), if such conducive situation can be maintained. He predicted rupiah will range between Rp10,700–Rp11,100 per dollar next week.
Reported by : Linda Marina
WWW.indoexchange.com
Rupiah strengthens 1.1% on stable political condition
2001-05-04 19:57:33 GMT+7.
Jakarta (IndoExchange) - Rupiah finished up 1.1% to Rp10,950 per dollar this afternoon, compared to Rp11,070 per dollar yesterday. ”The condition of interbank money market today is very stable,” said a dealer of Bank Buana Indonesia.
Market dealers released their dollar ahead of long weekend. It was triggered by positive sentiment from stable domestic political and security condition.
Up to now, Bank Indonesia has not intervened, but state-owned banks sold dollar in moderate amount, around $10m-$15m.
Rupiah is predicted to remain stable in next Tuesday (May 8), if such conducive situation can be maintained. He predicted rupiah will range between Rp10,700–Rp11,100 per dollar next week.
Reported by : Linda Marina
WWW.indoexchange.com
Und noch eine!!
JAKARTA (AFX-ASIA) - Share prices closed higher led by big caps amid
hopes of peaceful political change after parliament`s second censure motion
on President Abdurrahman Wahid, dealers said.
They said most investors believe there will be some form of transition,
possibly involving Wahid losing the presidency or at least his power.
The composite index closed up 3.619 points or 0.97 pct at 375.558.
The LQ-45 index closed up 0.768 points at 75.411.
Gainers led losers 98 to 42.
Volume was 704 mln shares worth 485.223 bln rupiah.
The rupiah was trading at 10,900/10,950 to the dollar.
An institutional dealer at a Singapore brokerage said investors believe
political change can be carried out peacefully since the violence feared in
response to Wahid`s second parliamentary censure did not eventuate.
She said that while Wahid has been given one month to improve his
performance, the focus is now shifting to the planned meeting of political
leaders next week sponsored by the Indonesian Democratic Party of Struggle
(PDI-P).
"It seems that most people believe we will have political change," the
dealer said.
She said optimistic investors believe this political change may involve
Wahid losing his post or at least his authority.
"They believe the prospect for such a scenario is high," she added.
A forex dealer at a European bank said the rupiah was also strengthening
for the same reasons.
"I think given that the political leaders` meeting is hosted by the PDIP,
then Wahid will feel obliged to seriously take into consideration the outcome
of the meeting," he said.
Another dealer at a foreign brokerage said foreign buying in cigarette
stocks was also buoyed by speculation that Sampoerna will be included in the
MSCI index this month.
Telkom was flat at 2,500 rupiah on volume of 30.419 mln shares while
Indosat was up 100 at 8,750 on 6.499 mln shares.
Gudang Garam was up 300 at 12,050 on 4.548 mln shares and Sampoerna was
up 250 at 13,400 on 2.115 mln shares.
alo/pb/zr
AFN
04May01 09:42 GMT
http://www.indoexchange.com/afx/" target="_blank" rel="nofollow ugc noopener">http://www.indoexchange.com/afx/
Copyright of AFX-Asia: Re-Distribution is strictly prohibited.
Want more? Check out http://www.indoexchange.com/afx for more information and samples.
If you have any question or comments, please contact us at: afx-feedback@indoexchange.com
JAKARTA (AFX-ASIA) - Share prices closed higher led by big caps amid
hopes of peaceful political change after parliament`s second censure motion
on President Abdurrahman Wahid, dealers said.
They said most investors believe there will be some form of transition,
possibly involving Wahid losing the presidency or at least his power.
The composite index closed up 3.619 points or 0.97 pct at 375.558.
The LQ-45 index closed up 0.768 points at 75.411.
Gainers led losers 98 to 42.
Volume was 704 mln shares worth 485.223 bln rupiah.
The rupiah was trading at 10,900/10,950 to the dollar.
An institutional dealer at a Singapore brokerage said investors believe
political change can be carried out peacefully since the violence feared in
response to Wahid`s second parliamentary censure did not eventuate.
She said that while Wahid has been given one month to improve his
performance, the focus is now shifting to the planned meeting of political
leaders next week sponsored by the Indonesian Democratic Party of Struggle
(PDI-P).
"It seems that most people believe we will have political change," the
dealer said.
She said optimistic investors believe this political change may involve
Wahid losing his post or at least his authority.
"They believe the prospect for such a scenario is high," she added.
A forex dealer at a European bank said the rupiah was also strengthening
for the same reasons.
"I think given that the political leaders` meeting is hosted by the PDIP,
then Wahid will feel obliged to seriously take into consideration the outcome
of the meeting," he said.
Another dealer at a foreign brokerage said foreign buying in cigarette
stocks was also buoyed by speculation that Sampoerna will be included in the
MSCI index this month.
Telkom was flat at 2,500 rupiah on volume of 30.419 mln shares while
Indosat was up 100 at 8,750 on 6.499 mln shares.
Gudang Garam was up 300 at 12,050 on 4.548 mln shares and Sampoerna was
up 250 at 13,400 on 2.115 mln shares.
alo/pb/zr
AFN
04May01 09:42 GMT
http://www.indoexchange.com/afx/" target="_blank" rel="nofollow ugc noopener">http://www.indoexchange.com/afx/
Copyright of AFX-Asia: Re-Distribution is strictly prohibited.
Want more? Check out http://www.indoexchange.com/afx for more information and samples.
If you have any question or comments, please contact us at: afx-feedback@indoexchange.com
Jetzt führt Wahid auch noch Steinzeitgesetzte in seinen abtrünnigen Provincen ein. Will sich wohl einschleimen!
Trotzdem viel erfolg. Bei den Saudis wird damit trozdem Geld verdient ;-)
Gus Dur briefs the nation on Islamic law implementation
JAKARTA (JP): The planned implementation of syariat Islam (Islamic law) in Aceh does not mean that the province will abandon the existing legal system, President Abdurrahman "Gus Dur" Wahid asserted on Monday.
The President was speaking on the sidelines of the Buddhist Waisak celebration at Istora Senayan in Central Jakarta.
"The implementation of syariat Islam does not mean that there will the amputating of hands (as punishment for stealing) or any stoning to death (for adultery) for somebody who is presumed guilty," Abdurrahman said as quoted by Antara.
Abdurrahman further said that the most important thing was the essence of Islamic law.
"Even in the United States every state has different regulations," he said.
"So I think this is part of the consequences of being a great country ... but we have to do this within the frame work of Indonesia as a unitary state. So if minority non-Muslim groups (in Aceh) face a legal problem they must be processed within the existing regulations and not Islamic law," the President added.
Abdurrahman was accompanied by First Lady Sinta Nuriyah, House of Representatives (DPR) Speaker Akbar Tandjung and several Cabinet ministers during Monday`s Waisak celebrations. (edt)
Trotzdem viel erfolg. Bei den Saudis wird damit trozdem Geld verdient ;-)
Gus Dur briefs the nation on Islamic law implementation
JAKARTA (JP): The planned implementation of syariat Islam (Islamic law) in Aceh does not mean that the province will abandon the existing legal system, President Abdurrahman "Gus Dur" Wahid asserted on Monday.
The President was speaking on the sidelines of the Buddhist Waisak celebration at Istora Senayan in Central Jakarta.
"The implementation of syariat Islam does not mean that there will the amputating of hands (as punishment for stealing) or any stoning to death (for adultery) for somebody who is presumed guilty," Abdurrahman said as quoted by Antara.
Abdurrahman further said that the most important thing was the essence of Islamic law.
"Even in the United States every state has different regulations," he said.
"So I think this is part of the consequences of being a great country ... but we have to do this within the frame work of Indonesia as a unitary state. So if minority non-Muslim groups (in Aceh) face a legal problem they must be processed within the existing regulations and not Islamic law," the President added.
Abdurrahman was accompanied by First Lady Sinta Nuriyah, House of Representatives (DPR) Speaker Akbar Tandjung and several Cabinet ministers during Monday`s Waisak celebrations. (edt)
nation on Islamic 
da investiert man nicht
da investiert man nicht
um nicht missverstanden zu werden wegen reigi und so
es ist besser gleich zu spenden
es ist besser gleich zu spenden
@ an alle !!
Welche indonesischen Aktien kann man in Deutschland als
Anfangsinvestment in diesem risikoreichen Markt bei einem
Anlagehorizont von 2 bis 5 Jahren kaufen?
Bitte nur Titel mit ausreichender Liquitität !
Danke !
nihon
Welche indonesischen Aktien kann man in Deutschland als
Anfangsinvestment in diesem risikoreichen Markt bei einem
Anlagehorizont von 2 bis 5 Jahren kaufen?
Bitte nur Titel mit ausreichender Liquitität !
Danke !
nihon
Heute wieder Handel in München und Berlin für 0,003 EUR!
Letzte Woche haben wir schon die 4 gesehen, was hat das zu bedeuten? In Jakarta immernoch 25-30 Rupien.
Letzte Woche haben wir schon die 4 gesehen, was hat das zu bedeuten? In Jakarta immernoch 25-30 Rupien.
Was geht da vor sich ?
Friday, May 11 4:10 PM SGT
Indonesia Wahid Rules Out Sharing Power With VP Megawati
(MORE) Dow Jones Newswires 11-05-01
0810GMT
Impeachment Proceeding
JAKARTA (Dow Jones)--Indonesian President Abdurrahman Wahid ruled out Friday giving further powers to Vice President Megawati Sukarnoputri as a way of ending a debilitating political standoff with Parliament.
"I have already given her everything and she is very happy with that," Wahid told reporters.
Wahid has given his popular deputy, who head the Indonesian Democratic Party of Struggle, or PDI-P, the power to chair weekly cabinet meetings.
But Wahid`s opponents in Parliament - who are currently pushing for his impeachment in connection with two financial scandals - have called for the president to hand over additional powers to Megawati.
Megawati`s PDI-P won the most seats in the 1999 general elections, the first democratic polls for decades, but she was pipped for the presidency by Wahid in October that year.
(MORE) Dow Jones Newswires 11-05-01
Friday, May 11 4:10 PM SGT
Indonesia Wahid Rules Out Sharing Power With VP Megawati
(MORE) Dow Jones Newswires 11-05-01
0810GMT
Impeachment Proceeding
JAKARTA (Dow Jones)--Indonesian President Abdurrahman Wahid ruled out Friday giving further powers to Vice President Megawati Sukarnoputri as a way of ending a debilitating political standoff with Parliament.
"I have already given her everything and she is very happy with that," Wahid told reporters.
Wahid has given his popular deputy, who head the Indonesian Democratic Party of Struggle, or PDI-P, the power to chair weekly cabinet meetings.
But Wahid`s opponents in Parliament - who are currently pushing for his impeachment in connection with two financial scandals - have called for the president to hand over additional powers to Megawati.
Megawati`s PDI-P won the most seats in the 1999 general elections, the first democratic polls for decades, but she was pipped for the presidency by Wahid in October that year.
(MORE) Dow Jones Newswires 11-05-01
Wahid Du Sack !
Sunday, May 13 3:49 PM SGT
Wahid Warns Critics Health Claims Are Slander - Report
JAKARTA (AP)--Indonesia`s beleaguered head of state warned that his opponents could be prosecuted for claiming he is physically and psychologically unfit to govern, the state Antara news agency reported Sunday.
President Abdurrahman Wahid, who is facing possible impeachment by lawmakers for alleged graft and incompetence, is blind and suffered two stokes before he became head of state in October 1999.
Earlier this year a four-doctor team sent a report to parliament that claimed Wahid`s ill health had affected his ability to run the crisis-ridden nation.
Since then a growing number of critics have demanded that Wahid, 60, undergo independent medical tests.
Wahid`s personal physicians have flatly rejected the report`s findings as its authors had never examined him.
Wahid, 60, said Sunday he wouldn`t sue over the claims.
"Let the security forces prosecute, because they believe there has been slander against the head of state," Antara quoted Wahid as saying after he prayed at a mosque in Bogor, just west of the capital Jakarta.
Under Indonesian law it`s an offense to slander the president.
The state of Wahid`s health, became an issue again Saturday when he canceled a routine health checkup at a Jakarta military hospital without explanation.
However, he said Friday he was healthy and fit enough to stay in office and fight moves to oust him. His doctors and aides said he would proceed with a one-day visit to neighboring Thailand Monday.
Parliament has twice censured Wahid this year and has opened the way for possible impeachment as early as July.
The legislature is scheduled to meet at the end of the month to decide whether to ask the nation`s highest lawmaking body, the People`s Consultative Assembly, to start impeachment proceedings.
Wahid has maintained his innocence and refused to quit.
He has also rejected suggestions from several Cabinet ministers that he hand over most of his powers to popular Vice President Megawati Sukarnoputri as a way to stay in office.
Sunday, May 13 3:49 PM SGT
Wahid Warns Critics Health Claims Are Slander - Report
JAKARTA (AP)--Indonesia`s beleaguered head of state warned that his opponents could be prosecuted for claiming he is physically and psychologically unfit to govern, the state Antara news agency reported Sunday.
President Abdurrahman Wahid, who is facing possible impeachment by lawmakers for alleged graft and incompetence, is blind and suffered two stokes before he became head of state in October 1999.
Earlier this year a four-doctor team sent a report to parliament that claimed Wahid`s ill health had affected his ability to run the crisis-ridden nation.
Since then a growing number of critics have demanded that Wahid, 60, undergo independent medical tests.
Wahid`s personal physicians have flatly rejected the report`s findings as its authors had never examined him.
Wahid, 60, said Sunday he wouldn`t sue over the claims.
"Let the security forces prosecute, because they believe there has been slander against the head of state," Antara quoted Wahid as saying after he prayed at a mosque in Bogor, just west of the capital Jakarta.
Under Indonesian law it`s an offense to slander the president.
The state of Wahid`s health, became an issue again Saturday when he canceled a routine health checkup at a Jakarta military hospital without explanation.
However, he said Friday he was healthy and fit enough to stay in office and fight moves to oust him. His doctors and aides said he would proceed with a one-day visit to neighboring Thailand Monday.
Parliament has twice censured Wahid this year and has opened the way for possible impeachment as early as July.
The legislature is scheduled to meet at the end of the month to decide whether to ask the nation`s highest lawmaking body, the People`s Consultative Assembly, to start impeachment proceedings.
Wahid has maintained his innocence and refused to quit.
He has also rejected suggestions from several Cabinet ministers that he hand over most of his powers to popular Vice President Megawati Sukarnoputri as a way to stay in office.
Indonesiens Präsident rechnet mit Amtsenthebung
Jakarta (Reuters) - Der indonesische Präsident Abdurrahman Wahid rechnet damit, dass im Zusammenhang mit mehreren Finanzaffären ein Amtsenthebungsverfahren gegen ihn eingeleitet wird. Er werde seinen Posten jedoch nicht freiwillig räumen, sagte Wahid am Dienstag in Jakarta.
Gleichzeitig kündigte er an, sich in jedem Fall bei den Wahlen 2004 erneut um das Amt bewerben zu wollen. Einem Untersuchungsbericht zufolge hat Wahid an offiziellen Stellen vorbei eine Spende des Sultans von Brunei in Höhe von umgerechnet rund 4,2 Millionen Mark angenommen. Zudem sollen Vertraute des Präsidenten in seinem Auftrag rund 8,3 Millionen Mark von der nationalen Lebensmittelbehörde abgezweigt haben.
Das Parlament hatte Wahid wegen der Finanzaffären zwei Mal gerügt und damit den Weg für ein Amtsenthebungsverfahren frei gemacht. Wahid hat bis zum 30. Mai Zeit, auf die letzte Rüge des Parlaments zu reagieren. Danach kann die Beratende Volksversammlung des Parlaments in einer Sondersitzung über eine mögliche Amtsenthebung beraten. Es wurde damit gerechnet, dass diese Sitzung im August anberaumt wird.
Parlamentspräsident Akbar Tandjung sagte am Dienstag, ein Amtsenthebungsverfahren sei unvermeidlich, falls Wahid nicht bereit sei, Machtbefugnisse an seine Stellvertreterin, Megawati Sukarnoputri, abzutreten. Dies war von Wahid bereits abgelehnt worden.
Yahoo.de
Hoffentlich zündelt Wahid nicht in diesem Pulverfass
Jakarta (Reuters) - Der indonesische Präsident Abdurrahman Wahid rechnet damit, dass im Zusammenhang mit mehreren Finanzaffären ein Amtsenthebungsverfahren gegen ihn eingeleitet wird. Er werde seinen Posten jedoch nicht freiwillig räumen, sagte Wahid am Dienstag in Jakarta.
Gleichzeitig kündigte er an, sich in jedem Fall bei den Wahlen 2004 erneut um das Amt bewerben zu wollen. Einem Untersuchungsbericht zufolge hat Wahid an offiziellen Stellen vorbei eine Spende des Sultans von Brunei in Höhe von umgerechnet rund 4,2 Millionen Mark angenommen. Zudem sollen Vertraute des Präsidenten in seinem Auftrag rund 8,3 Millionen Mark von der nationalen Lebensmittelbehörde abgezweigt haben.
Das Parlament hatte Wahid wegen der Finanzaffären zwei Mal gerügt und damit den Weg für ein Amtsenthebungsverfahren frei gemacht. Wahid hat bis zum 30. Mai Zeit, auf die letzte Rüge des Parlaments zu reagieren. Danach kann die Beratende Volksversammlung des Parlaments in einer Sondersitzung über eine mögliche Amtsenthebung beraten. Es wurde damit gerechnet, dass diese Sitzung im August anberaumt wird.
Parlamentspräsident Akbar Tandjung sagte am Dienstag, ein Amtsenthebungsverfahren sei unvermeidlich, falls Wahid nicht bereit sei, Machtbefugnisse an seine Stellvertreterin, Megawati Sukarnoputri, abzutreten. Dies war von Wahid bereits abgelehnt worden.
Yahoo.de
Hoffentlich zündelt Wahid nicht in diesem Pulverfass
Auch was gefunden.
Wahid calls for fight against impeachment
May 18, 2001 Posted: 4:52 PM HKT (0852 GMT)
`We must fight with all our might`: Wahid
JAKARTA, Indonesia -- Indonesian President Abdurrahman Wahid has stepped up his campaign against impeachment, urging Indonesians to "fight with all our might" against what he calls a violation of the constitution.
His presidency has been teetering since a parliamentary inquiry linked him to two graft scandals earlier this year.
The legislature has censured him twice over the matter and is scheduled to hold a plenary session on May 30 when it is expected to press for his impeachment.
The parliament has also rejected Wahid`s request to reschedule the session, which falls on the same day as the opening of the international G-15 summit, a grouping of developing nations, in Jakarta.
Opposition lawmakers have tipped Vice-President Megawati Sukarnoputri, whose bid to presidency in 1999 was dashed in last-minute backroom deal, to succeed Wahid.
In a speech to provincial governors on Friday, Wahid said a move to impeach him would be illegal, adding that investigations of public officials should be carried out by the judiciary, not the legislature.
"We must fight with all our might any actions that contravene or stray from the constitution," Wahid said. "If I don`t say this, we as a nation will break up."
He made a similar comment on Wednesday, threatening "a tough action" to defend the nation`s constitution against violations by lawmakers.
Mega`s defenders
Megawati, a favorite to replace Wahid, is also under attacks to resign
Meanwhile, the two biggest opposition parties, the Indonesian Democratic Party of Struggle and Golkar, have jumped to defend Megawati after the vice-president came under attack from Wahid`s political camp.
Muhaimin Iskandar, secretary-general from Wahid`s National Awakening Party, said earlier this week: "If Megawati wants to challenge the president, she should quit the vice-presidency first."
Megawati, who has not made any clear, public comments on whether she would like to replace Wahid, has become more outspoken recently. During a rally in Sumatra on Tuesday, she gave a hint that she was ready to become Indonesia`s president "through constitutional means."
Pramono Anung, deputy secretary-general of Megawati`s Indonesian Democratic Party of Struggle, said that Megawati would remain loyal to the president.
"We believe that she remains firm in her stance of keeping separate her duties as vice-president and as party leader," The Jakarta Post daily quoted him as saying.
He added that the constitutional process has to go forward, but that Megawati has no intention of toppling the president.
`Proportional criticisms`
Akbar Tanjung, chairman of the former ruling Golkar party, was also quoted by The Jakarta Post as saying that Megawati`s criticisms of the president was proportional.
"I do not think her comments have been out of line," he said, adding Megawati was elected vice-president by the People`s Consultative Assembly and thus, she is not accountable to the president.
Last week, her sister, Rachmawati Sukarnoputri, suggested that Megawati should quit, following the steps of the country`s first vice-president Mohammad Hatta in 1957 when he felt he could not work together with president Sukarno, their own father.
Megawati and Wahid`s siblings have criticised against their politically successful brother or sister.
Salahuddin Wahid, the president`s younger brother, said Wahid`s weaknesses have cost him the golden opportunity to lead the country.
He admitted that it was only a matter of time before his brother left office.
"There is little chance that Gus Dur will survive because in reality, seven factions in the House have demanded a special session (to impeach him)," Salahuddin said, as quoted by Republika daily.
Meanwhile, Wahid`s main spokesman Wimar Witoelar was hospitalized on Thursday night after suffering a heart attack. Witoelar has spent months defending the health of Wahid, who has had two strokes and is almost blind.
Wahid calls for fight against impeachment
May 18, 2001 Posted: 4:52 PM HKT (0852 GMT)
`We must fight with all our might`: Wahid
JAKARTA, Indonesia -- Indonesian President Abdurrahman Wahid has stepped up his campaign against impeachment, urging Indonesians to "fight with all our might" against what he calls a violation of the constitution.
His presidency has been teetering since a parliamentary inquiry linked him to two graft scandals earlier this year.
The legislature has censured him twice over the matter and is scheduled to hold a plenary session on May 30 when it is expected to press for his impeachment.
The parliament has also rejected Wahid`s request to reschedule the session, which falls on the same day as the opening of the international G-15 summit, a grouping of developing nations, in Jakarta.
Opposition lawmakers have tipped Vice-President Megawati Sukarnoputri, whose bid to presidency in 1999 was dashed in last-minute backroom deal, to succeed Wahid.
In a speech to provincial governors on Friday, Wahid said a move to impeach him would be illegal, adding that investigations of public officials should be carried out by the judiciary, not the legislature.
"We must fight with all our might any actions that contravene or stray from the constitution," Wahid said. "If I don`t say this, we as a nation will break up."
He made a similar comment on Wednesday, threatening "a tough action" to defend the nation`s constitution against violations by lawmakers.
Mega`s defenders
Megawati, a favorite to replace Wahid, is also under attacks to resign
Meanwhile, the two biggest opposition parties, the Indonesian Democratic Party of Struggle and Golkar, have jumped to defend Megawati after the vice-president came under attack from Wahid`s political camp.
Muhaimin Iskandar, secretary-general from Wahid`s National Awakening Party, said earlier this week: "If Megawati wants to challenge the president, she should quit the vice-presidency first."
Megawati, who has not made any clear, public comments on whether she would like to replace Wahid, has become more outspoken recently. During a rally in Sumatra on Tuesday, she gave a hint that she was ready to become Indonesia`s president "through constitutional means."
Pramono Anung, deputy secretary-general of Megawati`s Indonesian Democratic Party of Struggle, said that Megawati would remain loyal to the president.
"We believe that she remains firm in her stance of keeping separate her duties as vice-president and as party leader," The Jakarta Post daily quoted him as saying.
He added that the constitutional process has to go forward, but that Megawati has no intention of toppling the president.
`Proportional criticisms`
Akbar Tanjung, chairman of the former ruling Golkar party, was also quoted by The Jakarta Post as saying that Megawati`s criticisms of the president was proportional.
"I do not think her comments have been out of line," he said, adding Megawati was elected vice-president by the People`s Consultative Assembly and thus, she is not accountable to the president.
Last week, her sister, Rachmawati Sukarnoputri, suggested that Megawati should quit, following the steps of the country`s first vice-president Mohammad Hatta in 1957 when he felt he could not work together with president Sukarno, their own father.
Megawati and Wahid`s siblings have criticised against their politically successful brother or sister.
Salahuddin Wahid, the president`s younger brother, said Wahid`s weaknesses have cost him the golden opportunity to lead the country.
He admitted that it was only a matter of time before his brother left office.
"There is little chance that Gus Dur will survive because in reality, seven factions in the House have demanded a special session (to impeach him)," Salahuddin said, as quoted by Republika daily.
Meanwhile, Wahid`s main spokesman Wimar Witoelar was hospitalized on Thursday night after suffering a heart attack. Witoelar has spent months defending the health of Wahid, who has had two strokes and is almost blind.
Abwarten und Tee trinken.
Indonesia Today: Key events to watch, and why, on May 21
18-May-2001, 10:11:36 GMT
By BridgeNews
AGENDA (times are local, 7 hours ahead of GMT)
: No major events scheduled
WHAT TO WATCH FOR
Indonesian stocks are expected to open higher after Friday`s late surge,
but the Jakarta index is expected to see muted response to the latest
adjustment made by Morgan Stanley Capital International to its indices
methodology; expected trading range 370-380.
The Indonesian rupiah remains vulnerable to further weakness on the back of
sustained corporate bids for the U.S. dollar amid ongoing political
uncertainties in the country.
NEWS MENU
Story
Number Item
.15 - MENU: Emerging Markets--Asia
.775 - ALERT: ASIA
.778 - UPDATE: EMERGING MARKETS
AFTER TODAY
May 22: Joint marketing board`s weekly crude palm oil tender.
May 23: Bank Indonesia`s weekly SBI paper auction. (Story .239)
May 23: Joint marketing board`s weekly rubber tender.
May 24: International reserves as on May 22. (Story .8228)
ON THE HORIZON
May 29: Joint marketing board`s weekly crude palm oil tender.
May 30: Bank Indonesia`s weekly SBI paper auction. (Story .239)
May 30: Joint marketing board`s weekly rubber tender.
May 30: House of Representatives plenary session.
May 31: International reserves as on May 29. (Story .8228)
Copyright 2001 Bridge Information Systems. All rights reserved.
Indonesia Today: Key events to watch, and why, on May 21
18-May-2001, 10:11:36 GMT
By BridgeNews
AGENDA (times are local, 7 hours ahead of GMT)
: No major events scheduled
WHAT TO WATCH FOR
Indonesian stocks are expected to open higher after Friday`s late surge,
but the Jakarta index is expected to see muted response to the latest
adjustment made by Morgan Stanley Capital International to its indices
methodology; expected trading range 370-380.
The Indonesian rupiah remains vulnerable to further weakness on the back of
sustained corporate bids for the U.S. dollar amid ongoing political
uncertainties in the country.
NEWS MENU
Story
Number Item
.15 - MENU: Emerging Markets--Asia
.775 - ALERT: ASIA
.778 - UPDATE: EMERGING MARKETS
AFTER TODAY
May 22: Joint marketing board`s weekly crude palm oil tender.
May 23: Bank Indonesia`s weekly SBI paper auction. (Story .239)
May 23: Joint marketing board`s weekly rubber tender.
May 24: International reserves as on May 22. (Story .8228)
ON THE HORIZON
May 29: Joint marketing board`s weekly crude palm oil tender.
May 30: Bank Indonesia`s weekly SBI paper auction. (Story .239)
May 30: Joint marketing board`s weekly rubber tender.
May 30: House of Representatives plenary session.
May 31: International reserves as on May 29. (Story .8228)
Copyright 2001 Bridge Information Systems. All rights reserved.
Was soll das diplomatische Geplänkel !
Übernimm endlich die Macht Megawati !
"I`m not ambitious to become president": Megawati
JAKARTA (JP): Chairperson of the Indonesian emocratic Party of Struggle (PDI Perjuangan) and Vice President Megawati Soekarnoputri said on Sunday that she had no ambition to become the president of the country, Antara reported.
"There have been misunderstandings over the results (of previous party congresses in Bali and Semarang), which recommended that the party chairperson be nominated for presidency, as if I was ambitious to become a president," Megawati said in a teleconferenced speech, addressing the 28th anniversary of the Indonesian Democratic Party (PDI), Megawati`s former party before it was divided into two different parties -- the PDI and the PDI Perjuangan -- which was held at the Brawijaya field in Malang, East Java.
The teleconferenced speech was held in exchange to her absence in Malang as she was slated to chair a coordinative cabinet meeting in Jakarta later in Sunday afternoon.
She defended that her nomination as presidential candidate was recommended by both congresses and not her personal wish.
Megawati ran for presidency in the October 1999 presidentialelection, but she was defeated by (President) Abdurrahman Wahid, who won the support not only from his National Awakening Party (PKB), but also political parties grouped under the Axis Force and other minority factions in the People`s Consultative Assembly (MPR), which organized the election.
The vice president called on party members to join hands in a nationwide effort to end the prolonged political and economic crisis.
"Before, we ask other elements of the country, PDI Perjuangan members should first consolidate ourselves in helping bring the country out of the crisis...without unity, it`s difficult for the nation to survive the crisis," she said.
Megawati also told her party members that the proposal to hold an expedited general election was not the best solution and the answer to the state problems.
"Such an expedited election could worsen the situation and therefore will prolong the people`s misery," she said. (imn)
Übernimm endlich die Macht Megawati !
"I`m not ambitious to become president": Megawati
JAKARTA (JP): Chairperson of the Indonesian emocratic Party of Struggle (PDI Perjuangan) and Vice President Megawati Soekarnoputri said on Sunday that she had no ambition to become the president of the country, Antara reported.
"There have been misunderstandings over the results (of previous party congresses in Bali and Semarang), which recommended that the party chairperson be nominated for presidency, as if I was ambitious to become a president," Megawati said in a teleconferenced speech, addressing the 28th anniversary of the Indonesian Democratic Party (PDI), Megawati`s former party before it was divided into two different parties -- the PDI and the PDI Perjuangan -- which was held at the Brawijaya field in Malang, East Java.
The teleconferenced speech was held in exchange to her absence in Malang as she was slated to chair a coordinative cabinet meeting in Jakarta later in Sunday afternoon.
She defended that her nomination as presidential candidate was recommended by both congresses and not her personal wish.
Megawati ran for presidency in the October 1999 presidentialelection, but she was defeated by (President) Abdurrahman Wahid, who won the support not only from his National Awakening Party (PKB), but also political parties grouped under the Axis Force and other minority factions in the People`s Consultative Assembly (MPR), which organized the election.
The vice president called on party members to join hands in a nationwide effort to end the prolonged political and economic crisis.
"Before, we ask other elements of the country, PDI Perjuangan members should first consolidate ourselves in helping bring the country out of the crisis...without unity, it`s difficult for the nation to survive the crisis," she said.
Megawati also told her party members that the proposal to hold an expedited general election was not the best solution and the answer to the state problems.
"Such an expedited election could worsen the situation and therefore will prolong the people`s misery," she said. (imn)
Evtl. Ausnahmezustand geplant ?
what the hell is "Ausnahmezustand" ? who cares !
Jakarta denies Wahid to declare state of emergency
May 20, 2001 Posted: 1:27 PM HKT (0527 GMT)
Wahid is due to address the nation Sunday evening to mark an anti-colonial day of remembrance
JAKARTA, Indonesia -- A spokesman for Indonesia`s President Abdurrahman Wahid denied the Muslim cleric was planning to declare a state of emergency to hang on to power.
Rumors have swept Jakarta that Wahid would implement the measure to end the political infighting that has dominated Indonesian politics of late.
Presidential spokesman Adhie Massardi on Sunday blamed Wahid`s political enemies and elements within the military for a flood of rumors, but added that the president had discussed such drastic action.
"Gus Dur does not have an intention to declare a state of emergency," Massardi told Reuters, using Wahid`s nickname.
IN-DEPTH
Shadows over Indonesia
• Indonesia`s past and present leaders
• Interactive Map
• Timeline of the archipelago
• The military: Men in uniform and in parliament
• Discussion on Indonesia
"He has discussed it in the sense he wants to know what sort of conditions need to be applied in order to have a state of emergency. The reason why he discussed it was because he had received input from ordinary people who said the [political situation] was not feasible," he said.
Indonesia`s cabinet has scheduled an emergency meeting later Sunday as speculation mounts the fragile country`s political crisis is coming to a head over Wahid`s alleged role in two financial scandals.
Massardi said Wahid would leave for central Java after lunch to meet Muslim leaders. He said the cabinet could discuss political or economic issues, but gave no details.
CNN.com Asia
More news from our
Asia edition
It was unclear if Indonesia`s Vice President, Megawati Sukarnoputri, who will succeed Wahid if he falls, would attend the cabinet meeting after abruptly canceling two trips outside Jakarta on Saturday because of the growing political tension.
Military support
Megawati held an emergency meeting with top military generals Saturday to discuss reports Wahid would soon replace them.
Megawati
Wahid has denied he would sack army chief Gen. Endriartono Sutarto, who has vocally opposed any move against parliament.
"If a presidential decree (to dissolve parliament) is issued it will kill the...country`s democracy," Sutarto told reporters after a ceremony with scores of retired generals on Saturday, who also voiced their opposition against such an option.
The military has had historically a very powerful influence on politics. Former President Suharto used the military to control politics in Indonesia.
Thus far, the military is ostensibly withdrawing from an overt political role but they do remain key to resolving this particular crisis.
While many politicians bicker among themselves, they are often trying to woo military leaders hoping to win them to one side or the other.
The fact that Wahid has actually discussed a state of emergency -- even if only in response to the concern of ordinary Indonesians -- will only heighten speculation he will not leave the fractured political scene without a fight.
Wahid set to dig in
Indeed, what has unnerved many in Jakarta is that Wahid`s insistence he would not take tough action against parliament has failed to calm the military or MPs, who keep urging him not to plunge the world`s fourth most populous country into more turmoil.
Army chief Gen. Endriartono Sutarto
The Muslim cleric has previously denied he wanted to dissolve the increasingly hostile parliament, which would first require a state of emergency to be imposed.
Nineteen months into his rule as Indonesia`s first democratically elected leader, the ailing and nearly blind Wahid finds himself increasingly isolated since parliament censured him twice over the two scandals. He has denied any wrongdoing.
Despite the intrigue, Jakarta appeared calm on Sunday. But time appears to be running out for Wahid.
Parliament meets on May 30 when it is expected to ask the top legislature, the People`s Consultative Assembly (MPR), to convene an impeachment hearing over Wahid`s role in the two scandals.
Wahid has so far refused to compromise by sharing power with the popular Megawati. He has also said he would not respond to the second censure, as required.
The MPR comprises the 500 members of parliament and 200 appointed regional representatives. It alone has the power to sack presidents.
Wahid is due to address the nation Sunday evening to mark an anti-colonial day of remembrance, but officials have indicated his speech would not contain any bombshells.
Officials from Megawati`s Indonesian Democratic Party-Struggle (PDI-P) said she shelved her plans to visit supporters in Bali and East Java province over the weekend because of the growing crisis.
what the hell is "Ausnahmezustand" ? who cares !
Jakarta denies Wahid to declare state of emergency
May 20, 2001 Posted: 1:27 PM HKT (0527 GMT)
Wahid is due to address the nation Sunday evening to mark an anti-colonial day of remembrance
JAKARTA, Indonesia -- A spokesman for Indonesia`s President Abdurrahman Wahid denied the Muslim cleric was planning to declare a state of emergency to hang on to power.
Rumors have swept Jakarta that Wahid would implement the measure to end the political infighting that has dominated Indonesian politics of late.
Presidential spokesman Adhie Massardi on Sunday blamed Wahid`s political enemies and elements within the military for a flood of rumors, but added that the president had discussed such drastic action.
"Gus Dur does not have an intention to declare a state of emergency," Massardi told Reuters, using Wahid`s nickname.
IN-DEPTH
Shadows over Indonesia
• Indonesia`s past and present leaders
• Interactive Map
• Timeline of the archipelago
• The military: Men in uniform and in parliament
• Discussion on Indonesia
"He has discussed it in the sense he wants to know what sort of conditions need to be applied in order to have a state of emergency. The reason why he discussed it was because he had received input from ordinary people who said the [political situation] was not feasible," he said.
Indonesia`s cabinet has scheduled an emergency meeting later Sunday as speculation mounts the fragile country`s political crisis is coming to a head over Wahid`s alleged role in two financial scandals.
Massardi said Wahid would leave for central Java after lunch to meet Muslim leaders. He said the cabinet could discuss political or economic issues, but gave no details.
CNN.com Asia
More news from our
Asia edition
It was unclear if Indonesia`s Vice President, Megawati Sukarnoputri, who will succeed Wahid if he falls, would attend the cabinet meeting after abruptly canceling two trips outside Jakarta on Saturday because of the growing political tension.
Military support
Megawati held an emergency meeting with top military generals Saturday to discuss reports Wahid would soon replace them.
Megawati
Wahid has denied he would sack army chief Gen. Endriartono Sutarto, who has vocally opposed any move against parliament.
"If a presidential decree (to dissolve parliament) is issued it will kill the...country`s democracy," Sutarto told reporters after a ceremony with scores of retired generals on Saturday, who also voiced their opposition against such an option.
The military has had historically a very powerful influence on politics. Former President Suharto used the military to control politics in Indonesia.
Thus far, the military is ostensibly withdrawing from an overt political role but they do remain key to resolving this particular crisis.
While many politicians bicker among themselves, they are often trying to woo military leaders hoping to win them to one side or the other.
The fact that Wahid has actually discussed a state of emergency -- even if only in response to the concern of ordinary Indonesians -- will only heighten speculation he will not leave the fractured political scene without a fight.
Wahid set to dig in
Indeed, what has unnerved many in Jakarta is that Wahid`s insistence he would not take tough action against parliament has failed to calm the military or MPs, who keep urging him not to plunge the world`s fourth most populous country into more turmoil.
Army chief Gen. Endriartono Sutarto
The Muslim cleric has previously denied he wanted to dissolve the increasingly hostile parliament, which would first require a state of emergency to be imposed.
Nineteen months into his rule as Indonesia`s first democratically elected leader, the ailing and nearly blind Wahid finds himself increasingly isolated since parliament censured him twice over the two scandals. He has denied any wrongdoing.
Despite the intrigue, Jakarta appeared calm on Sunday. But time appears to be running out for Wahid.
Parliament meets on May 30 when it is expected to ask the top legislature, the People`s Consultative Assembly (MPR), to convene an impeachment hearing over Wahid`s role in the two scandals.
Wahid has so far refused to compromise by sharing power with the popular Megawati. He has also said he would not respond to the second censure, as required.
The MPR comprises the 500 members of parliament and 200 appointed regional representatives. It alone has the power to sack presidents.
Wahid is due to address the nation Sunday evening to mark an anti-colonial day of remembrance, but officials have indicated his speech would not contain any bombshells.
Officials from Megawati`s Indonesian Democratic Party-Struggle (PDI-P) said she shelved her plans to visit supporters in Bali and East Java province over the weekend because of the growing crisis.
Das neueste vom IMF:
Transcript of a Press Briefing by Thomas Dawson
Director
External Relations Department
International Monetary Fund
Wednesday, May 23, 2001, 9:00 a.m.
Washington, D.C.
QUESTIONER: [In Progress] -- and the Ecuador Finance Minister, and is the Board meeting still going to be held on Friday?
MR. DAWSON: Yes. I mean, your premise is correct. The First Deputy Managing Director and staff did meet with the Finance Minister yesterday, and we do still expect the Board meeting to take place on Friday.
There are some issues regarding Filanbanco that need to be resolved by then, but we expect that they will be. So that at this point we do believe that the meeting is on track.
QUESTIONER: A follow-up on Ecuador. Do you feel then that the VAT tax issue has been satisfied? And has how important has that been for the resumption of payments to Ecuador?
MR. DAWSON: Well, we do understand that the VAT rate will be implemented from June 1st, and while there could be legal challenges, they will take some time to be heard, and the authorities do believe that their legal position is sound. But the VAT was an important--is an important part of the package, yes.
QUESTIONER: The Turkish Government is altering its composition of its domestic debt stock by asking commercial banks if they`ll voluntarily switch part of their government papers into foreign currency-denominated bills, and this is effectively debt restructuring. Do you have any comments on this?
MR. DAWSON: This is not an unexpected approach. Other countries follow similar approaches, and a voluntary market-related approach is certainly something that the authorities have every right to consider and to pursue. Debt management is something that is an important aspect of the program.
QUESTIONER: A question on Argentina and a question on Thailand. On Argentina, how important is it in terms of meeting the revised targets that Argentina grow at least 2 to 2.5 percent? How low can growth go before the fourth quarter [inaudible] is unrealistic in your view?
And then, secondly, on Thailand, is the government asking for a new schedule for repaying the IMF loan, or is that an option?
MR. DAWSON: On the Thai question, we have had a mission there, and there`s actually statements from both the mission as well as from the authorities this morning indicating that the talks went quite well. The mission indicated that the issue of timing of payments did not come up. It was not an issue that the authorities raised.
And the first question again?
QUESTIONER: Is Argentina...
MR. DAWSON: Oh, on growth. I`m sorry. On growth, yes.
QUESTIONER: The new letter of intent calls for growth of between 2 and 2.5 percent. Independent forecasts say that growth could be below 1 percent, and even IMF staff have indicated it could be much lower than 2.5 percent.
MR. DAWSON: Well, growth is obviously an important aspect of the program, and what we`ve been trying to do is find an approach that meets their budget requirements under the procedures established by the convertibility law, but at the same time tries as much as possible to encourage growth. So growth is indeed an important aspect of the program, but I can`t get into an exercise of trying to say how low can you go. We`re rather go higher than lower.
QUESTIONER: Do you have anything to add, does the IMF have anything to add, about the World Bank`s caution to Bulgaria about maintaining reforms even if a new party comes into power next month?
MR. DAWSON: I did note that statement on the Bank`s part, and staying the course in reforms in good times and bad is always good advice. So I think that we would certainly associate ourselves with that.
QUESTIONER: Yesterday the Turkish Government announced pay raises for government employees. Is it within the program`s rudiments? Any comment on that?
And, secondly, when would the next IMF mission travel to Turkey for the next round of reviewing issues?
MR. DAWSON: A mission is scheduled to be led by the new mission chief, Mr. Kahkonen, in early June for the review of the program. I have not heard anything about the pay raise that you indicated. I do recall that something had been anticipated, so as far as I`m aware, this is consistent with the program.
QUESTIONER: Would you talk to us about the advance in talks between the IMF and Mexico and that special CCL?
MR. DAWSON: This I believe came up in the last briefing. It`s come up a number of times, and the Mexican authorities have publicly indicated an interest in the CCL. But I`m not aware of any developments in the course of the last couple of weeks, and as I believe I indicated previously, this is not something that you can expect imminent announcements on. We are in discussions with a number of other countries on their possible interest in signing up for the new and improved CCL.
QUESTIONER: There are reports out of Ivory Coast that the government is saying its new budget was made in line with discussions with the IMF earlier this year, and I was wondering if there`s any prospect for some kind of accord with Ivory Coast, where the status is.
MR. DAWSON: I will confess I have not an update on Ivory Coast. We`ll have to get back to you.
QUESTIONER: Is there any reaction from the Fund to (U.S. Treasury) Secretary O`Neill`s testimony yesterday on the Hill about the IMF and the World Bank? And is there any news on Indonesia?
MR. DAWSON: In terms of Secretary O`Neill`s testimony yesterday, we certainly read it with interest, and I think on the comments he made regarding the Bank, we certainly understand his views and think that we are basically on the same track.
With regard to Indonesia, yes, there actually is a mini-announcement I could perhaps make for you that the Indonesian authorities have released the independent review of the central bank.
And in terms of other developments, we are still awaiting the clarification of the government`s position regarding the recommendations of that independent panel, because central bank independence is an important part of the program. And to sort of recap and update slightly, the government has reached agreement on a fiscal package, and parliament is expected to consider that shortly. And it`s a package that we think represents a good basis for resolving their budget difficulties. And, also, I would note that the Finance Minister has announced that the government is not going ahead with plans to issue a securitized bond, which had attracted some controversy from a number of major creditors.
And I guess I should also note, because I know this has been something of an issue in the region, that the fiscal package which the Ministry of Finance developed is a package fully owned by them. There has been some controversy about the timing and phasing of fuel price increases and the impact possibly on the poor. The government, as well as the Fund, strongly believe that strong compensation actions are necessary to help protect the poor, and we have indicated our readiness to help the authorities in any way we can as they finalize these measures to provide compensation support for those most adversely affected so that a fuel price increase that the government has decided on could be smoothly implemented.
QUESTIONER: Yesterday also during Secretary O`Neill`s testimony before Congress, there were several calls from members of Congress in the sense that it will be better to have a cancellation of debt instead of a reduction. I wonder if you have a comment on that. And, also, could you give us an update in the HIPC Initiative?
MR. DAWSON: I was going to note that, from my understanding that testimony, the debt cancellation was in regard to HIPC and the debt of the poorest countries. This is an issue that we know that a number in the Congress, a number of parliamentarians, a number of nongovernmental organizations feel very strongly.
We are making good progress on the HIPC Initiative. I would note that the debt--the next step was reached yesterday for Chad, so that adds another one to our list.
In terms of calls for the Fund and Bank to go further in terms of debt relief, we are very much in the hands of our shareholders. It is our view that we have done as much as we can afford to do, and I think generally speaking this is the view of our shareholders as well.
QUESTIONER: Yesterday Secretary O`Neill said that regarding IMF programs, policy actions by governments should precede IMF programs and loans. And that was exactly the case for Turkey. There were a number of very strict conditions and reform actions before loans were approved.
Is Turkey`s case becoming a kind of model for future IMF loans for other countries?
MR. DAWSON: Prior actions have always been an element in programs. I think if one did a survey of developments, one might see the prior actions are perhaps having a bit more prominence now. It`s certainly understandable that prior actions have a particular prominence when you have programs of the size and extent that the Turkish program was, and I might add for the Argentine program as well.
But, of course, programs are also dealing with more medium-term issues as well, so you will still have conditionality and benchmarks throughout the program. But I think for the programs that get the international attention of the sort that the Turkish and Argentine programs, yes, I think prior actions are getting more attention. And this is something that is quite understandable. The shareholders, major shareholders, would be interested in that.
QUESTIONER: In the Managing Director`s trip to Hong Kong, is he planning any bilateral meetings with either Hong Kong authorities or other authorities of governments in the region?
MR. DAWSON: Yeah, I expect there will be a meeting with HKMA, the Hong Kong Monetary Authority. That`s the only one that...
QUESTIONER: Anything with the Japanese?
MR. DAWSON: I`m not aware of that. Certainly not in Hong Kong, no. The session he`s going for is largely a private sector session, although there are a number of government officials who attend the IIF meetings as well.
QUESTIONER: A few follow-ups. How much specifically would it cost the IMF to do full debt cancellation? You said that you`ve done everything you can afford to do.
And then on Indonesia, publishing the report was seen the other day as a major step towards fulfilling this last requirement. So are they now ready to resume negotiations for resuming payments from their IMF loan?
MR. DAWSON: You mean receipts. In terms of how much debt relief would cost, I`ll see if we have some material on that. I think we do, and I think the Bank does as well.
I think I answered that question on Indonesia. I mean, it certainly is a step forward for the independent panel`s report to have been released. But we do still need to clarify what the government`s position on this is, and it`s my understanding there are discussions going on within the parliament and with the government on precisely that issue. So, in that sense of the word, this is a strong basis for moving ahead, and we have indicated that we believe that full acceptance of the recommendations of the panel are appropriate. And there also are issues still regarding IBRA and asset recoveries -- loan loss recoveries.
I think maybe the last question.
QUESTIONER: On the replacements of Mr. Mussa and Mr. Fischer, is there any development in the procedures? Have applications also already been introduced and when we can expect a decision from the Board?
MR. DAWSON: We did, in fact, advertise the Mike Mussa vacancy. We did receive a number of indications of interest, and that process is going along. I`d say it`s well advanced.
In terms of the announcement of the intention of Stan Fischer to step down, we`re not advertising that vacancy, but that is a process that the Managing Director obviously is personally involved with. And as soon as we have any developments in that regard, we will certainly let you know.
I think that was it. Thank you very much. We will lift the embargo at 9:30.
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs: 202-623-7300 - Fax: 202-623-6278
Media Relations: 202-623-7100 - Fax: 202-623-6772
Transcript of a Press Briefing by Thomas Dawson
Director
External Relations Department
International Monetary Fund
Wednesday, May 23, 2001, 9:00 a.m.
Washington, D.C.
QUESTIONER: [In Progress] -- and the Ecuador Finance Minister, and is the Board meeting still going to be held on Friday?
MR. DAWSON: Yes. I mean, your premise is correct. The First Deputy Managing Director and staff did meet with the Finance Minister yesterday, and we do still expect the Board meeting to take place on Friday.
There are some issues regarding Filanbanco that need to be resolved by then, but we expect that they will be. So that at this point we do believe that the meeting is on track.
QUESTIONER: A follow-up on Ecuador. Do you feel then that the VAT tax issue has been satisfied? And has how important has that been for the resumption of payments to Ecuador?
MR. DAWSON: Well, we do understand that the VAT rate will be implemented from June 1st, and while there could be legal challenges, they will take some time to be heard, and the authorities do believe that their legal position is sound. But the VAT was an important--is an important part of the package, yes.
QUESTIONER: The Turkish Government is altering its composition of its domestic debt stock by asking commercial banks if they`ll voluntarily switch part of their government papers into foreign currency-denominated bills, and this is effectively debt restructuring. Do you have any comments on this?
MR. DAWSON: This is not an unexpected approach. Other countries follow similar approaches, and a voluntary market-related approach is certainly something that the authorities have every right to consider and to pursue. Debt management is something that is an important aspect of the program.
QUESTIONER: A question on Argentina and a question on Thailand. On Argentina, how important is it in terms of meeting the revised targets that Argentina grow at least 2 to 2.5 percent? How low can growth go before the fourth quarter [inaudible] is unrealistic in your view?
And then, secondly, on Thailand, is the government asking for a new schedule for repaying the IMF loan, or is that an option?
MR. DAWSON: On the Thai question, we have had a mission there, and there`s actually statements from both the mission as well as from the authorities this morning indicating that the talks went quite well. The mission indicated that the issue of timing of payments did not come up. It was not an issue that the authorities raised.
And the first question again?
QUESTIONER: Is Argentina...
MR. DAWSON: Oh, on growth. I`m sorry. On growth, yes.
QUESTIONER: The new letter of intent calls for growth of between 2 and 2.5 percent. Independent forecasts say that growth could be below 1 percent, and even IMF staff have indicated it could be much lower than 2.5 percent.
MR. DAWSON: Well, growth is obviously an important aspect of the program, and what we`ve been trying to do is find an approach that meets their budget requirements under the procedures established by the convertibility law, but at the same time tries as much as possible to encourage growth. So growth is indeed an important aspect of the program, but I can`t get into an exercise of trying to say how low can you go. We`re rather go higher than lower.
QUESTIONER: Do you have anything to add, does the IMF have anything to add, about the World Bank`s caution to Bulgaria about maintaining reforms even if a new party comes into power next month?
MR. DAWSON: I did note that statement on the Bank`s part, and staying the course in reforms in good times and bad is always good advice. So I think that we would certainly associate ourselves with that.
QUESTIONER: Yesterday the Turkish Government announced pay raises for government employees. Is it within the program`s rudiments? Any comment on that?
And, secondly, when would the next IMF mission travel to Turkey for the next round of reviewing issues?
MR. DAWSON: A mission is scheduled to be led by the new mission chief, Mr. Kahkonen, in early June for the review of the program. I have not heard anything about the pay raise that you indicated. I do recall that something had been anticipated, so as far as I`m aware, this is consistent with the program.
QUESTIONER: Would you talk to us about the advance in talks between the IMF and Mexico and that special CCL?
MR. DAWSON: This I believe came up in the last briefing. It`s come up a number of times, and the Mexican authorities have publicly indicated an interest in the CCL. But I`m not aware of any developments in the course of the last couple of weeks, and as I believe I indicated previously, this is not something that you can expect imminent announcements on. We are in discussions with a number of other countries on their possible interest in signing up for the new and improved CCL.
QUESTIONER: There are reports out of Ivory Coast that the government is saying its new budget was made in line with discussions with the IMF earlier this year, and I was wondering if there`s any prospect for some kind of accord with Ivory Coast, where the status is.
MR. DAWSON: I will confess I have not an update on Ivory Coast. We`ll have to get back to you.
QUESTIONER: Is there any reaction from the Fund to (U.S. Treasury) Secretary O`Neill`s testimony yesterday on the Hill about the IMF and the World Bank? And is there any news on Indonesia?
MR. DAWSON: In terms of Secretary O`Neill`s testimony yesterday, we certainly read it with interest, and I think on the comments he made regarding the Bank, we certainly understand his views and think that we are basically on the same track.
With regard to Indonesia, yes, there actually is a mini-announcement I could perhaps make for you that the Indonesian authorities have released the independent review of the central bank.
And in terms of other developments, we are still awaiting the clarification of the government`s position regarding the recommendations of that independent panel, because central bank independence is an important part of the program. And to sort of recap and update slightly, the government has reached agreement on a fiscal package, and parliament is expected to consider that shortly. And it`s a package that we think represents a good basis for resolving their budget difficulties. And, also, I would note that the Finance Minister has announced that the government is not going ahead with plans to issue a securitized bond, which had attracted some controversy from a number of major creditors.
And I guess I should also note, because I know this has been something of an issue in the region, that the fiscal package which the Ministry of Finance developed is a package fully owned by them. There has been some controversy about the timing and phasing of fuel price increases and the impact possibly on the poor. The government, as well as the Fund, strongly believe that strong compensation actions are necessary to help protect the poor, and we have indicated our readiness to help the authorities in any way we can as they finalize these measures to provide compensation support for those most adversely affected so that a fuel price increase that the government has decided on could be smoothly implemented.
QUESTIONER: Yesterday also during Secretary O`Neill`s testimony before Congress, there were several calls from members of Congress in the sense that it will be better to have a cancellation of debt instead of a reduction. I wonder if you have a comment on that. And, also, could you give us an update in the HIPC Initiative?
MR. DAWSON: I was going to note that, from my understanding that testimony, the debt cancellation was in regard to HIPC and the debt of the poorest countries. This is an issue that we know that a number in the Congress, a number of parliamentarians, a number of nongovernmental organizations feel very strongly.
We are making good progress on the HIPC Initiative. I would note that the debt--the next step was reached yesterday for Chad, so that adds another one to our list.
In terms of calls for the Fund and Bank to go further in terms of debt relief, we are very much in the hands of our shareholders. It is our view that we have done as much as we can afford to do, and I think generally speaking this is the view of our shareholders as well.
QUESTIONER: Yesterday Secretary O`Neill said that regarding IMF programs, policy actions by governments should precede IMF programs and loans. And that was exactly the case for Turkey. There were a number of very strict conditions and reform actions before loans were approved.
Is Turkey`s case becoming a kind of model for future IMF loans for other countries?
MR. DAWSON: Prior actions have always been an element in programs. I think if one did a survey of developments, one might see the prior actions are perhaps having a bit more prominence now. It`s certainly understandable that prior actions have a particular prominence when you have programs of the size and extent that the Turkish program was, and I might add for the Argentine program as well.
But, of course, programs are also dealing with more medium-term issues as well, so you will still have conditionality and benchmarks throughout the program. But I think for the programs that get the international attention of the sort that the Turkish and Argentine programs, yes, I think prior actions are getting more attention. And this is something that is quite understandable. The shareholders, major shareholders, would be interested in that.
QUESTIONER: In the Managing Director`s trip to Hong Kong, is he planning any bilateral meetings with either Hong Kong authorities or other authorities of governments in the region?
MR. DAWSON: Yeah, I expect there will be a meeting with HKMA, the Hong Kong Monetary Authority. That`s the only one that...
QUESTIONER: Anything with the Japanese?
MR. DAWSON: I`m not aware of that. Certainly not in Hong Kong, no. The session he`s going for is largely a private sector session, although there are a number of government officials who attend the IIF meetings as well.
QUESTIONER: A few follow-ups. How much specifically would it cost the IMF to do full debt cancellation? You said that you`ve done everything you can afford to do.
And then on Indonesia, publishing the report was seen the other day as a major step towards fulfilling this last requirement. So are they now ready to resume negotiations for resuming payments from their IMF loan?
MR. DAWSON: You mean receipts. In terms of how much debt relief would cost, I`ll see if we have some material on that. I think we do, and I think the Bank does as well.
I think I answered that question on Indonesia. I mean, it certainly is a step forward for the independent panel`s report to have been released. But we do still need to clarify what the government`s position on this is, and it`s my understanding there are discussions going on within the parliament and with the government on precisely that issue. So, in that sense of the word, this is a strong basis for moving ahead, and we have indicated that we believe that full acceptance of the recommendations of the panel are appropriate. And there also are issues still regarding IBRA and asset recoveries -- loan loss recoveries.
I think maybe the last question.
QUESTIONER: On the replacements of Mr. Mussa and Mr. Fischer, is there any development in the procedures? Have applications also already been introduced and when we can expect a decision from the Board?
MR. DAWSON: We did, in fact, advertise the Mike Mussa vacancy. We did receive a number of indications of interest, and that process is going along. I`d say it`s well advanced.
In terms of the announcement of the intention of Stan Fischer to step down, we`re not advertising that vacancy, but that is a process that the Managing Director obviously is personally involved with. And as soon as we have any developments in that regard, we will certainly let you know.
I think that was it. Thank you very much. We will lift the embargo at 9:30.
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs: 202-623-7300 - Fax: 202-623-6278
Media Relations: 202-623-7100 - Fax: 202-623-6772
!
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Danke für die Info. Aber was heißt das für BNII?
Danke für die Info. Aber was heißt das für BNII?
Mann kann es ja heute schon beobachten !
BANK INT`L INDON 5:00PM 30 +5 +20.00% 15,010,000
Meiner Ansicht nach, wird BNII mit dem heutígen Tag nicht mehr unter 30 Ruphia fallen.
BANK INT`L INDON 5:00PM 30 +5 +20.00% 15,010,000
Meiner Ansicht nach, wird BNII mit dem heutígen Tag nicht mehr unter 30 Ruphia fallen.
Assets to cover BLBI stand at 9% of loans
JAKARTA (IO) — The State Audit Agency (BPK) has discovered that the value
of assets pledged by conglomerate owners to cover for their Rp144.5
trillion worth of the Bank Indonesia Liquidity Assistance (BLBI) only
totals Rp12.35 trillion (US$1.1 billion), about 9% of the total loans.
BPK Chairman Satrio Budihardjo Joedono said that the figures were based on
a BPK auditing of the Indonesian Bank Restructuring Agency (IBRA).
“Estimation of the value of collateral at the BLBI is only Rp12.35
trillion or only 9% of the total of loans from Bank Indonesia worth
Rp144.5 trillion,” Joedono said.
Based on the an official cessie document in January 1999, the loans
extended to the 48 troubled banks by Bank Indonesia was worth Rp144.5
trillion.
IBRA manages about Rp600 trillion in assets and loans it took over from
the troubled banks and their affiliates in the wake of the country’s
economic crisis.
And based on a temporary verification by IBRA, the value of the assets
pledged by the bank owners stands at Rp129.54 trillion.
“The figures are different from the BPK audit, which is only Rp12.35,”
said Joedono, adding that the majority of the collateral has no commercial
value.
He said that the collateral which has no financial value includes
promissory notes from BLBI recipients worth Rp46.80 trillion or 36.16% of
the total BLBI fund.
Joedono also said that non-financial collateral also includes promissory
customers of banks which are worth Rp50.11 trillion (38.16%).
Other non-financial collateral included private collateral and company
collateral worth Rp9.27% (7.16%).
Proceeds from the sale of assets of BLBI-banks by IBRA was worth Rp1.67
trillion (1.16%) on December 31, 2000.
The sales came from bank take-overs worth Rp777.46 billion from the BLBI
which was worth Rp57.64 trillion.
Also, eight from frozen banks which is worth Rp605.75 billion from BLBI
worth Rp57.69 trillion, and from 15 frozen banks worth Rp286.44 billion
from BLBI worth Rp17.32 trillion.
BPK previously also found that that from the Rp144.5 trillion of BLBI
money, the state may lose about Rp138.4 trillion.
The government and Bank Indonesia have agreed to share the burden of the
BLBI losses.
JAKARTA (IO) — The State Audit Agency (BPK) has discovered that the value
of assets pledged by conglomerate owners to cover for their Rp144.5
trillion worth of the Bank Indonesia Liquidity Assistance (BLBI) only
totals Rp12.35 trillion (US$1.1 billion), about 9% of the total loans.
BPK Chairman Satrio Budihardjo Joedono said that the figures were based on
a BPK auditing of the Indonesian Bank Restructuring Agency (IBRA).
“Estimation of the value of collateral at the BLBI is only Rp12.35
trillion or only 9% of the total of loans from Bank Indonesia worth
Rp144.5 trillion,” Joedono said.
Based on the an official cessie document in January 1999, the loans
extended to the 48 troubled banks by Bank Indonesia was worth Rp144.5
trillion.
IBRA manages about Rp600 trillion in assets and loans it took over from
the troubled banks and their affiliates in the wake of the country’s
economic crisis.
And based on a temporary verification by IBRA, the value of the assets
pledged by the bank owners stands at Rp129.54 trillion.
“The figures are different from the BPK audit, which is only Rp12.35,”
said Joedono, adding that the majority of the collateral has no commercial
value.
He said that the collateral which has no financial value includes
promissory notes from BLBI recipients worth Rp46.80 trillion or 36.16% of
the total BLBI fund.
Joedono also said that non-financial collateral also includes promissory
customers of banks which are worth Rp50.11 trillion (38.16%).
Other non-financial collateral included private collateral and company
collateral worth Rp9.27% (7.16%).
Proceeds from the sale of assets of BLBI-banks by IBRA was worth Rp1.67
trillion (1.16%) on December 31, 2000.
The sales came from bank take-overs worth Rp777.46 billion from the BLBI
which was worth Rp57.64 trillion.
Also, eight from frozen banks which is worth Rp605.75 billion from BLBI
worth Rp57.69 trillion, and from 15 frozen banks worth Rp286.44 billion
from BLBI worth Rp17.32 trillion.
BPK previously also found that that from the Rp144.5 trillion of BLBI
money, the state may lose about Rp138.4 trillion.
The government and Bank Indonesia have agreed to share the burden of the
BLBI losses.
President waits for Megawati’s response over power sharing
2001-05-25 20:41:03 GMT+7.
Jakarta (IndoExchange) - President Abdurrahman “Gus Dur” Wahid offered to delegate constitutional tasks to Vice President Megawati Soekarnoputri until year 2004. The offer was made during cabinet session today (May 25).
Responding to such offer, Megawati asked some time to assess the entire content. “The president is waiting for a definitive response from his deputy,” said Coordinating Minister for Political, Social, and Security Affairs Susilo Bambang Yudhoyono who concurrently chairs Team-7 in a press conference at Merdeka Palace, today.
Bambang added that the president did not further acknowledge the detail of the tasks. “The president’s offer was handed in directly to the vice president,” he said.
The constitution task delegation is a part of recommendation of Team-7 whose main duty is to find the best political solution to face the second memorandum issued by the House of Representatives. According to Bambang, his team is trying to be objective for the sake of the entire nation.
“The Team-7 is not the president’s aide,” said Bambang, adding the delegation is the best way seen from social cost.
Bambang quoted military intelligent analysis as well as the government and police as saying that there would be a likely possibility for anarchy activities in large scale in the following months, especially among party supporters if the president was dismissed from his office.
The Team-7 proposed a power sharing in government administration which is based on 1999 general election result. In other words, the government composition should remain the same as the very beginning it was formed. However, there should be a cabinet restructuring consisting clearer task delegation among the president, vice president and ministers.
Team-7 also proposed for a political moratorium until 2004 if the option was approved. Upon the option, the existing cabinet would be restructured based on power sharing among political parties so that the conflict can be minimized
persönlicher Gedankengang !
Irgendwie macht mich diese Meldung nervös, Wahid ist ein politisches Schwergewicht, er weiß ganz genau, daß die Zeit gegen ihn spielt, dieses offensichtliche Teilen der Macht (was für ihn eigentlich untypisch ist) ist in meinen Augen für einen Taktiker und Verwirrungsstifter wie Wahid einfach zu plump, so nach dem Motto - ihre weiße Weste, meine Führung - und schon habe ich mit die schwarzen Flecken wieder von der Jacke gewischt, das Volk beruhigt und ich bin immer noch an der Macht. Das ist einfach zu offensichtlich! Denn er weiß, das Megawati eigentlich nur zu warten braucht, bis ihr irgendeine Gruppierung die Macht zuträgt (Militär, Finanzadel, Volk, etc.) in der Hoffnung, bei ihr einen Stein im Brett zu haben und sie für ihre Ziele einspannen zu können, welche auch immer das sein mögen.Wahid der alte Fuchs, spielt meines Erachtens auf Zeit, denn ich glaube er sieht einen silbernen Streifen am Finanzhorizont, der ihn wieder nach ganz oben spülen könnte (als Retter aus der Finanzkrise).Er weiß ganz genau, daß an ihm, als stark respektiertes Oberhaupt der Muslime in Indonesien, kein Weg vorbei führt, egal ob er in der Regierung ist, oder nicht. Ich glaube, daß dieser Mann noch einige Züge in der Tasche hat, die uns im wahrsten Sinne des Wortes noch vom Hocker hauen werden. Meine Meinung ist, daß diese Züge jedoch positiv für Indonesien sein werden. Denn er weiß, er kann nur an der Macht bleiben, wenn finanzieller Wohlstand und Wirtschaftswachstum das Volk beglückt (Brot und Spiele, wie mancher Cäsar schon sagte).Ihm ist bewußt, daß so ein heißer Ofen wie Indonesien nicht mit purer Gewalt zusammen gehalten werden kann (wurde ja schon mal versucht).
2001-05-25 20:41:03 GMT+7.
Jakarta (IndoExchange) - President Abdurrahman “Gus Dur” Wahid offered to delegate constitutional tasks to Vice President Megawati Soekarnoputri until year 2004. The offer was made during cabinet session today (May 25).
Responding to such offer, Megawati asked some time to assess the entire content. “The president is waiting for a definitive response from his deputy,” said Coordinating Minister for Political, Social, and Security Affairs Susilo Bambang Yudhoyono who concurrently chairs Team-7 in a press conference at Merdeka Palace, today.
Bambang added that the president did not further acknowledge the detail of the tasks. “The president’s offer was handed in directly to the vice president,” he said.
The constitution task delegation is a part of recommendation of Team-7 whose main duty is to find the best political solution to face the second memorandum issued by the House of Representatives. According to Bambang, his team is trying to be objective for the sake of the entire nation.
“The Team-7 is not the president’s aide,” said Bambang, adding the delegation is the best way seen from social cost.
Bambang quoted military intelligent analysis as well as the government and police as saying that there would be a likely possibility for anarchy activities in large scale in the following months, especially among party supporters if the president was dismissed from his office.
The Team-7 proposed a power sharing in government administration which is based on 1999 general election result. In other words, the government composition should remain the same as the very beginning it was formed. However, there should be a cabinet restructuring consisting clearer task delegation among the president, vice president and ministers.
Team-7 also proposed for a political moratorium until 2004 if the option was approved. Upon the option, the existing cabinet would be restructured based on power sharing among political parties so that the conflict can be minimized
persönlicher Gedankengang !
Irgendwie macht mich diese Meldung nervös, Wahid ist ein politisches Schwergewicht, er weiß ganz genau, daß die Zeit gegen ihn spielt, dieses offensichtliche Teilen der Macht (was für ihn eigentlich untypisch ist) ist in meinen Augen für einen Taktiker und Verwirrungsstifter wie Wahid einfach zu plump, so nach dem Motto - ihre weiße Weste, meine Führung - und schon habe ich mit die schwarzen Flecken wieder von der Jacke gewischt, das Volk beruhigt und ich bin immer noch an der Macht. Das ist einfach zu offensichtlich! Denn er weiß, das Megawati eigentlich nur zu warten braucht, bis ihr irgendeine Gruppierung die Macht zuträgt (Militär, Finanzadel, Volk, etc.) in der Hoffnung, bei ihr einen Stein im Brett zu haben und sie für ihre Ziele einspannen zu können, welche auch immer das sein mögen.Wahid der alte Fuchs, spielt meines Erachtens auf Zeit, denn ich glaube er sieht einen silbernen Streifen am Finanzhorizont, der ihn wieder nach ganz oben spülen könnte (als Retter aus der Finanzkrise).Er weiß ganz genau, daß an ihm, als stark respektiertes Oberhaupt der Muslime in Indonesien, kein Weg vorbei führt, egal ob er in der Regierung ist, oder nicht. Ich glaube, daß dieser Mann noch einige Züge in der Tasche hat, die uns im wahrsten Sinne des Wortes noch vom Hocker hauen werden. Meine Meinung ist, daß diese Züge jedoch positiv für Indonesien sein werden. Denn er weiß, er kann nur an der Macht bleiben, wenn finanzieller Wohlstand und Wirtschaftswachstum das Volk beglückt (Brot und Spiele, wie mancher Cäsar schon sagte).Ihm ist bewußt, daß so ein heißer Ofen wie Indonesien nicht mit purer Gewalt zusammen gehalten werden kann (wurde ja schon mal versucht).
Oder doch, Friede, Freude, Eierkuchen.
Wenn`s der Wirtschaft und somit den Kursen hilft ?
Gus Dur, ab ins zweite Glied !
Megawati to accept deal through special session
JAKARTA (JP): Vice President Megawati Soekarnoputri Saturday held a meeting with officials of the Indonesian Democratic Party of Struggle (PDI Perjuangan) at her Central Jakarta residence todiscuss President Abdurrahman Wahid`s offer for a delegation of constitutional duties.
Meanwhile the President`s deadline for Megawati to decide on the offer, set for 10 a.m. Saturday, passed and the President had not declared a state of emergency as he earlier threatened to do.
A source told thejakartapost.com that Megawati, who is also chairperson of PDI Perjuangan, is carefully weighing the offer. Her party has proposed two options, one is for her to take the offer and has full control of the government and second is for her to share power with President Abdurrahman.
The source added that Megawati insisted that either option must be decided in a special session of the People`s Consultative Assembly (MPR).
This would mean a change in the agenda of the special session, from an earlier plan to impeach the President, to paving the way for a constitutional power sharing or transfer of power, the source added.
He said Megawati has consulted a number of retired military generals on the President`s offer, including former defense minister L.B. Moerdani.
Wenn`s der Wirtschaft und somit den Kursen hilft ?
Gus Dur, ab ins zweite Glied !
Megawati to accept deal through special session
JAKARTA (JP): Vice President Megawati Soekarnoputri Saturday held a meeting with officials of the Indonesian Democratic Party of Struggle (PDI Perjuangan) at her Central Jakarta residence todiscuss President Abdurrahman Wahid`s offer for a delegation of constitutional duties.
Meanwhile the President`s deadline for Megawati to decide on the offer, set for 10 a.m. Saturday, passed and the President had not declared a state of emergency as he earlier threatened to do.
A source told thejakartapost.com that Megawati, who is also chairperson of PDI Perjuangan, is carefully weighing the offer. Her party has proposed two options, one is for her to take the offer and has full control of the government and second is for her to share power with President Abdurrahman.
The source added that Megawati insisted that either option must be decided in a special session of the People`s Consultative Assembly (MPR).
This would mean a change in the agenda of the special session, from an earlier plan to impeach the President, to paving the way for a constitutional power sharing or transfer of power, the source added.
He said Megawati has consulted a number of retired military generals on the President`s offer, including former defense minister L.B. Moerdani.
Jakarta (Reuters) - Der indonesische Präsident Abdurrahman Wahid hat vor einer Spaltung des Landes gewarnt, sollte das Parlament weiter ein Amtsenthebungsverfahren gegen ihn anstreben. Für diesen Fall erwögen die Provinzen Aceh und Ost-Java eine Abspaltung, sagte Wahid am Samstag vor Reportern in Jakarta.
Er habe seiner Stellvertreterin Megawati Sukarnoputri angeboten, die Macht zu teilen und Regierungschefin zu werden. Für eine Entscheidung hatte Wahid Megawati Berichten zufolge eine Frist bis 10.00 Uhr (Ortszeit, 05.00 Uhr MESZ) gesetzt; anderenfalls werde er den Notstand ausrufen. Die Frist verstrich ohne Zwischenfälle, in Jakarta blieb es ruhig.
Die Gefahr einer nationalen Spaltung müsse ernst genommen werden, sagte Wahid weiter. Seine Anhänger in der Unruhe-Provinz Aceh und seiner Heimat-Provinz Ost-Java hätten angeregt, sich im Falle eines Amtsenthebungsverfahrens von Indonesien loszusagen. Außerdem hätten sie ihn aufgefordert, ihr Präsident zu werden.
Einzelheiten zu seinem Angebot an Vize-Präsidentin Megawati nannte Wahid mit Verweis auf laufende Verhandlungen nicht. Megawatis Partei verfügt über die Mehrheit im Parlament. Sollte dieses Wahid des Amtes entheben, würde Megawati automatisch neue Präsidentin. Bislang hat sie sich nicht über Wahids Angebot geäußert; Vertraute sagten jedoch, sie werde es ablehnen.
Das Parlament hatte Wahid wegen Finanzaffären zweimal gerügt und damit den Weg für ein Amtsenthebungsverfahren frei gemacht. Im Parlament gibt es Planungen, für Mittwoch eine Anhörung zur Amtsenthebung Wahids anzusetzen. Diese fiele mit angekündigten Demonstrationen von Gegnern und Anhängern des Präsidenten zusammen. Tausende Angehörige beider Lager werden an diesem Tag in Jakarta erwartet. Es wird befürchtet, dass es dabei zu Zusammenstößen kommen könnte.
Am Freitag hatte ein Sprecher Wahids zwar Berichte zurückgewiesen, der Präsident habe die Ausrufung des Notstands angedroht, sollte das Parlament nicht bis Mitternacht die Pläne zu seiner Absetzung stoppen. Wahid selbst sagte auf die Frage, ob er den Notstand ausrufen werde: "Nicht in dieser Nacht". Generäle des Militärs hatten bereits erklärt, sie würden einen von Wahid ausgerufenen Notstand nicht unterstützen. Die Verfassung gibt dem Präsidenten das Recht zur Auflösung des Parlamentes, nachdem er den Ausnahmezustand ausgerufen hat.
Wahid war vor 19 Monaten für eine Amtszeit von fünf Jahren gewählt worden. Einem Untersuchungsbericht zufolge hat er an offiziellen Stellen vorbei eine Spende des Sultans von Brunei in Höhe von umgerechnet 4,2 Millionen Mark angenommen. Zudem sollen Vertraute des Präsidenten in seinem Auftrag rund 8,3 Millionen Mark von der Lebensmittelbehörde abgezweigt haben.
seh
Anmerkung
Ich glaube Wahid hat seinen ersten Zug in diesem Spiel gemacht, indem er Megawati eine Frist setzte, während der sie antworten muß, ob Bereitschaft besteht, die Macht mit ihm zu teilen. Sie würde nach aiatischem Gefühl ihr Gesicht verlieren, wenn sie durch diese Drohung des Aufnahmezustandes und die zeitliche Beschränkung bis 10.00 Uhr den Vorschlag annehmen würde. Ein Großteil ihrer politischen Autorität gegen Wahid würde verloren gehen. Er weiß auch, daß das Militär ihm beim Ausnahmezustand nicht bedingungslos folgen wird, aber er rechnet damit, das sie das kleinere Übel wählen werden, bevor Indonesien ganz auseinander bricht, man erkennt das an seiner Bemerkung über die Unruheprovinzen. Nach meiner Einschätzung ,wird es jetzt zu einer politischen taktischen Schlacht kommen, die uns in der nächsten Zeit mit Meldungen zuschmeißen wird, die von himmelhochjauchzend bis zutodebetrübt reichen wird. Ich persönlich würde momentan eine abwartende Haltung einnehmen und nur absoluten Zockernaturen mit Nerven den Einstieg in diesen Markt empfehlen, der Gewinn kann monentan genauso groß sein, wie der Verlust und wer hat, der sollte halten.
Er habe seiner Stellvertreterin Megawati Sukarnoputri angeboten, die Macht zu teilen und Regierungschefin zu werden. Für eine Entscheidung hatte Wahid Megawati Berichten zufolge eine Frist bis 10.00 Uhr (Ortszeit, 05.00 Uhr MESZ) gesetzt; anderenfalls werde er den Notstand ausrufen. Die Frist verstrich ohne Zwischenfälle, in Jakarta blieb es ruhig.
Die Gefahr einer nationalen Spaltung müsse ernst genommen werden, sagte Wahid weiter. Seine Anhänger in der Unruhe-Provinz Aceh und seiner Heimat-Provinz Ost-Java hätten angeregt, sich im Falle eines Amtsenthebungsverfahrens von Indonesien loszusagen. Außerdem hätten sie ihn aufgefordert, ihr Präsident zu werden.
Einzelheiten zu seinem Angebot an Vize-Präsidentin Megawati nannte Wahid mit Verweis auf laufende Verhandlungen nicht. Megawatis Partei verfügt über die Mehrheit im Parlament. Sollte dieses Wahid des Amtes entheben, würde Megawati automatisch neue Präsidentin. Bislang hat sie sich nicht über Wahids Angebot geäußert; Vertraute sagten jedoch, sie werde es ablehnen.
Das Parlament hatte Wahid wegen Finanzaffären zweimal gerügt und damit den Weg für ein Amtsenthebungsverfahren frei gemacht. Im Parlament gibt es Planungen, für Mittwoch eine Anhörung zur Amtsenthebung Wahids anzusetzen. Diese fiele mit angekündigten Demonstrationen von Gegnern und Anhängern des Präsidenten zusammen. Tausende Angehörige beider Lager werden an diesem Tag in Jakarta erwartet. Es wird befürchtet, dass es dabei zu Zusammenstößen kommen könnte.
Am Freitag hatte ein Sprecher Wahids zwar Berichte zurückgewiesen, der Präsident habe die Ausrufung des Notstands angedroht, sollte das Parlament nicht bis Mitternacht die Pläne zu seiner Absetzung stoppen. Wahid selbst sagte auf die Frage, ob er den Notstand ausrufen werde: "Nicht in dieser Nacht". Generäle des Militärs hatten bereits erklärt, sie würden einen von Wahid ausgerufenen Notstand nicht unterstützen. Die Verfassung gibt dem Präsidenten das Recht zur Auflösung des Parlamentes, nachdem er den Ausnahmezustand ausgerufen hat.
Wahid war vor 19 Monaten für eine Amtszeit von fünf Jahren gewählt worden. Einem Untersuchungsbericht zufolge hat er an offiziellen Stellen vorbei eine Spende des Sultans von Brunei in Höhe von umgerechnet 4,2 Millionen Mark angenommen. Zudem sollen Vertraute des Präsidenten in seinem Auftrag rund 8,3 Millionen Mark von der Lebensmittelbehörde abgezweigt haben.
seh
Anmerkung
Ich glaube Wahid hat seinen ersten Zug in diesem Spiel gemacht, indem er Megawati eine Frist setzte, während der sie antworten muß, ob Bereitschaft besteht, die Macht mit ihm zu teilen. Sie würde nach aiatischem Gefühl ihr Gesicht verlieren, wenn sie durch diese Drohung des Aufnahmezustandes und die zeitliche Beschränkung bis 10.00 Uhr den Vorschlag annehmen würde. Ein Großteil ihrer politischen Autorität gegen Wahid würde verloren gehen. Er weiß auch, daß das Militär ihm beim Ausnahmezustand nicht bedingungslos folgen wird, aber er rechnet damit, das sie das kleinere Übel wählen werden, bevor Indonesien ganz auseinander bricht, man erkennt das an seiner Bemerkung über die Unruheprovinzen. Nach meiner Einschätzung ,wird es jetzt zu einer politischen taktischen Schlacht kommen, die uns in der nächsten Zeit mit Meldungen zuschmeißen wird, die von himmelhochjauchzend bis zutodebetrübt reichen wird. Ich persönlich würde momentan eine abwartende Haltung einnehmen und nur absoluten Zockernaturen mit Nerven den Einstieg in diesen Markt empfehlen, der Gewinn kann monentan genauso groß sein, wie der Verlust und wer hat, der sollte halten.
Sogar die G 15 kommt genau jetzt nach Indonesien. Kurz vor dem 30.Mai (Impeachment-Day) welch ein Zufall!
Es wird wie immer eine salomonische Entscheidung geben.
Kein Weltuntergang wird folgen und unsere Kurse werden wieder den Weg nach oben nehmen :-)
G-15 leaders will arrive in Jakarta on May 28-29
JAKARTA (JP): A number of G15 heads of state are expected to arrive in Jakarta on May 28 and May 29 to attend a group summit at the Jakarta Convention Center on May 30 and May 31,Antara reported.
At least eight of the group`s 19 member countries will be represented by their premiers. The leaders will arrive at two airports -- Halim Perdanakusuma Airport and Soekarno-Hatta International Airport.
The state leaders, who will arrive on May 29, are Nigerian President Olusegun Obasanjo, Senegalese President Abdoulaye Wade, Venezuelan President Hugo Chavez, Malaysian Prime Minister Mahathir Muhammad (Halim Perdana Kusuma). They will arrive at Halim Perdanakusuma Airport.
Meanwhile, Egyptian Prime Minister Atef Ebeid and Zimbabwean President Robert Mugabe will also arrive on May 29, while Jamaican Prime Minister James Patterson is slated to arrive on May 28. The three leaders will arrive at Soekarno-Hatta Airport.
Sources at the Indonesian foreign ministry said Algeria will not be represented by President Abdelaziz Bouteflika, as earlier reported, but by the chairman of the Algerian parliament. The chairman is scheduled to arrive at Halim Perdanakusuma Airport on May 29.
Other state leaders who will arrive on May 29 are Indian Vice President Krishan Kant (Halim Airport), Argentinean Vice President Mario Anibal Losada, Brazilian Vice President Marco Maciel and Colombian Vice President Andres Pastrana Arango (Soekarno-Hatta Airport).
Meanwhile, the Iranian Vice President, Hasan Habibi, is expected to arrive at Halim Airport on May 28.
The G-15 Summit will officially be opened by President Abdurrahman Wahid on May 30. It was preceded by a meeting of the private sector on May 25, a meeting of personal assistants of the heads of state on May 26 and a meeting of economic ministers on May 27, while a meeting of foreign ministers will be held on May 28.
The G-15 Summit is expected to issue the Jakarta Declaration, the first in the history of G-15 summits, and a joint communique.
The Jakarta Declaration will contain a commitment by the G-15heads of state to jointly develop information technology and communication systems to deal with development problems.
Meanwhile, the communique is expected to be able to settle the widening gap in information technology and telecommunications, multilateral trade and the WTO.
The summit will also discuss efforts to handle debts of poor developing countries, technical cooperation among country members and to improve relations between developing countries and developed countries.
The G-15, which was established in 1989, now consists of 19 countries -- Indonesia, Algeria, Argentina, Brazil, Chile, Columbia, India, Iran, Jamaica, Kenya, Malaysia, Egypt, Mexico, Nigeria, Peru, Senegal, Sri Lanka, Venezuela and Zimbabwe.(imn)
Es wird wie immer eine salomonische Entscheidung geben.
Kein Weltuntergang wird folgen und unsere Kurse werden wieder den Weg nach oben nehmen :-)
G-15 leaders will arrive in Jakarta on May 28-29
JAKARTA (JP): A number of G15 heads of state are expected to arrive in Jakarta on May 28 and May 29 to attend a group summit at the Jakarta Convention Center on May 30 and May 31,Antara reported.
At least eight of the group`s 19 member countries will be represented by their premiers. The leaders will arrive at two airports -- Halim Perdanakusuma Airport and Soekarno-Hatta International Airport.
The state leaders, who will arrive on May 29, are Nigerian President Olusegun Obasanjo, Senegalese President Abdoulaye Wade, Venezuelan President Hugo Chavez, Malaysian Prime Minister Mahathir Muhammad (Halim Perdana Kusuma). They will arrive at Halim Perdanakusuma Airport.
Meanwhile, Egyptian Prime Minister Atef Ebeid and Zimbabwean President Robert Mugabe will also arrive on May 29, while Jamaican Prime Minister James Patterson is slated to arrive on May 28. The three leaders will arrive at Soekarno-Hatta Airport.
Sources at the Indonesian foreign ministry said Algeria will not be represented by President Abdelaziz Bouteflika, as earlier reported, but by the chairman of the Algerian parliament. The chairman is scheduled to arrive at Halim Perdanakusuma Airport on May 29.
Other state leaders who will arrive on May 29 are Indian Vice President Krishan Kant (Halim Airport), Argentinean Vice President Mario Anibal Losada, Brazilian Vice President Marco Maciel and Colombian Vice President Andres Pastrana Arango (Soekarno-Hatta Airport).
Meanwhile, the Iranian Vice President, Hasan Habibi, is expected to arrive at Halim Airport on May 28.
The G-15 Summit will officially be opened by President Abdurrahman Wahid on May 30. It was preceded by a meeting of the private sector on May 25, a meeting of personal assistants of the heads of state on May 26 and a meeting of economic ministers on May 27, while a meeting of foreign ministers will be held on May 28.
The G-15 Summit is expected to issue the Jakarta Declaration, the first in the history of G-15 summits, and a joint communique.
The Jakarta Declaration will contain a commitment by the G-15heads of state to jointly develop information technology and communication systems to deal with development problems.
Meanwhile, the communique is expected to be able to settle the widening gap in information technology and telecommunications, multilateral trade and the WTO.
The summit will also discuss efforts to handle debts of poor developing countries, technical cooperation among country members and to improve relations between developing countries and developed countries.
The G-15, which was established in 1989, now consists of 19 countries -- Indonesia, Algeria, Argentina, Brazil, Chile, Columbia, India, Iran, Jamaica, Kenya, Malaysia, Egypt, Mexico, Nigeria, Peru, Senegal, Sri Lanka, Venezuela and Zimbabwe.(imn)
G15 ????
Das G steht für Geld und Machtlos, die meisten Länder haben ja die gleichen Probleme wie Indonesien !!
Das G steht für Geld und Machtlos, die meisten Länder haben ja die gleichen Probleme wie Indonesien !!
Sonntag 27. Mai 2001, 15:38 Uhr
Top Themen
Unabhängigkeitsbestrebungen in Indonesien
- Indonesischer Präsident droht mit Verhängung des Kriegsrechts (AP)
- Wahid zur Ausrufung des Notstandes bereit (Reuters)
Indonesischer Präsident droht mit Verhängung von Notstandsrecht
Wahid will Amtsenthebung verhindern
Jakarta (AP) Die politische Krise in Indonesien hat einen neuen Höhepunkt erreicht. Präsident Abdurrahman Wahid drohte am Sonntag mit der Verhängung des Notstandsrechts und der möglichen Auflösung des Parlaments, sollte dieses ein Amtsenthebungsverfahren gegen ihn einleiten.
Der Präsident werde den Notstand ausrufen, wenn das Parlament wie geplant eine Sondersitzung Mitte der Woche einberufe und «das Leben der Nation bedroht» sei, erklärte ein Sprecher Wahids. Weiter Schritte seien von der Sitzung am Mittwoch abhängig. In den vergangenen Wochen hatte der Präsident mehrmals sogar mit der Verhängung des Kriegsrechts gedroht. Ein Militärsprecher betonte jedoch, die Streitkräfte würden keine Partei ergreifen und mahnte Wahid, nicht gegen das Parlament vorzugehen.
Die Überlegungen zur Auflösung des Parlaments hätten jene Abgeordneten ausgelöst, die mit den für Mittwoch geplanten Beratungen über seine Amtsenthebung ihre Kompetenzen überschritten hätten, erklärte der Präsident am Samstag. Er strebe aber weiterhin einen Kompromiss an.
Wahid ist bereit, viele seiner Befugnisse an Vizepräsidentin Megawati Sukarnoputri abzutreten, wenn das Parlament dafür auf seine Absetzung verzichtet. Megawati lehnte das Angebot aber ab. Und auch viele Abgeordnete betonten, nach den Drohungen Wahids mit dem Kriegsrecht seien sie entschlossener als zuvor, das Verfahren zur Amtsenthebung voranzutreiben.
Wahid ist in Zusammenhang mit zwei Bestechungsskandalen und wegen Inkompetenz zwei Mal vom Parlament gerügt worden. Der Streit um die Amtsenthebung hat heftige Proteste von Gegnern und Anhängern des Präsidenten ausgelöst.
In der indonesischen Provinz Aceh forderten unterdessen Kämpfe zwischen Soldaten und Separatisten 13 Todesopfer. Die Streitkräfte haben den Rebellen in dieser rohstoffreichen Provinz mit einer Offensive gedroht.
Ich glaube die G15 kommt nicht rechtzeitig,oder doch um Wahid Gratulieren!!!
Top Themen
Unabhängigkeitsbestrebungen in Indonesien
- Indonesischer Präsident droht mit Verhängung des Kriegsrechts (AP)
- Wahid zur Ausrufung des Notstandes bereit (Reuters)
Indonesischer Präsident droht mit Verhängung von Notstandsrecht
Wahid will Amtsenthebung verhindern
Jakarta (AP) Die politische Krise in Indonesien hat einen neuen Höhepunkt erreicht. Präsident Abdurrahman Wahid drohte am Sonntag mit der Verhängung des Notstandsrechts und der möglichen Auflösung des Parlaments, sollte dieses ein Amtsenthebungsverfahren gegen ihn einleiten.
Der Präsident werde den Notstand ausrufen, wenn das Parlament wie geplant eine Sondersitzung Mitte der Woche einberufe und «das Leben der Nation bedroht» sei, erklärte ein Sprecher Wahids. Weiter Schritte seien von der Sitzung am Mittwoch abhängig. In den vergangenen Wochen hatte der Präsident mehrmals sogar mit der Verhängung des Kriegsrechts gedroht. Ein Militärsprecher betonte jedoch, die Streitkräfte würden keine Partei ergreifen und mahnte Wahid, nicht gegen das Parlament vorzugehen.
Die Überlegungen zur Auflösung des Parlaments hätten jene Abgeordneten ausgelöst, die mit den für Mittwoch geplanten Beratungen über seine Amtsenthebung ihre Kompetenzen überschritten hätten, erklärte der Präsident am Samstag. Er strebe aber weiterhin einen Kompromiss an.
Wahid ist bereit, viele seiner Befugnisse an Vizepräsidentin Megawati Sukarnoputri abzutreten, wenn das Parlament dafür auf seine Absetzung verzichtet. Megawati lehnte das Angebot aber ab. Und auch viele Abgeordnete betonten, nach den Drohungen Wahids mit dem Kriegsrecht seien sie entschlossener als zuvor, das Verfahren zur Amtsenthebung voranzutreiben.
Wahid ist in Zusammenhang mit zwei Bestechungsskandalen und wegen Inkompetenz zwei Mal vom Parlament gerügt worden. Der Streit um die Amtsenthebung hat heftige Proteste von Gegnern und Anhängern des Präsidenten ausgelöst.
In der indonesischen Provinz Aceh forderten unterdessen Kämpfe zwischen Soldaten und Separatisten 13 Todesopfer. Die Streitkräfte haben den Rebellen in dieser rohstoffreichen Provinz mit einer Offensive gedroht.
Ich glaube die G15 kommt nicht rechtzeitig,oder doch um Wahid Gratulieren!!!
So langsam wird es interesant,wollen wir doch mal sehen was der kurs die nächste zeit so macht.
Gruß spekulativ
Gruß spekulativ
SECOND SESSION OPEN 5/28/01 2:20:56 AM
J A K A R T A
390.12 9.45 2.48%
E X C H A N G E
Ich kannes nicht glauben,sie gehen nach oben ??? bis jetzt!
J A K A R T A
390.12 9.45 2.48%
E X C H A N G E
Ich kannes nicht glauben,sie gehen nach oben ??? bis jetzt!
Montag 28. Mai 2001, 10:42 Uhr
Top Themen
Unabhängigkeitsbestrebungen in Indonesien
- Wahid weist Streitkräfte zur Sicherung der Ordnung an (dpa)
- Indonesischer Präsident droht mit Verhängung von Notstandsrecht (AP)
Wahid verschärft Sicherheitsvorkehrungen vor Parlamentsdebatte
Präsident warnt vor Auseinandersetzungen - Angedrohte Verhängung des Kriegsrechts nicht eingeleitet
Jakarta (AP) Unmittelbar vor den parlamentarischen Beratungen über seine Amtsenthebung hat der indonesische Präsident Abdurrahman Wahid eine Verschärfung der Sicherheitsvorkehrungen angeordnet. Er befürchte Ausschreitungen zwischen seinen Anhängern und Gegnern vor der Parlamentssitzung, sagte Wahid bei der Ankündigung der Maßnahmen am Montag. Der Erlass bedeute nicht die von Wahid angedrohte Ausrufung des nationalen Notstands oder die Verhängung des Kriegsrechts, betonte Sicherheitsminister Susilo Bambang Yudhoyono.
«Ich habe den Sicherheitsminister angewiesen, unverzüglich Maßnahmen und besondere Vorkehrungen zur Koordination aller Sicherheitskräfte einzuleiten, um die Krise zu überwinden und Recht, Sicherheit und Ordnung aufrechtzuerhalten», sagte Wahid in einer Fernsehansprache. Wahid hat in den vergangenen Tagen erklärt, dass seine Amtsenthebung zu erheblichen Unruhen und Blutvergießen bis hin zum Zerfall des Vielvölkerstaats Indonesien führen könnte und die Verhängung des Kriegsrechts angedroht. Den Medien warf er vor, seine Warnungen nicht ernst genommen zu haben.
Parlamentarier werfen Wahid Korruption und Unfähigkeit vor. Die Debatte über seine Amtsenthebung soll Mitte der Woche beginnen. Der Präsident wurde im Zusammenhang mit zwei Bestechungsskandalen und wegen Inkompetenz bereits zwei Mal vom Parlament gerügt.
Der Streit um die Amtsenthebung hatte heftige Proteste von Gegnern und Anhängern des Präsidenten ausgelöst. Vor Wahids Erklärung versammelten sich am Montag Anhänger des Präsidenten in dessen Heimatprovinz Ostjava. In mehreren Ortschaften griffen sie Häuser und Büros von Wahids politischen Gegnern an und riefen sogar dazu auf, diese umzubringen. Einige Gebäude wurden in Brand gesteckt.
Top Themen
Unabhängigkeitsbestrebungen in Indonesien
- Wahid weist Streitkräfte zur Sicherung der Ordnung an (dpa)
- Indonesischer Präsident droht mit Verhängung von Notstandsrecht (AP)
Wahid verschärft Sicherheitsvorkehrungen vor Parlamentsdebatte
Präsident warnt vor Auseinandersetzungen - Angedrohte Verhängung des Kriegsrechts nicht eingeleitet
Jakarta (AP) Unmittelbar vor den parlamentarischen Beratungen über seine Amtsenthebung hat der indonesische Präsident Abdurrahman Wahid eine Verschärfung der Sicherheitsvorkehrungen angeordnet. Er befürchte Ausschreitungen zwischen seinen Anhängern und Gegnern vor der Parlamentssitzung, sagte Wahid bei der Ankündigung der Maßnahmen am Montag. Der Erlass bedeute nicht die von Wahid angedrohte Ausrufung des nationalen Notstands oder die Verhängung des Kriegsrechts, betonte Sicherheitsminister Susilo Bambang Yudhoyono.
«Ich habe den Sicherheitsminister angewiesen, unverzüglich Maßnahmen und besondere Vorkehrungen zur Koordination aller Sicherheitskräfte einzuleiten, um die Krise zu überwinden und Recht, Sicherheit und Ordnung aufrechtzuerhalten», sagte Wahid in einer Fernsehansprache. Wahid hat in den vergangenen Tagen erklärt, dass seine Amtsenthebung zu erheblichen Unruhen und Blutvergießen bis hin zum Zerfall des Vielvölkerstaats Indonesien führen könnte und die Verhängung des Kriegsrechts angedroht. Den Medien warf er vor, seine Warnungen nicht ernst genommen zu haben.
Parlamentarier werfen Wahid Korruption und Unfähigkeit vor. Die Debatte über seine Amtsenthebung soll Mitte der Woche beginnen. Der Präsident wurde im Zusammenhang mit zwei Bestechungsskandalen und wegen Inkompetenz bereits zwei Mal vom Parlament gerügt.
Der Streit um die Amtsenthebung hatte heftige Proteste von Gegnern und Anhängern des Präsidenten ausgelöst. Vor Wahids Erklärung versammelten sich am Montag Anhänger des Präsidenten in dessen Heimatprovinz Ostjava. In mehreren Ortschaften griffen sie Häuser und Büros von Wahids politischen Gegnern an und riefen sogar dazu auf, diese umzubringen. Einige Gebäude wurden in Brand gesteckt.
Gus Dur ! Jetzt mach die letzten Stunden keine Zicken mehr.
Wahid supporters riot as showdown looms
May 29, 2001 Posted: 3:50 PM HKT (0750 GMT)
Wahid is running out of time, and options
JAKARTA, Indonesia -- Supporters of Indonesian President Abdurrahman Wahid are pouring into the capital as a showdown looms in parliament over his future.
In Wahid`s stronghold of East Java, where the president is considered an Islamic holy man, thousands more torched a church on the eve of a legislative debate widely expected to lead to his impeachment.
Commentators are concerned widespread bloodshed may arise if parliament on Wednesday moves towards impeaching Wahid over his chaotic 19-month rule in the most serious test yet of the country`s fledgling democracy.
Parliament has so far issued two motions of censure against the president -- one for his alleged involvement in two high-profile corruption cases and another for failing to meet key policy targets set by parliament.
While Wahid was cleared of wrongdoing in the graft scandals late Monday, analysts and leading politicians consider a special session unstoppable because the criticism has moved to a more general attack on his erratic leadership.
CNN`s Atika Shubert in Jakarta: President Wahid is known for making controversial statements
Police around the country are on full alert and have been ordered to take tough action against troublemakers in the build-up to Wednesday`s debate.
Wahid on Monday said Indonesia was in a "political emergency situation" and called for his security minister to "take all steps" to ensure security and restore order.
While stopping short of his threatened declaration of a state of civil emergency, Wahid warned Indonesia could break apart if he was ousted.
He said the order was meant to prevent clashes between his supporters and rivals over the impeachment attempt.
The Muslim cleric has already warned of massive bloodshed if he is impeached and argued that moves to tighten security are justified by the need to avoid further violence.
Observers say supporters are likely to be enraged if Wahid is ousted, with thousands of Wahid followers and opponents vowing to take to the streets when parliament meets on Wednesday.
Fearing renewed violence on the streets of the capital, police warned they would shoot any troublemakers on sight.
On Tuesday they searched train and bus passengers arriving in the capital from Wahid`s stronghold and confiscated sickles, machetes, bamboo spears and other weapons.
In East Java, a 5,000-strong pro-Wahid mob torched a Protestant church in the town of Pasuruan after security forces forced them away from government buildings they were trying to attack.
Critics say that Wahid has led in an erratic manner
Police fired warning shots to disperse the mobs who responded by throwing fireworks and burning tires on the streets.
In the provincial capital of Surabaya, police also fired warning shots to disperse 3,000 Wahid supporters as they tried to storm local parliament, witnesses said.
Military opposition
Underlining Wahid`s mounting desperation, chief security minister Susilo Bambang Yudhoyono revealed the president had planned to carry out his threat of declaring a state of emergency in a nationally-televised address on Monday.
But overwhelming opposition from the military and his own cabinet forced him to drop the idea and issue the security order instead, Yudhoyono told the leading Kompas daily.
The military has consistently and publicly warned Wahid it would not implement a state of emergency, apparently throwing its weight behind popular Vice President Megawati Sukarnoputri.
A state of emergency would give police wide-ranging powers and allow Wahid to dissolve parliament and call elections to stave off impeachment.
In a bid to head off efforts to dump him, Wahid last week offered Megawati effective control of government, but her aides have said she is likely to spurn the move.
The increasingly isolated Wahid`s final card may be the threat of violence from his millions of followers.
Thousands of his fanatical supporters have formed suicide squads, training in martial arts and mystic powers in secretive camps in the rice paddies and sugarcane fields of East Java.
G-15 caught in middle
Jakarta governor Sutiyoso said thousands of security personnel were securing the city ahead of Wednesday`s parliamentary debate.
It coincides with a summit of leaders from the G-15 group of developing nations just a few hundred meters from the sprawling parliament complex.
"Although it`s a red alert, Jakarta is still safe," the Post quoted him saying.
The Associated Press & Reuters contributed to this report.
Wahid supporters riot as showdown looms
May 29, 2001 Posted: 3:50 PM HKT (0750 GMT)
Wahid is running out of time, and options
JAKARTA, Indonesia -- Supporters of Indonesian President Abdurrahman Wahid are pouring into the capital as a showdown looms in parliament over his future.
In Wahid`s stronghold of East Java, where the president is considered an Islamic holy man, thousands more torched a church on the eve of a legislative debate widely expected to lead to his impeachment.
Commentators are concerned widespread bloodshed may arise if parliament on Wednesday moves towards impeaching Wahid over his chaotic 19-month rule in the most serious test yet of the country`s fledgling democracy.
Parliament has so far issued two motions of censure against the president -- one for his alleged involvement in two high-profile corruption cases and another for failing to meet key policy targets set by parliament.
While Wahid was cleared of wrongdoing in the graft scandals late Monday, analysts and leading politicians consider a special session unstoppable because the criticism has moved to a more general attack on his erratic leadership.
CNN`s Atika Shubert in Jakarta: President Wahid is known for making controversial statements
Police around the country are on full alert and have been ordered to take tough action against troublemakers in the build-up to Wednesday`s debate.
Wahid on Monday said Indonesia was in a "political emergency situation" and called for his security minister to "take all steps" to ensure security and restore order.
While stopping short of his threatened declaration of a state of civil emergency, Wahid warned Indonesia could break apart if he was ousted.
He said the order was meant to prevent clashes between his supporters and rivals over the impeachment attempt.
The Muslim cleric has already warned of massive bloodshed if he is impeached and argued that moves to tighten security are justified by the need to avoid further violence.
Observers say supporters are likely to be enraged if Wahid is ousted, with thousands of Wahid followers and opponents vowing to take to the streets when parliament meets on Wednesday.
Fearing renewed violence on the streets of the capital, police warned they would shoot any troublemakers on sight.
On Tuesday they searched train and bus passengers arriving in the capital from Wahid`s stronghold and confiscated sickles, machetes, bamboo spears and other weapons.
In East Java, a 5,000-strong pro-Wahid mob torched a Protestant church in the town of Pasuruan after security forces forced them away from government buildings they were trying to attack.
Critics say that Wahid has led in an erratic manner
Police fired warning shots to disperse the mobs who responded by throwing fireworks and burning tires on the streets.
In the provincial capital of Surabaya, police also fired warning shots to disperse 3,000 Wahid supporters as they tried to storm local parliament, witnesses said.
Military opposition
Underlining Wahid`s mounting desperation, chief security minister Susilo Bambang Yudhoyono revealed the president had planned to carry out his threat of declaring a state of emergency in a nationally-televised address on Monday.
But overwhelming opposition from the military and his own cabinet forced him to drop the idea and issue the security order instead, Yudhoyono told the leading Kompas daily.
The military has consistently and publicly warned Wahid it would not implement a state of emergency, apparently throwing its weight behind popular Vice President Megawati Sukarnoputri.
A state of emergency would give police wide-ranging powers and allow Wahid to dissolve parliament and call elections to stave off impeachment.
In a bid to head off efforts to dump him, Wahid last week offered Megawati effective control of government, but her aides have said she is likely to spurn the move.
The increasingly isolated Wahid`s final card may be the threat of violence from his millions of followers.
Thousands of his fanatical supporters have formed suicide squads, training in martial arts and mystic powers in secretive camps in the rice paddies and sugarcane fields of East Java.
G-15 caught in middle
Jakarta governor Sutiyoso said thousands of security personnel were securing the city ahead of Wednesday`s parliamentary debate.
It coincides with a summit of leaders from the G-15 group of developing nations just a few hundred meters from the sprawling parliament complex.
"Although it`s a red alert, Jakarta is still safe," the Post quoted him saying.
The Associated Press & Reuters contributed to this report.
Jetzt gehtes um die Wurst!!
Mittwoch 30. Mai 2001, 06:33 Uhr
Top Themen
Unabhängigkeitsbestrebungen in Indonesien
- Debatte über Anhörung zur Amtsenthebung Wahids (Reuters)
- Indonesiens Parlament debattiert über politische Zukunft Wahids (dpa)
Parlament berät über Amtsenthebungsverfahren gegen Wahid
Sondersitzung unter scharfen Sicherheitsvorkehrungen - Anhänger des Präsidenten drohten mit Stürmung des Parlaments
Jakarta (AP) Das indonesische Parlament ist am Mittwoch zusammengetreten, um über die Einleitung eines Amtsenthebungsverfahrens gegen Präsident Abdurrahman Wahid zu beraten. Die Sondersitzung findet unter scharfen Sicherheitsvorkehrungen statt. Am Vortag hatten Anhänger des Staatschefs damit gedroht, das Parlament zu stürmen.
Die Gegner Wahids werfen diesem Korruption und Unfähigkeit vor. Im Zusammenhang mit zwei Bestechungsskandalen und wegen Inkompetenz wurde der fast blinde Präsident bereits zwei Mal vom Parlament gerügt. Über eine dritte Rüge sollte in der Sitzung am Mittwoch entschieden werden. Diese dritte Rüge wäre die Voraussetzung für ein Amtsenthebungsverfahren. Die Einleitung eines solchen Verfahrens gilt als sicher.
Wahid hat wiederholt erklärt, seine Amtsenthebung könne zu erheblichen Unruhen und Blutvergießen bis hin zum Zerfall des Vielvölkerstaates Indonesien führen. Erst vor 19 Monaten hatte das Parlament Wahid zum Präsidenten gewählt. Er ist der erste demokratisch gewählte indonesische Staatschef seit vier Jahrzehnten
Mittwoch 30. Mai 2001, 06:33 Uhr
Top Themen
Unabhängigkeitsbestrebungen in Indonesien
- Debatte über Anhörung zur Amtsenthebung Wahids (Reuters)
- Indonesiens Parlament debattiert über politische Zukunft Wahids (dpa)
Parlament berät über Amtsenthebungsverfahren gegen Wahid
Sondersitzung unter scharfen Sicherheitsvorkehrungen - Anhänger des Präsidenten drohten mit Stürmung des Parlaments
Jakarta (AP) Das indonesische Parlament ist am Mittwoch zusammengetreten, um über die Einleitung eines Amtsenthebungsverfahrens gegen Präsident Abdurrahman Wahid zu beraten. Die Sondersitzung findet unter scharfen Sicherheitsvorkehrungen statt. Am Vortag hatten Anhänger des Staatschefs damit gedroht, das Parlament zu stürmen.
Die Gegner Wahids werfen diesem Korruption und Unfähigkeit vor. Im Zusammenhang mit zwei Bestechungsskandalen und wegen Inkompetenz wurde der fast blinde Präsident bereits zwei Mal vom Parlament gerügt. Über eine dritte Rüge sollte in der Sitzung am Mittwoch entschieden werden. Diese dritte Rüge wäre die Voraussetzung für ein Amtsenthebungsverfahren. Die Einleitung eines solchen Verfahrens gilt als sicher.
Wahid hat wiederholt erklärt, seine Amtsenthebung könne zu erheblichen Unruhen und Blutvergießen bis hin zum Zerfall des Vielvölkerstaates Indonesien führen. Erst vor 19 Monaten hatte das Parlament Wahid zum Präsidenten gewählt. Er ist der erste demokratisch gewählte indonesische Staatschef seit vier Jahrzehnten
!
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Badische Zeitung vom 31. Mai 2001
Indonesien treibt noch immer steuerlos am Abgrund
Eine Absetzung von Präsident Wahid wird immer wahrscheinlicher / Wie es aber im Land weitergeht, weiß niemand
Von unserem Korrespondenten Urs Morf
Drei Jahre nachdem Demonstrationen zum Sturz des indonesischen Diktators Suharto führten, wird das Land erneut von Unruhen erschüttert. Und erneut scheint das Schicksal des Staatsoberhauptes besiegelt zu sein. Allerdings ist es diesmal das Parlament, das Präsident Wahid, den ersten demokratisch gewählten Regierungschef, absetzen will.
500 Abgeordneten des Parlamentes (DPR) beschlossen am Mittwoch nach stundenlanger Debatte mit überwältigender Mehrheit die Einberufung einer Sondersitzung des höchsten Organs im Staat, der „Beratenden Volkskonferenz“ (MPR). Von der MPR soll Präsident Abdurrahman Wahid des Amtes enthoben und durch die bisherige Vizepräsidentin Megawati Sukarnoputri ersetzt werden. Fanatische Anhänger des vor erst 19 Monaten zum Präsidenten gewählten muslimischen Geistlichen wollten mit einem Protestmarsch durch Jakarta und schließlich mit dem Sturm auf das Parlamentsgebäude diesen Beschluss der Abgeordneten verhindern.
Wahid genießt als ehemaliger Vorsitzender der vierzig Millionen Mitglieder starken Muslim-Organisation Nahdlatul Ulama besonders in seiner Heimatprovinz Ostjava immer noch so etwas wie Heiligenverehrung. Mit den aus dieser Region zur Protestaktion nach Jakarta gereisten Demonstranten wurde das vor der Parlamentssitzung bereitgestellte Großaufgebot der Polizei am Mittwoch zwar ziemlich leicht fertig. Doch mussten ebenfalls am Mittwoch hunderte von Elitesoldaten mit Fallschirmen in Ostjava abgesetzt werden, um dort die Ruhe wiederherzustellen. Fanatische Wahid-Anhänger hatten dort tagelang Kirchen sowie Parteilokale von Gegnern des Präsidenten in Brand gesteckt.
-->
Formal begründen die DPR-Abgeordneten ihren Beschluss zur Einberufung der MPR und zur Absetzung Wahids damit, dass der Staatschef auch auf eine erneute Rüge des Parlamentes zu zwei Korruptionsfällen keine befriedigende Antwort gegeben habe. Tatsächlich aber ist der Beschluss nur der vorläufige Höhepunkt in einem schon seit Monaten andauernden Machtkampf. Und in diesem geht es schon längst nicht mehr nur um Recht und Unrecht oder Korruptionsvorwürfe. Zentraler Punkt ist vielmehr, dass der halbblinde und teilgelähmte Wahid einst die wichtigste moralische Autorität Indonesiens war. Deshalb wurde er als Retter des von Suharto wirtschaftlich und politisch ruinierten Landes ins Amt befördert. Doch inzwischen ist er in den Augen der überwiegenden Mehrheit der politischen Akteure als Präsident untragbar geworden.
Zwar hätte wohl ohnehin jede neue indonesische Führung Schwierigkeiten gehabt, mit den gigantischen Problemen des Landes – darniederliegende Wirtschaft, politische Zerrissenheit, Unabhängigkeitsbestrebungen in mehreren Teilen des Inselreiches – fertig zu werden. Keines dieser Probleme hat Wahid aber wirklich angepackt. Und: Kaum zum Präsidenten gewählt, hat er mit Arroganz, Selbstherrlichkeit und oftmals bizarren Äußerungen alles getan, um sich in kürzester Frist rundum, von den Militärs über die Verwaltung bis hin zu den Führern der Koalitionsparteien und selbst den Ministern des eigenen Kabinetts, erbitterte Feinde zu schaffen.
Die Allianz, die am Mittwoch dem Ziel der Absetzung Wahids einen Schritt näher gekommen ist, ist allerdings sehr „unheilig“ zusammengesetzt. Darin finden sich Figuren wie Vizepräsidentin Megawati und der MPR-Vorsitzende Amien Rais, die selber nach der Präsidenten-Macht streben. Dazu gehören aber auch Politiker, die tatsächlich die Reform des Staatswesens endlich wieder entschlossen vorantreiben wollen und die von Wahid wegen seiner Unfähigkeit und der Korruption seines „Hofstaates“ genug haben. Es mangelt unter den Gegnern Wahids jedoch auch nicht an Anhängern von Suhartos alter Ordnung. Ihnen gehen bereits die wenigen erfolgreichen Versuche, ihre angestammten Privilegien zu beschneiden und die Korruption des alten Regimes aufzuklären, zu weit. „Schlimmeres“ versuchen sie nun krampfhaft zu verhindern.
-->
Nach dem Beschluss von Mittwoch bestehen kaum mehr Zweifel daran, dass die Allianz der Wahid-Gegner es schaffen wird, den Präsidenten, dem mittlerweile nicht einmal mehr die Streitkräfte und das eigene Kabinett loyal ergeben sind, „zur Strecke“ zu bringen. Gerade die Heterogenität der Allianz aber sowie die Vehemenz der Proteste in Wahids ostjavanischen Stammlanden lassen Beobachter für die Zeit nach seiner Absetzung nichts Gutes ahnen. Indonesien scheint noch immer weitgehend steuerlos am Abgrund entlang zu treiben.
Indonesien treibt noch immer steuerlos am Abgrund
Eine Absetzung von Präsident Wahid wird immer wahrscheinlicher / Wie es aber im Land weitergeht, weiß niemand
Von unserem Korrespondenten Urs Morf
Drei Jahre nachdem Demonstrationen zum Sturz des indonesischen Diktators Suharto führten, wird das Land erneut von Unruhen erschüttert. Und erneut scheint das Schicksal des Staatsoberhauptes besiegelt zu sein. Allerdings ist es diesmal das Parlament, das Präsident Wahid, den ersten demokratisch gewählten Regierungschef, absetzen will.
500 Abgeordneten des Parlamentes (DPR) beschlossen am Mittwoch nach stundenlanger Debatte mit überwältigender Mehrheit die Einberufung einer Sondersitzung des höchsten Organs im Staat, der „Beratenden Volkskonferenz“ (MPR). Von der MPR soll Präsident Abdurrahman Wahid des Amtes enthoben und durch die bisherige Vizepräsidentin Megawati Sukarnoputri ersetzt werden. Fanatische Anhänger des vor erst 19 Monaten zum Präsidenten gewählten muslimischen Geistlichen wollten mit einem Protestmarsch durch Jakarta und schließlich mit dem Sturm auf das Parlamentsgebäude diesen Beschluss der Abgeordneten verhindern.
Wahid genießt als ehemaliger Vorsitzender der vierzig Millionen Mitglieder starken Muslim-Organisation Nahdlatul Ulama besonders in seiner Heimatprovinz Ostjava immer noch so etwas wie Heiligenverehrung. Mit den aus dieser Region zur Protestaktion nach Jakarta gereisten Demonstranten wurde das vor der Parlamentssitzung bereitgestellte Großaufgebot der Polizei am Mittwoch zwar ziemlich leicht fertig. Doch mussten ebenfalls am Mittwoch hunderte von Elitesoldaten mit Fallschirmen in Ostjava abgesetzt werden, um dort die Ruhe wiederherzustellen. Fanatische Wahid-Anhänger hatten dort tagelang Kirchen sowie Parteilokale von Gegnern des Präsidenten in Brand gesteckt.
-->
Formal begründen die DPR-Abgeordneten ihren Beschluss zur Einberufung der MPR und zur Absetzung Wahids damit, dass der Staatschef auch auf eine erneute Rüge des Parlamentes zu zwei Korruptionsfällen keine befriedigende Antwort gegeben habe. Tatsächlich aber ist der Beschluss nur der vorläufige Höhepunkt in einem schon seit Monaten andauernden Machtkampf. Und in diesem geht es schon längst nicht mehr nur um Recht und Unrecht oder Korruptionsvorwürfe. Zentraler Punkt ist vielmehr, dass der halbblinde und teilgelähmte Wahid einst die wichtigste moralische Autorität Indonesiens war. Deshalb wurde er als Retter des von Suharto wirtschaftlich und politisch ruinierten Landes ins Amt befördert. Doch inzwischen ist er in den Augen der überwiegenden Mehrheit der politischen Akteure als Präsident untragbar geworden.
Zwar hätte wohl ohnehin jede neue indonesische Führung Schwierigkeiten gehabt, mit den gigantischen Problemen des Landes – darniederliegende Wirtschaft, politische Zerrissenheit, Unabhängigkeitsbestrebungen in mehreren Teilen des Inselreiches – fertig zu werden. Keines dieser Probleme hat Wahid aber wirklich angepackt. Und: Kaum zum Präsidenten gewählt, hat er mit Arroganz, Selbstherrlichkeit und oftmals bizarren Äußerungen alles getan, um sich in kürzester Frist rundum, von den Militärs über die Verwaltung bis hin zu den Führern der Koalitionsparteien und selbst den Ministern des eigenen Kabinetts, erbitterte Feinde zu schaffen.
Die Allianz, die am Mittwoch dem Ziel der Absetzung Wahids einen Schritt näher gekommen ist, ist allerdings sehr „unheilig“ zusammengesetzt. Darin finden sich Figuren wie Vizepräsidentin Megawati und der MPR-Vorsitzende Amien Rais, die selber nach der Präsidenten-Macht streben. Dazu gehören aber auch Politiker, die tatsächlich die Reform des Staatswesens endlich wieder entschlossen vorantreiben wollen und die von Wahid wegen seiner Unfähigkeit und der Korruption seines „Hofstaates“ genug haben. Es mangelt unter den Gegnern Wahids jedoch auch nicht an Anhängern von Suhartos alter Ordnung. Ihnen gehen bereits die wenigen erfolgreichen Versuche, ihre angestammten Privilegien zu beschneiden und die Korruption des alten Regimes aufzuklären, zu weit. „Schlimmeres“ versuchen sie nun krampfhaft zu verhindern.
-->
Nach dem Beschluss von Mittwoch bestehen kaum mehr Zweifel daran, dass die Allianz der Wahid-Gegner es schaffen wird, den Präsidenten, dem mittlerweile nicht einmal mehr die Streitkräfte und das eigene Kabinett loyal ergeben sind, „zur Strecke“ zu bringen. Gerade die Heterogenität der Allianz aber sowie die Vehemenz der Proteste in Wahids ostjavanischen Stammlanden lassen Beobachter für die Zeit nach seiner Absetzung nichts Gutes ahnen. Indonesien scheint noch immer weitgehend steuerlos am Abgrund entlang zu treiben.
!
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.. da gehts ja zu wie im Kindergarten..
und hier die Meinungen der Wirtschaft dazu,..
Zitat: The Presidents seems ready to act unpredictably
`Change of ministers might worsen economy`
JAKARTA (Bisnis): President Abdurrahman Wahid`s decision to change several ministers on Friday would not improve the economy as the move would not be positively accepted by the business world and might even worsen the economy, said economist Umar Juoro.
"Trends toward improvement are there, but this sudden change could effect the market."
Umar said the President should accept the decision by the House`s plenary session to hold a special session of the MPR and not conduct policies that have a negative impact.
Dradjad Wibowo, the economist from Indef, also sees the Cabinet change as having little impact on improving the president`s credibility with the market.
He said the market knows that a Cabinet change would not increase Wahid`s chance to win his battle against parliament.
"In the short term the Cabinet change would shock the market. The Presidents seems ready to act unpredictably," he told Bisnis yesterday.
"The market would react negatively," reale state businessman Agusman Effendi told Bisnis last night over the Cabinet change, adding that it would worsen the economy and might forceinvestors to leave the country within the next two months.
The President yesterday dismissed Agum Gumelar as communications minister and replaced him with Budi Mulyawan Suyitno.
The President also replaced Sarwono Kusumaatmadja as fishery and sea minister with Rokhmin Dahuri.
Cacuk Sudarijanto was also replaced as state minister of economy restructuring though his succcessor has yet to be named.
The President also replaced Susilo Bambang Yudhoyono as senior minister for political and security affairs and named Agum Gumelar as his succesor.
Wahid further replaced Baharuddin Lopa as justice minister and appointed Marsilam Simandjuntak (Cabinet secretary) as his successor, while Lopa himself has been appointed attorney general to replace Marzuki Darusman.
"Hardest hit is the property sector, as investors would back out," said Agusman.
He called the President`s move `funny` and `stranger` than usual and would only worsen the current situation.
Noted businessman Anthony CH Sunaryo admitted that he is confused by the latest development.
He said the move would weaken further the dollar and hit the industrial sector that uses much imported materials.
Said businessman, Jimmie Soelaeman, who produces steel: "We are confused as to where this country is heading to. It would only weaken the rupiah and imperil the steel industry, which could ultimately collapse."
Exporter Irwandy Muslim Amin too is confused by Wahid`s latest move amidst political and economic uncertainty.
He noted that many businessmen`s complaints have not been adressed by the government.
Said economist Dradjad Wibowo: "The market would be under presssure though not significantly in the coming days although it hardly cares who the ministers are."
"What is really worrying is Wahid`s 5 June dedaline to the MPR not to hold a special session."
Dradjad said the market would panic if Wahid does issue a decree as "that would cause a conflict among the lower class."
Political observer Pratikno agrees, saying the upper and middle class would panic if the decree were issued, as it would result in "a prolonged controversy." (hl/ib/ts/ah)
Zitat: The Presidents seems ready to act unpredictably
`Change of ministers might worsen economy`
JAKARTA (Bisnis): President Abdurrahman Wahid`s decision to change several ministers on Friday would not improve the economy as the move would not be positively accepted by the business world and might even worsen the economy, said economist Umar Juoro.
"Trends toward improvement are there, but this sudden change could effect the market."
Umar said the President should accept the decision by the House`s plenary session to hold a special session of the MPR and not conduct policies that have a negative impact.
Dradjad Wibowo, the economist from Indef, also sees the Cabinet change as having little impact on improving the president`s credibility with the market.
He said the market knows that a Cabinet change would not increase Wahid`s chance to win his battle against parliament.
"In the short term the Cabinet change would shock the market. The Presidents seems ready to act unpredictably," he told Bisnis yesterday.
"The market would react negatively," reale state businessman Agusman Effendi told Bisnis last night over the Cabinet change, adding that it would worsen the economy and might forceinvestors to leave the country within the next two months.
The President yesterday dismissed Agum Gumelar as communications minister and replaced him with Budi Mulyawan Suyitno.
The President also replaced Sarwono Kusumaatmadja as fishery and sea minister with Rokhmin Dahuri.
Cacuk Sudarijanto was also replaced as state minister of economy restructuring though his succcessor has yet to be named.
The President also replaced Susilo Bambang Yudhoyono as senior minister for political and security affairs and named Agum Gumelar as his succesor.
Wahid further replaced Baharuddin Lopa as justice minister and appointed Marsilam Simandjuntak (Cabinet secretary) as his successor, while Lopa himself has been appointed attorney general to replace Marzuki Darusman.
"Hardest hit is the property sector, as investors would back out," said Agusman.
He called the President`s move `funny` and `stranger` than usual and would only worsen the current situation.
Noted businessman Anthony CH Sunaryo admitted that he is confused by the latest development.
He said the move would weaken further the dollar and hit the industrial sector that uses much imported materials.
Said businessman, Jimmie Soelaeman, who produces steel: "We are confused as to where this country is heading to. It would only weaken the rupiah and imperil the steel industry, which could ultimately collapse."
Exporter Irwandy Muslim Amin too is confused by Wahid`s latest move amidst political and economic uncertainty.
He noted that many businessmen`s complaints have not been adressed by the government.
Said economist Dradjad Wibowo: "The market would be under presssure though not significantly in the coming days although it hardly cares who the ministers are."
"What is really worrying is Wahid`s 5 June dedaline to the MPR not to hold a special session."
Dradjad said the market would panic if Wahid does issue a decree as "that would cause a conflict among the lower class."
Political observer Pratikno agrees, saying the upper and middle class would panic if the decree were issued, as it would result in "a prolonged controversy." (hl/ib/ts/ah)
!
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Viel zu lesen, aber macht Mut.
Asia and the IMF
Remarks1 by Stanley Fischer
First Deputy Managing Director
International Monetary Fund
at the Institute of Policy Studies
Singapore, June 1, 2001
1. Introduction
It is a great pleasure to be back in Singapore, a country from which I have learned so much during my time at the IMF, and I would like to thank the Institute for Policy Studies and the Monetary Authority of Singapore for making possible this opportunity to discuss Asia and the IMF. The title suggests looking back, to the Asian economic crisis. But that has been done, repeatedly, including by the IMF2, and while yet another discussion of the crisis and its lessons would surely be interesting—particularly with this distinguished audience—I would rather focus on IMF reforms and on future relations between the Fund and its Asian member countries.
I will start by discussing some of the reforms that have been undertaken in the IMF since the mid-1990s, and particularly since the start of the Asian economic crisis. I will then ask what would have been done differently if these reforms had been in place in 1997 and 1998—thus after all giving us an opportunity to look back. I will conclude by discussing the potential future roles of the IMF in Asia, and of Asian countries in the IMF, particularly in light of the emerging regional financial arrangements.
II. IMF Reforms
Following the Mexican crisis, and more intensively after the Asian and Russian crises, the IMF entered a period of far-reaching reform, which is still continuing.3 The reforms aim to help us prevent crises where we can, and to mitigate their effects where we cannot. Given the economic and social consequences of crises—and the public attention they receive—it seems natural to focus on crisis prevention and management. But we should be just as concerned about how well the international financial system functions in non-crisis times, because of the contribution it can make then to economic stability, growth and welfare.
Michel Camdessus characterized the Mexican crisis as the first economic crisis of the twenty first century. By that he meant that the dynamics of the crisis were driven primarily by the capital account of the balance of payments. From Thailand in 1997 to Brazil in 1999, we had at least six more such twenty-first century crises during the last decade of the twentieth century, each of them made more difficult by the speed and extent of capital flow reversals and the associated contagion. By now, we should know that the capital account will be a primary factor in economic developments in any emerging market country. Nonetheless, the good old-fashioned elements on which we used to focus—including the current account, fiscal policy, monetary policy, and the exchange rate system—remain critical in determining both the underlying real developments in the economy and the behavior of the capital account.
Crisis prevention
I will focus on three ways in which the IMF, in its crisis prevention efforts, has responded to the enhanced role of the capital account:4
by strengthening surveillance of national policies, financial sector soundness, and international capital flows;
by reconsidering the role of the exchange rate and capital account regimes;
and by introducing the Contingent Credit Line lending facility, designed to enable the Fund for the first time to use its lending capacity to help prevent crises, rather than to respond to them after they break out.
Surveillance and the Financial Sector
First, surveillance. In response to the crises, the Fund has sharpened its scrutiny of national policies and international markets, focusing in particular on developments that can leave countries vulnerable to crisis. One manifestation of this change is apparent to anyone who visits the area departments at IMF headquarters, which are responsible for relations with member countries. At the time of the Mexican crisis, the staff in these departments had no access to breaking news in the countries and markets that they were following, while the staff of private sector institutions had their Reuters or Bloomberg screens. Not only do all Fund staff now have access to these news services, but they also receive up to eight or nine specially compiled news summaries a day through our intranet. This information is augmented by daily reports from our resident representatives and regional offices. It would have been said in 1994 that all this focus on the daily news encourages short-termism and detracts from more serious examination of the fundamentals—but that would be flatly wrong, for the first question the staff has to ask about the daily developments is whether they are consistent with the more fundamental developments taking place in the economy.
Put simply, the Fund has joined the information age.
That applies also to the information we make available to the outside world. In their reporting to the Executive Board, including through the regular Article IV reports, the Fund staff presents their analysis of the underlying developments taking place in the economies of our members. The great majority of countries now publish the summary of the Board`s discussion of their Article IV report, and a growing number also release the staff report on which the Board discussion is based. All these are available on our website. We also sometimes use the website to solicit comments on Fund policy papers.
Of all the changes that have taken place in the Fund in recent years, this increase in two-way transparency between the Fund and the outside world is the most significant. Transparency not only helps ensure better-informed citizens and investors, but also encourages policymakers to strengthen their policies and institutions. By ensuring public and professional scrutiny of what the staff and management of the Fund have to say on an issue, transparency also provides incentives for us to perform better. Would this increased transparency have happened without the crises? Probably—but not as fast, nor as thoroughly.
The structure of external debt and financial sector weaknesses played key roles in exacerbating capital account crises. This is evident not only from what happened in countries with excessive short term debts and weak financial sectors, but also from the fact that in Brazil, where the financial sector is relatively strong, the 1999 devaluation was much less costly than the devaluations in the other crisis countries. Accordingly, we have significantly stepped up our surveillance of external vulnerabilities, including by scrutiny of the national balance sheet, particularly external debt and reserves, and the strength of financial systems, most notably through the Financial Sector Assessment Program (FSAP).
The FSAP, undertaken jointly with the World Bank, provides a comprehensive health-check of a country`s financial sector, by a joint team drawn typically from the Fund, the World Bank, and national central banks and supervisory authorities. Developed and developing countries alike are finding the FSAPs useful. Important weaknesses have been identified in some countries, and the supervisory authorities are using these diagnoses to strengthen their systems. By the end of this year, around 36 countries should have gone through the FSAP process. Many countries in which policymakers are aware of financial sector problems have asked to take part in the process. We are trying to ensure that systemically important countries participate, although not all of them are eager to participate. Important issues of confidentiality arise when a particular institution is found to be weak, as some have been. In these cases the information is very tightly held, even within the Fund, as it has to be if countries are to agree to undertake these reviews.
Surveillance is also being given greater focus and structure by the development of international standards and codes of conduct, monitored by the Fund or other relevant bodies. The development and monitoring of these codes and standards provides a potentially important mechanism through which countries can calibrate and develop their financial and economic infrastructure to international standards. The codes now cover a wide variety of policy areas, including statistical dissemination, monetary and fiscal policy transparency, banking supervision, accounting, and corporate governance. Information about the implementation of these codes and standards is being published in ROSCs (Reports on the Observance of Standards and Codes) for individual countries.
The Managing Director`s decision to set up a new International Capital Markets (ICM) Department, is further evidence of the increased attention the Fund is paying to both surveillance and international capital flows. The new department has two prime tasks: first, to monitor international capital flows and help ensure that the area departments of the Fund take full account of the implications for our member countries; and second, to help member countries reap the gains from participation in international capital markets, while helping strengthen their economies to deal with the potential risks. Press reports have tended to focus on the ICM`s role in further developing the Fund`s early warning systems; it will do that, together with other departments, but that is only a small part of its mandate. We hope to announce the selection of the first Director shortly, and hope the new department can begin working in the first part of the summer.
Our interactions with the capital markets have also been enhanced through the creation of the Capital Markets Consultative Group, which consists of private sector market participants and members of Fund management and staff, who meet regularly to discuss matters of mutual interest. The second meeting of the CMCG took place in Hong Kong yesterday. In the CMCG, as in all Fund contacts with the private sector, it is essential that no privileged information be provided to particular private sector participants.
Surveillance also has an important regional dimension, which is well advanced in Asia. Meetings of the ASEAN and ASEAN+3 countries, and also the Manila Framework Group, play a useful role and should help identify and rectify problems in individual countries that have potential spillover effects. The Fund has been cooperating closely with these fora, as well as with similar fora in other regions.
Exchange Rate and Capital Account Regimes
Every major financial crisis since Mexico`s in 1994 has in some way involved a fixed or pegged exchange rate regime. Countries without pegged rates—among them South Africa, Israel in 1998, Mexico in 1998, and Turkey in 1998—have certainly suffered from international capital market disturbances, but to nothing like the same degree as those with soft pegs. No wonder then that many, including myself, have been arguing that the intermediate regimes that lie between hard pegs (currency boards, dollarization, or membership of a currency union) and floating rates are not generally sustainable in countries open to international capital flows.5 The fundamental reason for this is the famous "impossible trinity" of Robert Mundell—that among a fixed exchange rate, capital mobility, and a monetary policy dedicated to domestic goals, a country can only have two out of three over a sustained period.
Let me enter two caveats: first, while a floating exchange rate regime reduces the risk of external crises, it is not sufficient to prevent them, for a crisis can also be caused by adverse external debt dynamics or a loss of domestic fiscal control; second, in advocating a floating rate regime, I do not imply that policymakers can or should be indifferent to the exchange rate, nor that they should necessarily totally refrain from intervention in the foreign exchange markets. Changes in the nominal exchange rate affect inflation, and changes in the real exchange rate may have a powerful effect on the allocation of resources. So we would expect monetary policy in countries with floating exchange rate systems to respond to movements in the exchange rate—and in most countries it does. Beyond the use of interest rates, some countries—including some in Asia—intervene directly from time to time in the foreign exchange markets to try to stabilize the exchange rate. So long as they are not perceived as trying to defend a particular rate, this can be useful.
Once a country begins to float, it has to decide on the monetary policy it will follow. Many recent converts have opted for inflation targeting. That system seems to be working well, and has much to commend it. Under inflation targeting, exchange rate movements are automatically taken into account to the extent that they are expected to affect future inflation. This will generally produce a pattern of monetary tightening when the exchange rate depreciates, a response similar, but not necessarily of the same magnitude, to that which would be undertaken if the exchange rate were being targeted directly.
One obvious solution to the impossible trinity is to impose capital controls. Rather than enter the debate over capital controls in depth, I will make a few comments. First, experience suggests that countries will in the course of their development ultimately want to liberalize the capital account and integrate into global capital markets. It is surely no coincidence that the most advanced economies all have open capital accounts—which implies that as countries develop, they will want to get rid of capital controls, albeit at their own rates.
Second, when discussing capital controls, it is important to distinguish between outflows and inflows. For controls on outflows to succeed, they need to be quite extensive. As a country develops, these are likely to become more distorting and less effective. And controls cannot prevent a devaluation if domestic policies are fundamentally inconsistent with maintaining the peg.
Once controls are in place it is never easy to remove them. They should be removed gradually, at a time when the exchange rate is not under pressure, and when the necessary infrastructure is in place: strong financial institutions; a market-based monetary policy; an effective foreign exchange market; and the information base necessary for the markets to operate efficiently.
Turning to controls on capital inflows, the IMF has cautiously supported the use of market-based controls like those pioneered by Chile. These can in principle help a country both reduce the volume of short-term capital inflows and thus the risk of capital flow reversals, and provide some room for an independent monetary policy. Such controls have for instance been used when a country is trying to reduce inflation using an exchange rate anchor, and in order to get inflation down needs interest rates higher than those implied by the sum of the foreign interest rate and the rate at which the currency is expected to depreciate. In Chile the controls seem to have been successful for a time in allowing some monetary policy independence, and also in shifting the composition of capital inflows away from short-term debt. But empirical evidence suggests that they lost their effectiveness after 1998. And recently, the Chilean authorities decided to remove capital controls altogether.
Capital controls may at times appear attractive, especially during a crisis. The jury is still out on some aspects of such controls, including measures that seek to close down offshore markets. But it is telling that even among the countries worst affected by the crises, almost all have resisted the temptation to close themselves off. When push comes to shove, policymakers have abandoned fixed exchange rates before capital mobility—and they have been wise to do so.
Foreign Reserves and the Contingent Credit Line facility
The growth of international capital flows has prompted a rethinking of the way we assess the adequacy of a country`s reserves. Traditionally, it has been assumed that countries need reserves sufficient to pay for three or four months of imports. But in an era when crises are more likely to arise from the capital than the current account, it makes more sense to argue—as a first approximation—that countries need reserves sufficient to cover their short-term debt. It was obvious in the Asian crisis that countries with very large reserves generally did better in avoiding the worst of the crisis than those with smaller reserves. Indeed, the ratio of short-term external debt to reserves is the single best crisis indicator, and the IMF now uses that ratio as a basic indicator of reserve adequacy.
Accordingly, many emerging market economies need more reserves than they once thought. One approach is simply to accumulate them in the traditional manner, and several countries in Asia have accumulated very large reserves indeed. Another approach is to ensure that a country has access to reserves from elsewhere in the event that it needs them.
The central bank swap arrangements being drawn up by the ASEAN+3 countries under the Chiang Mai initiative can make a useful contribution here. And it was welcome to hear at the recent Asian Development Bank meeting that Japan has concluded a series of bilateral swap agreements with Korea, Thailand and Malaysia to that end. Except in the case of a pure liquidity crisis - and such cases are relatively rare in the historical record -that financial support should be used to mitigate the costs of policy adjustments needed to restore equilibrium in the balance of payments. That is why it is important that financing provided under these initiatives be complementary with financial support from the Fund and the associated conditionality, to help ensure that the policy adjustments needed to deal with the crisis are undertaken.
A second source of supplementary reserves is the Fund`s recently enhanced Contingent Credit Line facility, which offers precautionary credit lines to countries with demonstrably sound policies that nonetheless feel threatened by contagion. When first introduced, the CCL had several unattractive features from the viewpoint of potential users. After amendments introduced last year, the CCL is now in effect a flexible way for countries to augment their reserves at very low cost, as well as offering a seal of approval for their policies that should be helpful in times when financial markets are jittery. We have discussed access to the facility with a number of countries, and I am confident both that the CCL will begin to be used in the next few months, and that once a few countries join, others will follow.
Crisis response
In discussing the Fund`s response to crises, I will describe three recent changes:
the development of the Supplementary Reserve Facility (SRF), which was introduced in December 1997 and used in the Korean crisis and subsequently;
the narrowing of the scope of conditionality, an ongoing change initiated by Managing Director Köhler; and
private sector involvement in the resolution of crises.
The SRF
The SRF was introduced at the end of 1997 to enable the Fund to respond better to capital account driven crises. Access to Fund resources under conventional standby loans is normally limited to no more than 100 percent of quota per annum, with a cumulative limit of 300 percent of quota. There is, however, an exceptional circumstances clause—which was invoked in the case of Mexico—that makes it possible to exceed these limits. This approach to determining access to Fund resources was developed at a time when IMF loans typically dealt with current account problems.
Capital account driven crises, usually reflecting sudden changes in investor and creditor confidence, are likely to require more financing relative to quota. Further, such crises, if properly dealt with, should reverse more rapidly than a current account driven crisis as confidence is restored. The design of the SRF takes account of these features. Reflecting the potentially large need for financing, there are no formal limits on access to SRF resources. Reflecting lender of last resort doctrine, SRF loans carry a significantly higher charge than normal standbys (with the interest charged rising the longer the loan is outstanding). And reflecting the likelihood that confidence can be restored relatively quickly, SRF loans have a shorter repayment period than the normal standby.
Following its inauguration in Korea, the SRF has been used in all the subsequent capital account driven crises, and it has performed essentially as expected.
Narrowing the scope of conditionality
The number and scope of the structural policy conditions attached to IMF loans increased significantly over the 1980s and 1990s. The expansion was driven by two factors: first, the criticism in the 1980s that the Fund in dealing with balance of payments crises did not sufficiently concern itself with returning the economy to growth, which led to increased attention to the need for structural reforms to promote growth; and second, the Fund`s work in the transition economies, where comprehensive structural reforms were needed.
Conditionality was also particularly broad in some of the crisis cases, including Indonesia, where concerns over governance led to conditions being imposed in policy areas not normally covered by the Fund, for instance the dismantling of the clove and plywood monopolies. The scope of conditionality was also broad in the Russian program. In many cases, some of the structural conditionality in Fund programs was expected to be implemented under World Bank supported loans, for instance strengthening unemployment insurance in Korea.
Notwithstanding the importance of structural policies in the countries to which we lend, there is general agreement that our conditionality in this area has sometimes been too extensive and restrictive. This can be a problem both because broader programs are more difficult to monitor by the Fund and implement by the member country, and because excessive conditionality may undermine a country`s ownership of the program. Accordingly, we are seeking to focus our conditionality to the Fund`s key areas of responsibility—monetary, fiscal, and exchange rate policies, and the financial sector, and to those structural measures that are critical to achieving the macroeconomic objectives of the program. The intent is not to weaken conditionality, but to make it more effective.
This new approach raises important questions that will need to be resolved as we gain experience. The first question is how to ensure that key measures that are not in the Fund`s area of expertise—including those that are critical for growth—are implemented. This will require close collaboration with the World Bank and the regional development banks. The second question is how to deal with problems of governance, for instance whether legal reforms, or measures to ensure the transparency of government operations, should in special cases be covered by conditionality.
This approach was introduced last September, and experience with it will be examined towards the end of this year.
While discussing conditionality, I should also mention that as a result of the Asian crisis, the Fund is more cautious about recommending fiscal tightening to deal with a crisis in which there is no significant current account or budget deficit.
Private sector involvement (PSI)
Private sector involvement remains one of the thorniest and most controversial issues on the Fund`s agenda. The goal is to ensure that the private sector contributes to the resolution of financial crises by providing financing, rather than exacerbating the crisis by seeking to withdraw funds at the same time as the public sector is injecting them. More graphically, the argument is that the public sector should not bail out the private sector.
There are three reasons to require PSI. First, unless the external private sector shares in the losses caused by crises, it will not properly take account of the risks attached to its investments, and capital will be misallocated—this is essentially the moral hazard argument. Most foreign investors in emerging markets have taken substantial losses in the crises. But not all have done so, particularly those who lend short-term. Second, the public sector may not have sufficient money to turn the situation around without PSI. And third, official international lending will not be politically viable—in the sense that shareholders will be willing to continue providing financing for the official institutions—unless there is PSI, that is, unless investors who made bad decisions are seen to take losses.
Agreements to secure private sector involvement were reached with important private sector participants in the Thai, Korean, Indonesian, Brazilian, Turkish, and Argentine programs in recent years. The most formal approach was made in the Korean case, when the banks were called in December 1997, and an agreement to roll over interbank lines of credit, with a government guarantee, was reached early in 1998. In addition, debt-restructuring agreements were reached with debt holders in Pakistan in November 1999 and Ukraine in February 2000. In cases where a country`s medium-term balance of payments is not viable without debt restructuring and possibly debt reduction, the IMF has a policy of being willing to lend into arrears to private creditors, provided the country is making a good-faith effort to reach agreement with them. The Fund lent into arrears to Ecuador in 1999, at a time when some private sector participants claimed the country was not making a good faith effort to reach a negotiated settlement.
Fund staff and management presented a framework for PSI at our Prague annual meeting last September.6 In brief, the intent of the framework is to rely on the catalytic approach and voluntary PSI in cases of normal access to Fund resources, as well as in those cases of exceptional access where it is believed that the crisis will be quickly reversed because it is fundamentally one of liquidity. In cases where the balance of payments outlook over the medium term is not viable without comprehensive debt restructuring, a coordinated approach will have to be made to ensure PSI. In certain extreme cases, a temporary payments suspension or standstill may be unavoidable.
Fund staff and management are leery of using too heavy a hand in dealing with PSI, for fear that coercive measures to resolve a problem in one country will lead to contagion effects in other countries. However, some members of the IMF, unhappy about the extent of judgment and discretion involved in recent cases, and also believing that the private sector`s contribution has been inadequate, are calling for more precise rules for dealing with PSI in Fund programs. This issue will have to be revisited soon. Nonetheless, it is accepted by all that efforts have to be made to obtain private sector involvement in Fund programs—and furthermore, there has been PSI in all recent Fund programs.
III. Revisiting the Asian Crisis
Suppose, counter-factually, that all the changes I have described had been in place in 1996. What difference would that have made to the course of the Asian financial crisis? The real answer is that we cannot know. But let me speculate.
First, the exchange rate regime. If exchange rates had been flexible, Asian currencies would have appreciated less in late 1996 than they did as the dollar appreciated. The balance of payments difficulties faced in early 1997 by the countries that later went into crisis would therefore have been mitigated. Further, with more flexible exchange rates, short-term capital inflows—and the subsequent outflows—would probably have been smaller. And neither Thailand nor Korea would have used up essentially all their foreign exchange reserves to defend the exchange rate.
Second, if there had been more transparency, with reserves data meeting the standards of the SDDS, far more would have been known about the state of the foreign reserves in the crisis countries. This too could have prevented countries using up all their reserves, and would have forced earlier action on the exchange rate. Further, more would have been known about the composition of external debts. That should have cut off capital inflows earlier, and therefore reduced the disruption caused by subsequent outflows.
Third, if more attention had been focused on the health of the financial system, action could have been taken earlier to begin strengthening weak institutions, avoiding or reducing the extent of liquidity support that was extended in all the crisis countries. For instance, it would have been possible in Indonesia to begin dealing with weak banks before the crisis began, and to have been better prepared with bank resolution mechanisms. It would also have been possible to spot the deterioration of corporate finances, and it might have been possible to begin dealing earlier with the disastrous interaction of corporate financial and banking sector weaknesses.
Fourth, if Fund surveillance had been more vigilant, and more attuned to market developments, it is possible that the financial attack on Korea would have rung the alarm bells a month or two earlier than November 1997, and perhaps the Korean government could have been persuaded to let the exchange rate float earlier. In Thailand, we would probably have struck a different balance in informing markets about our increasingly urgent dialogue with the authorities there in the run-up to the crisis.
Perhaps all this means that it would have been possible to advance adjustment, thereby mitigating if not preventing the crisis, had the crisis prevention measures taken since the crisis been in place in 1996. I do believe that the crisis would have been far less virulent if exchange rates had been floating for some years before 1997. But exchange rate regimes aside, the other changes would only have made a difference if it had been possible to persuade governments to act in time. It is not clear that would have happened. After all, many of the warning signs were around before the crisis: some of them were brought to the attention of governments; and others must have been known to governments (including central banks) even though they were not made public.
Why did governments not act? That is hard to know. Some may have been lulled into a false sense of security by many years of success. They had surely heard many earlier warnings of disasters, which had failed to materialize. Some of the governments were politically weak. Some of them were caught up in the familiar syndrome in which an exchange rate peg takes on a political significance that transcends its economic importance. And some of them must have thought that any action they might take would only precipitate the crisis they were trying to avoid.
The interactions between politics and economics in any economic crisis are illustrated by the striking fact that in all three IMF-supported programs in Asia in 1997-98, the economy began to turn only when new governments came into power: first in Thailand, then in Korea, and last, and with the most disruption, in Indonesia in May 1998.
Next, ask what would have happened had the crises played out exactly as they did to the point where countries turned to the IMF for assistance, but the subsequent changes in methods of crisis response had then been in place. First, conditionality would have been more focused—on macroeconomics, on the exchange rate, and on financial sector restructuring. On the macroeconomic side, we would probably not have asked for as much fiscal tightening as we did initially—though that request was soon reversed in the Thai and other cases.
On the structural side, we would certainly still have urged rapid progress on financial sector restructuring. And we would have worked with greater urgency with the World Bank to try to ensure rapid progress on corporate restructuring. That is to say, that the core of structural conditionality in Fund-supported programs would not have been very different; but some other desirable, but not critical, policy changes would probably have been omitted from the programs.
Quite likely we would have sought to involve the private sector more rapidly in all cases—that would have saved a few weeks in Korea, and a few months and some distress in Indonesia and Thailand—and we would have had debt monitoring systems ready. Possibly, had the SRF then existed, we would have suggested making it available to Thailand. All this means that capital outflows might have been better contained than they were and exchange rates would likely have stabilized even more quickly than they did.
In brief, with today`s methods of crisis response, the crisis would have been better handled. But there is again a but. The core structural measures in the Asian crisis countries involved financial and corporate sector restructuring. Those are still the main items on the policy agenda, and it is proving very difficult for the affected governments to implement those reforms thoroughly. Thus it is unlikely that conditionality would have been better implemented even had it been focussed on these key measures. Nor are the governments of the crisis countries unique in their reluctance to move speedily on financial sector reforms, for governments all over the world are slow to undertake such politically difficult structural changes, be they in Japan at present, or Russia over the last few years, or the United States during the savings and loan crisis of the 1980s. Nonetheless, it remains urgent to move determinedly ahead on these fronts.
IV. Asia and the IMF: Looking Ahead
In the wake of the crisis, Asian countries are moving to put in place new regional arrangements, including various swaps, and are considering alternative currency arrangements. The management of the IMF welcomes this enhanced regional cooperation, which should be complementary to more global arrangements, such as the Fund. We see potential advantages in regional currency cooperation, even though it will likely take many years—perhaps as many as it took in Europe—for such arrangements to come to fruition.
The IMF stands ready to cooperate fully in helping make these regional arrangements more effective, for instance by assisting in the surveillance process, as we already do in several regional fora, and by cooperating in the financing arrangements envisaged under ASEAN + 3, where the activation of loans beyond 10 percent of the agreed lines will take place in the context of IMF-supported programs. And to be sure, the lessons learned from recent crises will be applied when these programs are negotiated.
More also needs to be done to enhance the role of Asian countries in the working of the IMF. Much attention has been focused on the underrepresentation of Asia in the IMF`s quotas. This is indeed a serious problem, which was recently somewhat mitigated by increasing China`s quota to reflect the return of Hong Kong. But votes are rarely taken in the Executive Board of the IMF, and the effectiveness of Executive Directors is more related to their persuasiveness than to the size of their vote. Asia has five out of the 24 seats in the Board (Japan, China, and constituencies headed respectively by India, Indonesia, and Australia (with Korea as a member)). It is important, if Asia`s voice is to be heard, that these positions are occupied consistently by the highest quality candidates, and that the countries they represent take a lively interest in the matters discussed in the Board, and seek to develop independent policy positions on the key issues. Japan, our second largest member, always plays an important role in guiding the institution.
Since the Executive Board of the IMF far prefers making decisions by consensus than by voting power, those directors who have coherent positions and the ability to advance them will usually see their views reflected in Fund positions on the issues.
It is also important that the Fund appoint more staff members from currently underrepresented Asian countries. This appears to be a matter more of supply than of demand, for the Fund is always on the lookout for qualified candidates to its staff. Many countries in other regions, and some in Asia, see an appointment to the staff of the Fund for some years as an important way to build up needed human capital about the international financial system inside their governments.
The Fund as a global institution is incomplete if Asia is not playing a full role. And I believe Asia needs the Fund if it is to continue to benefit as it has so spectacularly over the years from its integration into the global economy. For one thing, there is much unfinished business left over from the crisis, including how best to reduce the volatility of international capital flows—an issue on which we have to make further progress. Further, while we have implicitly been concentrating on emerging market countries, we need also to ensure that countries in Asia and elsewhere that have not so far been able to enjoy the benefits of integration into the global economy can do so.
To sum up: there is much for the Fund to do in Asia, and much for Asian countries to do inside the Fund.
Thank you.
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1 As prepared for delivery. Views expressed are those of the author, not necessarily of the International Monetary Fund. I am indebted to Robert Chote, Anoop Singh, Russell Kincaid and Ratna Sahay for their assistance.
2 See Jack Boorman et al, "Managing Financial Crises: The Experience in East Asia", IMF Working Paper WP/00/107 (Washington: International Monetary Fund, 2000)
3 I shall not today discuss the important changes that have taken place in the Fund`s concessional lending facility, the Poverty Reduction and Growth Facility (PRGF), which replaced the Enhanced Structural Adjustment Facility (ESAF), except to note (i) the intensified focus on poverty reduction; (ii) the key innovation of the Poverty Reduction Strategy Paper (PRSP) as the central mechanism for involving civil society and donors in the economic policy process; (iii) the intensified collaboration between the Bank and the Fund; and (iv) the role of the PRGF in delivering the Fund`s contribution to debt relief in countries eligible for help under the enhanced HIPC initiative.
4 For a fuller account, see the Report of the Managing Director to the International Monetary and Financial Committee on The IMF and the Process of Change, April 25, 2001 (http://www.imf.org/external/np/omd/2001/report.htm)
5 See for instance my paper, "Exchange Rate Regimes: Is the Bipolar View Correct?", forthcoming in the Journal of Economic Perspectives.
6 Communiqué of the International Monetary and Financial Committee of the Board of Governors of the IMF, September 24, 2000 (http://www.imf.org/external/np/cm/2000/092400.htm)
Asia and the IMF
Remarks1 by Stanley Fischer
First Deputy Managing Director
International Monetary Fund
at the Institute of Policy Studies
Singapore, June 1, 2001
1. Introduction
It is a great pleasure to be back in Singapore, a country from which I have learned so much during my time at the IMF, and I would like to thank the Institute for Policy Studies and the Monetary Authority of Singapore for making possible this opportunity to discuss Asia and the IMF. The title suggests looking back, to the Asian economic crisis. But that has been done, repeatedly, including by the IMF2, and while yet another discussion of the crisis and its lessons would surely be interesting—particularly with this distinguished audience—I would rather focus on IMF reforms and on future relations between the Fund and its Asian member countries.
I will start by discussing some of the reforms that have been undertaken in the IMF since the mid-1990s, and particularly since the start of the Asian economic crisis. I will then ask what would have been done differently if these reforms had been in place in 1997 and 1998—thus after all giving us an opportunity to look back. I will conclude by discussing the potential future roles of the IMF in Asia, and of Asian countries in the IMF, particularly in light of the emerging regional financial arrangements.
II. IMF Reforms
Following the Mexican crisis, and more intensively after the Asian and Russian crises, the IMF entered a period of far-reaching reform, which is still continuing.3 The reforms aim to help us prevent crises where we can, and to mitigate their effects where we cannot. Given the economic and social consequences of crises—and the public attention they receive—it seems natural to focus on crisis prevention and management. But we should be just as concerned about how well the international financial system functions in non-crisis times, because of the contribution it can make then to economic stability, growth and welfare.
Michel Camdessus characterized the Mexican crisis as the first economic crisis of the twenty first century. By that he meant that the dynamics of the crisis were driven primarily by the capital account of the balance of payments. From Thailand in 1997 to Brazil in 1999, we had at least six more such twenty-first century crises during the last decade of the twentieth century, each of them made more difficult by the speed and extent of capital flow reversals and the associated contagion. By now, we should know that the capital account will be a primary factor in economic developments in any emerging market country. Nonetheless, the good old-fashioned elements on which we used to focus—including the current account, fiscal policy, monetary policy, and the exchange rate system—remain critical in determining both the underlying real developments in the economy and the behavior of the capital account.
Crisis prevention
I will focus on three ways in which the IMF, in its crisis prevention efforts, has responded to the enhanced role of the capital account:4
by strengthening surveillance of national policies, financial sector soundness, and international capital flows;
by reconsidering the role of the exchange rate and capital account regimes;
and by introducing the Contingent Credit Line lending facility, designed to enable the Fund for the first time to use its lending capacity to help prevent crises, rather than to respond to them after they break out.
Surveillance and the Financial Sector
First, surveillance. In response to the crises, the Fund has sharpened its scrutiny of national policies and international markets, focusing in particular on developments that can leave countries vulnerable to crisis. One manifestation of this change is apparent to anyone who visits the area departments at IMF headquarters, which are responsible for relations with member countries. At the time of the Mexican crisis, the staff in these departments had no access to breaking news in the countries and markets that they were following, while the staff of private sector institutions had their Reuters or Bloomberg screens. Not only do all Fund staff now have access to these news services, but they also receive up to eight or nine specially compiled news summaries a day through our intranet. This information is augmented by daily reports from our resident representatives and regional offices. It would have been said in 1994 that all this focus on the daily news encourages short-termism and detracts from more serious examination of the fundamentals—but that would be flatly wrong, for the first question the staff has to ask about the daily developments is whether they are consistent with the more fundamental developments taking place in the economy.
Put simply, the Fund has joined the information age.
That applies also to the information we make available to the outside world. In their reporting to the Executive Board, including through the regular Article IV reports, the Fund staff presents their analysis of the underlying developments taking place in the economies of our members. The great majority of countries now publish the summary of the Board`s discussion of their Article IV report, and a growing number also release the staff report on which the Board discussion is based. All these are available on our website. We also sometimes use the website to solicit comments on Fund policy papers.
Of all the changes that have taken place in the Fund in recent years, this increase in two-way transparency between the Fund and the outside world is the most significant. Transparency not only helps ensure better-informed citizens and investors, but also encourages policymakers to strengthen their policies and institutions. By ensuring public and professional scrutiny of what the staff and management of the Fund have to say on an issue, transparency also provides incentives for us to perform better. Would this increased transparency have happened without the crises? Probably—but not as fast, nor as thoroughly.
The structure of external debt and financial sector weaknesses played key roles in exacerbating capital account crises. This is evident not only from what happened in countries with excessive short term debts and weak financial sectors, but also from the fact that in Brazil, where the financial sector is relatively strong, the 1999 devaluation was much less costly than the devaluations in the other crisis countries. Accordingly, we have significantly stepped up our surveillance of external vulnerabilities, including by scrutiny of the national balance sheet, particularly external debt and reserves, and the strength of financial systems, most notably through the Financial Sector Assessment Program (FSAP).
The FSAP, undertaken jointly with the World Bank, provides a comprehensive health-check of a country`s financial sector, by a joint team drawn typically from the Fund, the World Bank, and national central banks and supervisory authorities. Developed and developing countries alike are finding the FSAPs useful. Important weaknesses have been identified in some countries, and the supervisory authorities are using these diagnoses to strengthen their systems. By the end of this year, around 36 countries should have gone through the FSAP process. Many countries in which policymakers are aware of financial sector problems have asked to take part in the process. We are trying to ensure that systemically important countries participate, although not all of them are eager to participate. Important issues of confidentiality arise when a particular institution is found to be weak, as some have been. In these cases the information is very tightly held, even within the Fund, as it has to be if countries are to agree to undertake these reviews.
Surveillance is also being given greater focus and structure by the development of international standards and codes of conduct, monitored by the Fund or other relevant bodies. The development and monitoring of these codes and standards provides a potentially important mechanism through which countries can calibrate and develop their financial and economic infrastructure to international standards. The codes now cover a wide variety of policy areas, including statistical dissemination, monetary and fiscal policy transparency, banking supervision, accounting, and corporate governance. Information about the implementation of these codes and standards is being published in ROSCs (Reports on the Observance of Standards and Codes) for individual countries.
The Managing Director`s decision to set up a new International Capital Markets (ICM) Department, is further evidence of the increased attention the Fund is paying to both surveillance and international capital flows. The new department has two prime tasks: first, to monitor international capital flows and help ensure that the area departments of the Fund take full account of the implications for our member countries; and second, to help member countries reap the gains from participation in international capital markets, while helping strengthen their economies to deal with the potential risks. Press reports have tended to focus on the ICM`s role in further developing the Fund`s early warning systems; it will do that, together with other departments, but that is only a small part of its mandate. We hope to announce the selection of the first Director shortly, and hope the new department can begin working in the first part of the summer.
Our interactions with the capital markets have also been enhanced through the creation of the Capital Markets Consultative Group, which consists of private sector market participants and members of Fund management and staff, who meet regularly to discuss matters of mutual interest. The second meeting of the CMCG took place in Hong Kong yesterday. In the CMCG, as in all Fund contacts with the private sector, it is essential that no privileged information be provided to particular private sector participants.
Surveillance also has an important regional dimension, which is well advanced in Asia. Meetings of the ASEAN and ASEAN+3 countries, and also the Manila Framework Group, play a useful role and should help identify and rectify problems in individual countries that have potential spillover effects. The Fund has been cooperating closely with these fora, as well as with similar fora in other regions.
Exchange Rate and Capital Account Regimes
Every major financial crisis since Mexico`s in 1994 has in some way involved a fixed or pegged exchange rate regime. Countries without pegged rates—among them South Africa, Israel in 1998, Mexico in 1998, and Turkey in 1998—have certainly suffered from international capital market disturbances, but to nothing like the same degree as those with soft pegs. No wonder then that many, including myself, have been arguing that the intermediate regimes that lie between hard pegs (currency boards, dollarization, or membership of a currency union) and floating rates are not generally sustainable in countries open to international capital flows.5 The fundamental reason for this is the famous "impossible trinity" of Robert Mundell—that among a fixed exchange rate, capital mobility, and a monetary policy dedicated to domestic goals, a country can only have two out of three over a sustained period.
Let me enter two caveats: first, while a floating exchange rate regime reduces the risk of external crises, it is not sufficient to prevent them, for a crisis can also be caused by adverse external debt dynamics or a loss of domestic fiscal control; second, in advocating a floating rate regime, I do not imply that policymakers can or should be indifferent to the exchange rate, nor that they should necessarily totally refrain from intervention in the foreign exchange markets. Changes in the nominal exchange rate affect inflation, and changes in the real exchange rate may have a powerful effect on the allocation of resources. So we would expect monetary policy in countries with floating exchange rate systems to respond to movements in the exchange rate—and in most countries it does. Beyond the use of interest rates, some countries—including some in Asia—intervene directly from time to time in the foreign exchange markets to try to stabilize the exchange rate. So long as they are not perceived as trying to defend a particular rate, this can be useful.
Once a country begins to float, it has to decide on the monetary policy it will follow. Many recent converts have opted for inflation targeting. That system seems to be working well, and has much to commend it. Under inflation targeting, exchange rate movements are automatically taken into account to the extent that they are expected to affect future inflation. This will generally produce a pattern of monetary tightening when the exchange rate depreciates, a response similar, but not necessarily of the same magnitude, to that which would be undertaken if the exchange rate were being targeted directly.
One obvious solution to the impossible trinity is to impose capital controls. Rather than enter the debate over capital controls in depth, I will make a few comments. First, experience suggests that countries will in the course of their development ultimately want to liberalize the capital account and integrate into global capital markets. It is surely no coincidence that the most advanced economies all have open capital accounts—which implies that as countries develop, they will want to get rid of capital controls, albeit at their own rates.
Second, when discussing capital controls, it is important to distinguish between outflows and inflows. For controls on outflows to succeed, they need to be quite extensive. As a country develops, these are likely to become more distorting and less effective. And controls cannot prevent a devaluation if domestic policies are fundamentally inconsistent with maintaining the peg.
Once controls are in place it is never easy to remove them. They should be removed gradually, at a time when the exchange rate is not under pressure, and when the necessary infrastructure is in place: strong financial institutions; a market-based monetary policy; an effective foreign exchange market; and the information base necessary for the markets to operate efficiently.
Turning to controls on capital inflows, the IMF has cautiously supported the use of market-based controls like those pioneered by Chile. These can in principle help a country both reduce the volume of short-term capital inflows and thus the risk of capital flow reversals, and provide some room for an independent monetary policy. Such controls have for instance been used when a country is trying to reduce inflation using an exchange rate anchor, and in order to get inflation down needs interest rates higher than those implied by the sum of the foreign interest rate and the rate at which the currency is expected to depreciate. In Chile the controls seem to have been successful for a time in allowing some monetary policy independence, and also in shifting the composition of capital inflows away from short-term debt. But empirical evidence suggests that they lost their effectiveness after 1998. And recently, the Chilean authorities decided to remove capital controls altogether.
Capital controls may at times appear attractive, especially during a crisis. The jury is still out on some aspects of such controls, including measures that seek to close down offshore markets. But it is telling that even among the countries worst affected by the crises, almost all have resisted the temptation to close themselves off. When push comes to shove, policymakers have abandoned fixed exchange rates before capital mobility—and they have been wise to do so.
Foreign Reserves and the Contingent Credit Line facility
The growth of international capital flows has prompted a rethinking of the way we assess the adequacy of a country`s reserves. Traditionally, it has been assumed that countries need reserves sufficient to pay for three or four months of imports. But in an era when crises are more likely to arise from the capital than the current account, it makes more sense to argue—as a first approximation—that countries need reserves sufficient to cover their short-term debt. It was obvious in the Asian crisis that countries with very large reserves generally did better in avoiding the worst of the crisis than those with smaller reserves. Indeed, the ratio of short-term external debt to reserves is the single best crisis indicator, and the IMF now uses that ratio as a basic indicator of reserve adequacy.
Accordingly, many emerging market economies need more reserves than they once thought. One approach is simply to accumulate them in the traditional manner, and several countries in Asia have accumulated very large reserves indeed. Another approach is to ensure that a country has access to reserves from elsewhere in the event that it needs them.
The central bank swap arrangements being drawn up by the ASEAN+3 countries under the Chiang Mai initiative can make a useful contribution here. And it was welcome to hear at the recent Asian Development Bank meeting that Japan has concluded a series of bilateral swap agreements with Korea, Thailand and Malaysia to that end. Except in the case of a pure liquidity crisis - and such cases are relatively rare in the historical record -that financial support should be used to mitigate the costs of policy adjustments needed to restore equilibrium in the balance of payments. That is why it is important that financing provided under these initiatives be complementary with financial support from the Fund and the associated conditionality, to help ensure that the policy adjustments needed to deal with the crisis are undertaken.
A second source of supplementary reserves is the Fund`s recently enhanced Contingent Credit Line facility, which offers precautionary credit lines to countries with demonstrably sound policies that nonetheless feel threatened by contagion. When first introduced, the CCL had several unattractive features from the viewpoint of potential users. After amendments introduced last year, the CCL is now in effect a flexible way for countries to augment their reserves at very low cost, as well as offering a seal of approval for their policies that should be helpful in times when financial markets are jittery. We have discussed access to the facility with a number of countries, and I am confident both that the CCL will begin to be used in the next few months, and that once a few countries join, others will follow.
Crisis response
In discussing the Fund`s response to crises, I will describe three recent changes:
the development of the Supplementary Reserve Facility (SRF), which was introduced in December 1997 and used in the Korean crisis and subsequently;
the narrowing of the scope of conditionality, an ongoing change initiated by Managing Director Köhler; and
private sector involvement in the resolution of crises.
The SRF
The SRF was introduced at the end of 1997 to enable the Fund to respond better to capital account driven crises. Access to Fund resources under conventional standby loans is normally limited to no more than 100 percent of quota per annum, with a cumulative limit of 300 percent of quota. There is, however, an exceptional circumstances clause—which was invoked in the case of Mexico—that makes it possible to exceed these limits. This approach to determining access to Fund resources was developed at a time when IMF loans typically dealt with current account problems.
Capital account driven crises, usually reflecting sudden changes in investor and creditor confidence, are likely to require more financing relative to quota. Further, such crises, if properly dealt with, should reverse more rapidly than a current account driven crisis as confidence is restored. The design of the SRF takes account of these features. Reflecting the potentially large need for financing, there are no formal limits on access to SRF resources. Reflecting lender of last resort doctrine, SRF loans carry a significantly higher charge than normal standbys (with the interest charged rising the longer the loan is outstanding). And reflecting the likelihood that confidence can be restored relatively quickly, SRF loans have a shorter repayment period than the normal standby.
Following its inauguration in Korea, the SRF has been used in all the subsequent capital account driven crises, and it has performed essentially as expected.
Narrowing the scope of conditionality
The number and scope of the structural policy conditions attached to IMF loans increased significantly over the 1980s and 1990s. The expansion was driven by two factors: first, the criticism in the 1980s that the Fund in dealing with balance of payments crises did not sufficiently concern itself with returning the economy to growth, which led to increased attention to the need for structural reforms to promote growth; and second, the Fund`s work in the transition economies, where comprehensive structural reforms were needed.
Conditionality was also particularly broad in some of the crisis cases, including Indonesia, where concerns over governance led to conditions being imposed in policy areas not normally covered by the Fund, for instance the dismantling of the clove and plywood monopolies. The scope of conditionality was also broad in the Russian program. In many cases, some of the structural conditionality in Fund programs was expected to be implemented under World Bank supported loans, for instance strengthening unemployment insurance in Korea.
Notwithstanding the importance of structural policies in the countries to which we lend, there is general agreement that our conditionality in this area has sometimes been too extensive and restrictive. This can be a problem both because broader programs are more difficult to monitor by the Fund and implement by the member country, and because excessive conditionality may undermine a country`s ownership of the program. Accordingly, we are seeking to focus our conditionality to the Fund`s key areas of responsibility—monetary, fiscal, and exchange rate policies, and the financial sector, and to those structural measures that are critical to achieving the macroeconomic objectives of the program. The intent is not to weaken conditionality, but to make it more effective.
This new approach raises important questions that will need to be resolved as we gain experience. The first question is how to ensure that key measures that are not in the Fund`s area of expertise—including those that are critical for growth—are implemented. This will require close collaboration with the World Bank and the regional development banks. The second question is how to deal with problems of governance, for instance whether legal reforms, or measures to ensure the transparency of government operations, should in special cases be covered by conditionality.
This approach was introduced last September, and experience with it will be examined towards the end of this year.
While discussing conditionality, I should also mention that as a result of the Asian crisis, the Fund is more cautious about recommending fiscal tightening to deal with a crisis in which there is no significant current account or budget deficit.
Private sector involvement (PSI)
Private sector involvement remains one of the thorniest and most controversial issues on the Fund`s agenda. The goal is to ensure that the private sector contributes to the resolution of financial crises by providing financing, rather than exacerbating the crisis by seeking to withdraw funds at the same time as the public sector is injecting them. More graphically, the argument is that the public sector should not bail out the private sector.
There are three reasons to require PSI. First, unless the external private sector shares in the losses caused by crises, it will not properly take account of the risks attached to its investments, and capital will be misallocated—this is essentially the moral hazard argument. Most foreign investors in emerging markets have taken substantial losses in the crises. But not all have done so, particularly those who lend short-term. Second, the public sector may not have sufficient money to turn the situation around without PSI. And third, official international lending will not be politically viable—in the sense that shareholders will be willing to continue providing financing for the official institutions—unless there is PSI, that is, unless investors who made bad decisions are seen to take losses.
Agreements to secure private sector involvement were reached with important private sector participants in the Thai, Korean, Indonesian, Brazilian, Turkish, and Argentine programs in recent years. The most formal approach was made in the Korean case, when the banks were called in December 1997, and an agreement to roll over interbank lines of credit, with a government guarantee, was reached early in 1998. In addition, debt-restructuring agreements were reached with debt holders in Pakistan in November 1999 and Ukraine in February 2000. In cases where a country`s medium-term balance of payments is not viable without debt restructuring and possibly debt reduction, the IMF has a policy of being willing to lend into arrears to private creditors, provided the country is making a good-faith effort to reach agreement with them. The Fund lent into arrears to Ecuador in 1999, at a time when some private sector participants claimed the country was not making a good faith effort to reach a negotiated settlement.
Fund staff and management presented a framework for PSI at our Prague annual meeting last September.6 In brief, the intent of the framework is to rely on the catalytic approach and voluntary PSI in cases of normal access to Fund resources, as well as in those cases of exceptional access where it is believed that the crisis will be quickly reversed because it is fundamentally one of liquidity. In cases where the balance of payments outlook over the medium term is not viable without comprehensive debt restructuring, a coordinated approach will have to be made to ensure PSI. In certain extreme cases, a temporary payments suspension or standstill may be unavoidable.
Fund staff and management are leery of using too heavy a hand in dealing with PSI, for fear that coercive measures to resolve a problem in one country will lead to contagion effects in other countries. However, some members of the IMF, unhappy about the extent of judgment and discretion involved in recent cases, and also believing that the private sector`s contribution has been inadequate, are calling for more precise rules for dealing with PSI in Fund programs. This issue will have to be revisited soon. Nonetheless, it is accepted by all that efforts have to be made to obtain private sector involvement in Fund programs—and furthermore, there has been PSI in all recent Fund programs.
III. Revisiting the Asian Crisis
Suppose, counter-factually, that all the changes I have described had been in place in 1996. What difference would that have made to the course of the Asian financial crisis? The real answer is that we cannot know. But let me speculate.
First, the exchange rate regime. If exchange rates had been flexible, Asian currencies would have appreciated less in late 1996 than they did as the dollar appreciated. The balance of payments difficulties faced in early 1997 by the countries that later went into crisis would therefore have been mitigated. Further, with more flexible exchange rates, short-term capital inflows—and the subsequent outflows—would probably have been smaller. And neither Thailand nor Korea would have used up essentially all their foreign exchange reserves to defend the exchange rate.
Second, if there had been more transparency, with reserves data meeting the standards of the SDDS, far more would have been known about the state of the foreign reserves in the crisis countries. This too could have prevented countries using up all their reserves, and would have forced earlier action on the exchange rate. Further, more would have been known about the composition of external debts. That should have cut off capital inflows earlier, and therefore reduced the disruption caused by subsequent outflows.
Third, if more attention had been focused on the health of the financial system, action could have been taken earlier to begin strengthening weak institutions, avoiding or reducing the extent of liquidity support that was extended in all the crisis countries. For instance, it would have been possible in Indonesia to begin dealing with weak banks before the crisis began, and to have been better prepared with bank resolution mechanisms. It would also have been possible to spot the deterioration of corporate finances, and it might have been possible to begin dealing earlier with the disastrous interaction of corporate financial and banking sector weaknesses.
Fourth, if Fund surveillance had been more vigilant, and more attuned to market developments, it is possible that the financial attack on Korea would have rung the alarm bells a month or two earlier than November 1997, and perhaps the Korean government could have been persuaded to let the exchange rate float earlier. In Thailand, we would probably have struck a different balance in informing markets about our increasingly urgent dialogue with the authorities there in the run-up to the crisis.
Perhaps all this means that it would have been possible to advance adjustment, thereby mitigating if not preventing the crisis, had the crisis prevention measures taken since the crisis been in place in 1996. I do believe that the crisis would have been far less virulent if exchange rates had been floating for some years before 1997. But exchange rate regimes aside, the other changes would only have made a difference if it had been possible to persuade governments to act in time. It is not clear that would have happened. After all, many of the warning signs were around before the crisis: some of them were brought to the attention of governments; and others must have been known to governments (including central banks) even though they were not made public.
Why did governments not act? That is hard to know. Some may have been lulled into a false sense of security by many years of success. They had surely heard many earlier warnings of disasters, which had failed to materialize. Some of the governments were politically weak. Some of them were caught up in the familiar syndrome in which an exchange rate peg takes on a political significance that transcends its economic importance. And some of them must have thought that any action they might take would only precipitate the crisis they were trying to avoid.
The interactions between politics and economics in any economic crisis are illustrated by the striking fact that in all three IMF-supported programs in Asia in 1997-98, the economy began to turn only when new governments came into power: first in Thailand, then in Korea, and last, and with the most disruption, in Indonesia in May 1998.
Next, ask what would have happened had the crises played out exactly as they did to the point where countries turned to the IMF for assistance, but the subsequent changes in methods of crisis response had then been in place. First, conditionality would have been more focused—on macroeconomics, on the exchange rate, and on financial sector restructuring. On the macroeconomic side, we would probably not have asked for as much fiscal tightening as we did initially—though that request was soon reversed in the Thai and other cases.
On the structural side, we would certainly still have urged rapid progress on financial sector restructuring. And we would have worked with greater urgency with the World Bank to try to ensure rapid progress on corporate restructuring. That is to say, that the core of structural conditionality in Fund-supported programs would not have been very different; but some other desirable, but not critical, policy changes would probably have been omitted from the programs.
Quite likely we would have sought to involve the private sector more rapidly in all cases—that would have saved a few weeks in Korea, and a few months and some distress in Indonesia and Thailand—and we would have had debt monitoring systems ready. Possibly, had the SRF then existed, we would have suggested making it available to Thailand. All this means that capital outflows might have been better contained than they were and exchange rates would likely have stabilized even more quickly than they did.
In brief, with today`s methods of crisis response, the crisis would have been better handled. But there is again a but. The core structural measures in the Asian crisis countries involved financial and corporate sector restructuring. Those are still the main items on the policy agenda, and it is proving very difficult for the affected governments to implement those reforms thoroughly. Thus it is unlikely that conditionality would have been better implemented even had it been focussed on these key measures. Nor are the governments of the crisis countries unique in their reluctance to move speedily on financial sector reforms, for governments all over the world are slow to undertake such politically difficult structural changes, be they in Japan at present, or Russia over the last few years, or the United States during the savings and loan crisis of the 1980s. Nonetheless, it remains urgent to move determinedly ahead on these fronts.
IV. Asia and the IMF: Looking Ahead
In the wake of the crisis, Asian countries are moving to put in place new regional arrangements, including various swaps, and are considering alternative currency arrangements. The management of the IMF welcomes this enhanced regional cooperation, which should be complementary to more global arrangements, such as the Fund. We see potential advantages in regional currency cooperation, even though it will likely take many years—perhaps as many as it took in Europe—for such arrangements to come to fruition.
The IMF stands ready to cooperate fully in helping make these regional arrangements more effective, for instance by assisting in the surveillance process, as we already do in several regional fora, and by cooperating in the financing arrangements envisaged under ASEAN + 3, where the activation of loans beyond 10 percent of the agreed lines will take place in the context of IMF-supported programs. And to be sure, the lessons learned from recent crises will be applied when these programs are negotiated.
More also needs to be done to enhance the role of Asian countries in the working of the IMF. Much attention has been focused on the underrepresentation of Asia in the IMF`s quotas. This is indeed a serious problem, which was recently somewhat mitigated by increasing China`s quota to reflect the return of Hong Kong. But votes are rarely taken in the Executive Board of the IMF, and the effectiveness of Executive Directors is more related to their persuasiveness than to the size of their vote. Asia has five out of the 24 seats in the Board (Japan, China, and constituencies headed respectively by India, Indonesia, and Australia (with Korea as a member)). It is important, if Asia`s voice is to be heard, that these positions are occupied consistently by the highest quality candidates, and that the countries they represent take a lively interest in the matters discussed in the Board, and seek to develop independent policy positions on the key issues. Japan, our second largest member, always plays an important role in guiding the institution.
Since the Executive Board of the IMF far prefers making decisions by consensus than by voting power, those directors who have coherent positions and the ability to advance them will usually see their views reflected in Fund positions on the issues.
It is also important that the Fund appoint more staff members from currently underrepresented Asian countries. This appears to be a matter more of supply than of demand, for the Fund is always on the lookout for qualified candidates to its staff. Many countries in other regions, and some in Asia, see an appointment to the staff of the Fund for some years as an important way to build up needed human capital about the international financial system inside their governments.
The Fund as a global institution is incomplete if Asia is not playing a full role. And I believe Asia needs the Fund if it is to continue to benefit as it has so spectacularly over the years from its integration into the global economy. For one thing, there is much unfinished business left over from the crisis, including how best to reduce the volatility of international capital flows—an issue on which we have to make further progress. Further, while we have implicitly been concentrating on emerging market countries, we need also to ensure that countries in Asia and elsewhere that have not so far been able to enjoy the benefits of integration into the global economy can do so.
To sum up: there is much for the Fund to do in Asia, and much for Asian countries to do inside the Fund.
Thank you.
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1 As prepared for delivery. Views expressed are those of the author, not necessarily of the International Monetary Fund. I am indebted to Robert Chote, Anoop Singh, Russell Kincaid and Ratna Sahay for their assistance.
2 See Jack Boorman et al, "Managing Financial Crises: The Experience in East Asia", IMF Working Paper WP/00/107 (Washington: International Monetary Fund, 2000)
3 I shall not today discuss the important changes that have taken place in the Fund`s concessional lending facility, the Poverty Reduction and Growth Facility (PRGF), which replaced the Enhanced Structural Adjustment Facility (ESAF), except to note (i) the intensified focus on poverty reduction; (ii) the key innovation of the Poverty Reduction Strategy Paper (PRSP) as the central mechanism for involving civil society and donors in the economic policy process; (iii) the intensified collaboration between the Bank and the Fund; and (iv) the role of the PRGF in delivering the Fund`s contribution to debt relief in countries eligible for help under the enhanced HIPC initiative.
4 For a fuller account, see the Report of the Managing Director to the International Monetary and Financial Committee on The IMF and the Process of Change, April 25, 2001 (http://www.imf.org/external/np/omd/2001/report.htm)
5 See for instance my paper, "Exchange Rate Regimes: Is the Bipolar View Correct?", forthcoming in the Journal of Economic Perspectives.
6 Communiqué of the International Monetary and Financial Committee of the Board of Governors of the IMF, September 24, 2000 (http://www.imf.org/external/np/cm/2000/092400.htm)
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.. alles eine grosse Familie die sich des Volkes Geld
unter den Nagel reisst und dann demokratisch untereinander
aufteilt...
ciao go2dive
unter den Nagel reisst und dann demokratisch untereinander
aufteilt...
ciao go2dive
80.000 für 210.000.000 Mio Indonesier toll !!!
Soeharto to distribute 80,000 food packages for his 80th birthday
JAKARTA (JP): Former president Soeharto is slated todistribute on Friday a total of 80,000 packages of basic commodities, known as sembako, to poor families and orphans in commemoration of his 80th birthday.
The first batch of 17,000 food packages had already been distributed to needy people at At-Tin Mosque in East Jakarta, Metro TV private television reported.
The rest of the food packages will be distributed inYogyakarta and Surakarta, Central Java.
Present at the birthday celebrations at the mosque, which is situated in the Taman Mini Indonesian Indah (TMII) park, were his children Sigit Hardjojudanto, Siti Hardijanti "Tutut" Rukmana, Siti Hedijati (Titiek) and Siti Hutami "Mamiek" Endang Adiningsih.
Unseen among the family members were son Hutomo "Tommy" Mandala Putra, who is at large after being declared guilty by the Supreme Court last year over a land swap deal in the mid-1990s and another son Bambang Trihatmodjo.
Also present at the ceremony were former Cabinet ministers during the Soeharto era -- former minister of foreign affairs Ali Alatas, former justice minister Ismail Saleh, former health minister Sujudi, former Army chief R. Hartono, Soeharto`s step-brother Probosutedjo, tycoon Sudwikatmono, and members ofSoeharto`s team of lawyers Juan Felix Tampubolon, Moh. Assegaf and O.C. Kaligis.
Soeharto to distribute 80,000 food packages for his 80th birthday
JAKARTA (JP): Former president Soeharto is slated todistribute on Friday a total of 80,000 packages of basic commodities, known as sembako, to poor families and orphans in commemoration of his 80th birthday.
The first batch of 17,000 food packages had already been distributed to needy people at At-Tin Mosque in East Jakarta, Metro TV private television reported.
The rest of the food packages will be distributed inYogyakarta and Surakarta, Central Java.
Present at the birthday celebrations at the mosque, which is situated in the Taman Mini Indonesian Indah (TMII) park, were his children Sigit Hardjojudanto, Siti Hardijanti "Tutut" Rukmana, Siti Hedijati (Titiek) and Siti Hutami "Mamiek" Endang Adiningsih.
Unseen among the family members were son Hutomo "Tommy" Mandala Putra, who is at large after being declared guilty by the Supreme Court last year over a land swap deal in the mid-1990s and another son Bambang Trihatmodjo.
Also present at the ceremony were former Cabinet ministers during the Soeharto era -- former minister of foreign affairs Ali Alatas, former justice minister Ismail Saleh, former health minister Sujudi, former Army chief R. Hartono, Soeharto`s step-brother Probosutedjo, tycoon Sudwikatmono, and members ofSoeharto`s team of lawyers Juan Felix Tampubolon, Moh. Assegaf and O.C. Kaligis.
mal ein dank an broker*709 für die infos über die politische entwicklung indonesiens.
über die letzten jahre habe ich das auch nah verfolgt. seit ca. oktober letzten jahres bin ich ein wenig ab vom puls (yahoo news, jakarta post damals täglich). da bin ich gerade ganz froh, deine artikelzusammenfassung überfliegen zu können.
der mißerfolg gus durs hat mich recht enttäuscht. seit langem nun schon hat er erfolgreich alle leute abgeblockt, die nicht wirklich auf seiner seite standen. war das eigentlich positiv was das militär betrifft (wiranto z.b.), so war das negativ, was alles wirtschaftliche betrifft. die integrationskraft des mannes ist dahin.
was kommt? wo siehst du die zukunft indonesiens und siehst du eine rendite für dich/mich als anleger?
ich bin z.zt. skeptisch, was die performance indonesiens betrifft. meine investments werde ich halten, wenn ein machtwechsel in einigermaßen vertretbaren bahnen verläuft, sonst werde ich alles abstoßen. (habe indosat, telkom, gudang garam und ein paar banken als zocks)
gruß
farang
über die letzten jahre habe ich das auch nah verfolgt. seit ca. oktober letzten jahres bin ich ein wenig ab vom puls (yahoo news, jakarta post damals täglich). da bin ich gerade ganz froh, deine artikelzusammenfassung überfliegen zu können.
der mißerfolg gus durs hat mich recht enttäuscht. seit langem nun schon hat er erfolgreich alle leute abgeblockt, die nicht wirklich auf seiner seite standen. war das eigentlich positiv was das militär betrifft (wiranto z.b.), so war das negativ, was alles wirtschaftliche betrifft. die integrationskraft des mannes ist dahin.
was kommt? wo siehst du die zukunft indonesiens und siehst du eine rendite für dich/mich als anleger?
ich bin z.zt. skeptisch, was die performance indonesiens betrifft. meine investments werde ich halten, wenn ein machtwechsel in einigermaßen vertretbaren bahnen verläuft, sonst werde ich alles abstoßen. (habe indosat, telkom, gudang garam und ein paar banken als zocks)
gruß
farang
!
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Indonesien wird auch mit ein paar Zeilen bedacht.
Transcript of a Press Briefing by Thomas Dawson
Director
External Relations Department
International Monetary Fund
Friday, June 8, 2001, 9:30 a.m.
Washington, D.C.
MR. DAWSON: Good morning, everyone. I`m Tom Dawson, Director of External Relations at the IMF. This is another of our regular press briefings.
Before I take questions, there are a few items I`d like to draw to your attention. This coming Monday at 10:30 local time in Berlin, Deputy Managing Director Sugisaki, Jack Boorman of PDR, Mohsin Khan of the IMF Institute, and a number of other Fund staff, will hold a press conference at the Intercontinental Hotel in Berlin. The press conference will be at the start of a two-day seminar designed to review conditionality issues as part of the review raised by the Managing Director.
This seminar is open to the press and will be the first of a series of seminars through July designed to air issues surrounding conditionality in IMF program design. You may recall we had solicited public comment on ideas on conditionality, and this is an aspect of our outreach program.
I`d also like to bring to your attention the document that we are releasing today: The statement by the Managing Director on the work program with the Executive Board, which was discussed by the Board on Wednesday. This is the first time that this document, which is prepared twice a year, has been released to the public. Over the last two years, we have issued a press release outlining the contents of the statement, but this is the first time we have released the Managing Director`s actual report to the Board.
This is at first glance a somewhat dense and imposing document, written in the unique style of the Fund, when dealing with matters of Executive Board policy and process and procedures. And so I think it would be useful to spend a little bit of time going over the document. What we have here is essentially a road map and timetable of the workings of the Executive Board and its interaction with Fund staff and management. The paper serves as our guide to the policy matters that will come before the Board in the months running up to the fall meetings. It also maps some of the issues that will be addressed before next spring`s meetings.
I draw your attention in particular to the charts which outline the relationship between various papers and their schedule for presentation to the Board. I should also note that this schedule is, of course, a tentative schedule. The statement also offers a snapshot of the ongoing implementation of the `Vision of the International Financial System and the IMF` that was presented at the Prague Annual Meetings last year by the Managing Director. The vision was endorsed by the Fund membership and has provided the basis for the Fund`s work since then.
The statement gives a clearer sense of how the intense focus on policy issues comes to fruition in the work flow of the Fund. It`s a constant process of writing papers, reviewing papers, and discussing them in the Board. This in many respects is the heart of how the Fund works and how each member can make their views heard. The statement on the work program can also help give greater substance and detail to some of the more abstract themes that we spend a lot of time discussing, such as international financial architecture, reform of the Fund, or poverty reduction. These themes make up the main points of emphasis in the paper, and they are, as you will see, surveillance and crisis prevention, crisis resolution and private sector involvement, financial sector issues and money laundering, access, conditionality, and ownership, and poverty reduction, PRSPs, and HIPC/PRGF.
These are issues that have been part of our agenda for years, with the possible exception of money laundering, and as you can see, we are no longer dealing with broad principles but how these principles will be translated into action. For example, on poverty reduction, the Board is now at the phase of assessing the progress in implementing the PRSPs and financing the HIPC/PRGF initiatives, as well as delving into the key issue of debt management in the HIPC countries.
Similarly, on the topic of surveillance and crisis prevention, the Board will be considering very soon a paper on macro-prudential indicators and later papers on external vulnerability assessment and early-warning systems. On top of that, of course, is the `regular work` of the Fund, the surveillance process covering the Article IV consultations and the WEO, and the all important work on Fund-supported programs. Many of the country discussions that will be undertaken during the coming months will be directly affected by the broader policies that are being put into action by the Board.
I`ll leave my introductory remarks at that and take any questions you may have, and do feel free to ask me more about the work program. Thank you.
QUESTIONER: How satisfied is the Fund at this point that Turkey is implementing the reforms and the measures pledged under the latest program? And what`s its assessment of the chances of Turkey pulling through and regaining confidence of international markets?
MR. DAWSON: I think we are quite pleased with progress and understand and believe that the authorities are committed to full implementation of their program, and I think the government team has been quite methodically pursuing the implementation.
QUESTIONER: Tom, when will Professor Krueger be confirmed as the First Deputy Managing Director by the Board?
MR. DAWSON: You are correct. Of the four appointments that were announced yesterday this is the one that requires Board approval, and I would expect it will be in the next few days. A formal nomination has to be submitted, and then the Board will vote on it.
QUESTIONER: Next few days? One week?
MR. DAWSON: I would say that`s probably correct. There may be some legal issues that haven`t been dealt with in terms of her own current status with her current employer. But my understanding is it is just a matter of within the next few days.
Now, that is in terms of the presentation of a contract and accepting the job. As we indicated yesterday, the transition both in her case as well as in the case of other appointments will be taking place over the course of this summer. We do not have precise dates for when the various new appointments will be taking office, but I think, broadly speaking, the way to describe that is for all four of them it will be over the summer. And we will, of course, let you know when the actual transitions take place.
QUESTIONER: Can you comment on the fact that all of the four appointees are outsiders?
MR. DAWSON: Indeed they are, although I would also note that Professor Rogoff did at one point work at the Fund in the Research Department. And as you go through them, each of the positions, the First Deputy Managing Director has traditionally come from outside.
The Economic Counsellor in the last several occasions has also come from outside. The Capital Markets Department, I think from its inception, was expected to be someone who had had market experience, public policy experience as well. So I think really the question then comes down to the PDR position, and a search internally and externally was performed, and the management team felt that Mr. Geithner was the strongest candidate for the position.
QUESTIONER: Tom, in terms of Thailand, there is continuing uncertainty about exactly what is going to happen there on the monetary policy side of things. We have the political change in the head of the central bank there, but some of the commercial banks seem to be resisting the government as well in terms of their desire to see higher interest rates. What`s the IMF`s perspective on all that`s going on here at the moment? And given that it`s in a post-program monitoring position, what on Earth can you do about it, even if you do disagree?
MR. DAWSON: Well, on the conduct of monetary policy, our views are unchanged from those that we expressed during the Article IV mission in late May. In the absence of inflationary pressures, we believe that low interest rates should be maintained to support the fragile recovery.
We emphasized these arguments during the recent mission, and we`ll continue to press them with the Bank of Thailand and the government.
QUESTIONER: Although you said that Turkey is committed to fully implementing the program, your team, the IMF team, is still in Turkey and reviewing the program. And so far in the press we can see that they have a little bit raised concerns on grain prices and also the public workers` wage, that they were a little bit critical on the politicians. And there are also some statements that the program as already been violated. Are you saying that you do not share this understanding? What`s your position?
MR. DAWSON: Well, we do, in fact, believe that the program is on track. Obviously, the government has had a number of measures that it has had to propose and get approved by the cabinet and the parliament.
QUESTIONER: Is it the first time a woman has been named to one of the four top jobs in the IMF?
MR. DAWSON: In terms of the management team. Of course, you have to remember that the Fund management is the Managing Director and the three Deputy Managing Directors, and so if one talks as that as being what the Management is, that is correct, although there are a number of women department heads as well.
QUESTIONER: In Indonesia, there has been some movement there today on the budget. What exactly does the government there need to do in order to get a resumption of their payments? And how can the IMF go back into Indonesia at this point given the political instability there? Are you concerned about that as a factor of resuming lending there?
MR. DAWSON: Well, obviously, we are in a continuous dialogue with the authorities and, of course, have a presence in Indonesia. And the parliament has been addressing the budget issue as far as I`m aware. I should also note that we are still awaiting resolution of the Bank of Indonesia issue, which is one that has concerned us as well. Obviously, the difficult political situation makes it hard for a number of these issues to be resolved, but this is just a fact of life and something we have to accept.
QUESTIONER: Two questions, Russia and Ukraine.
On Russia, I expect you probably won`t be able to comment, but I wanted to ask anyway about the draft budget. It seems that the stabilization fund idea is dying, if not dead, because they set the oil price rather high, the threshold. So could you say anything about that?
MR. DAWSON: I think your introductory comment was correct. I don`t have anything to say on the budget. We did have a discussion in late May on the authorities` policies, and we expect the next mission to discuss next year`s budget to take place in mid-June. But we are in the sort of post-program monitoring situation at the moment.
QUESTIONER: And with Ukraine, has the Fund been in touch with the new government? And what are the prospects for renewing the program for them?
MR. DAWSON: We expect to be in touch with the new authorities in the near future and expect a mission to arrive in Kiev soon. The resident representative in Kiev did put out a statement the other day, which I will not repeat here but we can make available to you if you wish.
QUESTIONER: With the Brazilian energy crisis, is the Fund planning to do another assessment of the Brazilian economy and the South American economy in general? With the situation in Argentina still a little bit delicate and growth expected to slow in Brazil, is there any concerns there about the situation?
MR. DAWSON: Obviously, we are monitoring the situation. I don`t have anything specific with regard to Brazil. I would note, however -- you mentioned Argentina -- that the market has continued to rally after the successful debt swap, and it looks like public finances are moving back on track. But obviously, in regard to the energy crisis in Brazil, the recent difficulties in Argentina, we are always vigilant, but on the specific initial question on Brazil, I don`t have anything specific for you.
QUESTIONER: You mentioned money laundering as one of the new issues incorporated in the agenda for this year. And in the paper, it says that the IMF is going to strengthen the financial sector in member countries, and you point to especially offshore financial centers. I was wondering if you can elaborate about what the IMF plans to do not only in regard to offshore financial centers but also in some of the big countries like the U.S., because some of these offshore financial center countries have been saying that they have been pointed at wrongly and all the attention only point to them while most of this--or in some cases, part of this problem is also eradicated in some of the big countries.
MR. DAWSON: Well, certainly the Managing Director has indeed made precisely that point, that money laundering, it takes a launderer and a launderee, as it were, and they may be in very different countries. So simply looking at offshore financial centers as an example is clearly not sufficient. This is an issue that I think the Fund is particularly well positioned to discuss since we do have a universal membership, and in the context of the Board, you can look at the issue in a somewhat broader context in terms of the money-laundering issues, but also a broader context in terms of financial sector problems, abuse and strengthening.
So in terms of the discussion that will be taking place --that has taken place in the institution -- and will be taking place, I think precisely those concerns that you indicated -- that it be looked at in a somewhat broader picture -- is recognized and will be indeed part of our discussion.
I think we`re about running out of questions. Maybe a couple more.
QUESTIONER: Do you have a date for a mission yet to Peru?
MR. DAWSON: We expect there will be a visit, a mission to Peru within the next few weeks, but I don`t have a specific date for you.
QUESTIONER: In Mexico, do you have any update on the discussions with the Government of Mexico to this emergency credit line?
MR. DAWSON: On the CCL? No. No, I don`t.
Two more. That`s it.
QUESTIONER: Well, it`s a follow-up on Peru. Would you please elaborate what is the mission going to Peru, what is the goal of this mission?
MR. DAWSON: Well, on March 12th, the Board approved a one-year stand-by. Indications are that the first-quarter performance criteria were achieved, and the program would normally-does provide for a mid-program review, midterm review to be completed by the end of September. But with a new government coming in, it is natural that our mission go down there to meet with the new authorities.
QUESTIONER: A question on the FATF and on money laundering. Can you describe to us the nature of the relationship between the IMF and the FATF, and on this issue, you are saying here that the FATF rules should be compatible with the IMF rules, more or less? The vision should be grown on views and experience of the entire membership. So I guess I`m trying to say that the FATF rules as such have been heavily criticized as being, first, rather narrow in scope in terms of criticizing specific countries; and, second, overall rather heavy on the police functions.
So how do you expect the Fund to safeguard against adopting similar practices in its own work?
MR. DAWSON: Well, given that we are a consensus-oriented, universal institution, I think that, as I said in response to the earlier question, I think we are well positioned to try to present this issue in a somewhat broader context. And you made a reference to the policeman. That is not the function of the Fund in this context.
But I think if you take a look at the description of it there, it`s pretty clear that this is an attempt to sort of broaden it out and get the dialogue on a constructive basis, focus. I would direct you in particular to paragraph 16 (of the Work Program). I think that is it.
If there is more interest in some of these money-laundering issues or some of the issues that come up in this work program, we could perhaps arrange briefings with people who have been working on that area.
Thank you.
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs: 202-623-7300 - Fax: 202-623-6278
Media Relations: 202-623-7100 - Fax: 202-623-6772
Transcript of a Press Briefing by Thomas Dawson
Director
External Relations Department
International Monetary Fund
Friday, June 8, 2001, 9:30 a.m.
Washington, D.C.
MR. DAWSON: Good morning, everyone. I`m Tom Dawson, Director of External Relations at the IMF. This is another of our regular press briefings.
Before I take questions, there are a few items I`d like to draw to your attention. This coming Monday at 10:30 local time in Berlin, Deputy Managing Director Sugisaki, Jack Boorman of PDR, Mohsin Khan of the IMF Institute, and a number of other Fund staff, will hold a press conference at the Intercontinental Hotel in Berlin. The press conference will be at the start of a two-day seminar designed to review conditionality issues as part of the review raised by the Managing Director.
This seminar is open to the press and will be the first of a series of seminars through July designed to air issues surrounding conditionality in IMF program design. You may recall we had solicited public comment on ideas on conditionality, and this is an aspect of our outreach program.
I`d also like to bring to your attention the document that we are releasing today: The statement by the Managing Director on the work program with the Executive Board, which was discussed by the Board on Wednesday. This is the first time that this document, which is prepared twice a year, has been released to the public. Over the last two years, we have issued a press release outlining the contents of the statement, but this is the first time we have released the Managing Director`s actual report to the Board.
This is at first glance a somewhat dense and imposing document, written in the unique style of the Fund, when dealing with matters of Executive Board policy and process and procedures. And so I think it would be useful to spend a little bit of time going over the document. What we have here is essentially a road map and timetable of the workings of the Executive Board and its interaction with Fund staff and management. The paper serves as our guide to the policy matters that will come before the Board in the months running up to the fall meetings. It also maps some of the issues that will be addressed before next spring`s meetings.
I draw your attention in particular to the charts which outline the relationship between various papers and their schedule for presentation to the Board. I should also note that this schedule is, of course, a tentative schedule. The statement also offers a snapshot of the ongoing implementation of the `Vision of the International Financial System and the IMF` that was presented at the Prague Annual Meetings last year by the Managing Director. The vision was endorsed by the Fund membership and has provided the basis for the Fund`s work since then.
The statement gives a clearer sense of how the intense focus on policy issues comes to fruition in the work flow of the Fund. It`s a constant process of writing papers, reviewing papers, and discussing them in the Board. This in many respects is the heart of how the Fund works and how each member can make their views heard. The statement on the work program can also help give greater substance and detail to some of the more abstract themes that we spend a lot of time discussing, such as international financial architecture, reform of the Fund, or poverty reduction. These themes make up the main points of emphasis in the paper, and they are, as you will see, surveillance and crisis prevention, crisis resolution and private sector involvement, financial sector issues and money laundering, access, conditionality, and ownership, and poverty reduction, PRSPs, and HIPC/PRGF.
These are issues that have been part of our agenda for years, with the possible exception of money laundering, and as you can see, we are no longer dealing with broad principles but how these principles will be translated into action. For example, on poverty reduction, the Board is now at the phase of assessing the progress in implementing the PRSPs and financing the HIPC/PRGF initiatives, as well as delving into the key issue of debt management in the HIPC countries.
Similarly, on the topic of surveillance and crisis prevention, the Board will be considering very soon a paper on macro-prudential indicators and later papers on external vulnerability assessment and early-warning systems. On top of that, of course, is the `regular work` of the Fund, the surveillance process covering the Article IV consultations and the WEO, and the all important work on Fund-supported programs. Many of the country discussions that will be undertaken during the coming months will be directly affected by the broader policies that are being put into action by the Board.
I`ll leave my introductory remarks at that and take any questions you may have, and do feel free to ask me more about the work program. Thank you.
QUESTIONER: How satisfied is the Fund at this point that Turkey is implementing the reforms and the measures pledged under the latest program? And what`s its assessment of the chances of Turkey pulling through and regaining confidence of international markets?
MR. DAWSON: I think we are quite pleased with progress and understand and believe that the authorities are committed to full implementation of their program, and I think the government team has been quite methodically pursuing the implementation.
QUESTIONER: Tom, when will Professor Krueger be confirmed as the First Deputy Managing Director by the Board?
MR. DAWSON: You are correct. Of the four appointments that were announced yesterday this is the one that requires Board approval, and I would expect it will be in the next few days. A formal nomination has to be submitted, and then the Board will vote on it.
QUESTIONER: Next few days? One week?
MR. DAWSON: I would say that`s probably correct. There may be some legal issues that haven`t been dealt with in terms of her own current status with her current employer. But my understanding is it is just a matter of within the next few days.
Now, that is in terms of the presentation of a contract and accepting the job. As we indicated yesterday, the transition both in her case as well as in the case of other appointments will be taking place over the course of this summer. We do not have precise dates for when the various new appointments will be taking office, but I think, broadly speaking, the way to describe that is for all four of them it will be over the summer. And we will, of course, let you know when the actual transitions take place.
QUESTIONER: Can you comment on the fact that all of the four appointees are outsiders?
MR. DAWSON: Indeed they are, although I would also note that Professor Rogoff did at one point work at the Fund in the Research Department. And as you go through them, each of the positions, the First Deputy Managing Director has traditionally come from outside.
The Economic Counsellor in the last several occasions has also come from outside. The Capital Markets Department, I think from its inception, was expected to be someone who had had market experience, public policy experience as well. So I think really the question then comes down to the PDR position, and a search internally and externally was performed, and the management team felt that Mr. Geithner was the strongest candidate for the position.
QUESTIONER: Tom, in terms of Thailand, there is continuing uncertainty about exactly what is going to happen there on the monetary policy side of things. We have the political change in the head of the central bank there, but some of the commercial banks seem to be resisting the government as well in terms of their desire to see higher interest rates. What`s the IMF`s perspective on all that`s going on here at the moment? And given that it`s in a post-program monitoring position, what on Earth can you do about it, even if you do disagree?
MR. DAWSON: Well, on the conduct of monetary policy, our views are unchanged from those that we expressed during the Article IV mission in late May. In the absence of inflationary pressures, we believe that low interest rates should be maintained to support the fragile recovery.
We emphasized these arguments during the recent mission, and we`ll continue to press them with the Bank of Thailand and the government.
QUESTIONER: Although you said that Turkey is committed to fully implementing the program, your team, the IMF team, is still in Turkey and reviewing the program. And so far in the press we can see that they have a little bit raised concerns on grain prices and also the public workers` wage, that they were a little bit critical on the politicians. And there are also some statements that the program as already been violated. Are you saying that you do not share this understanding? What`s your position?
MR. DAWSON: Well, we do, in fact, believe that the program is on track. Obviously, the government has had a number of measures that it has had to propose and get approved by the cabinet and the parliament.
QUESTIONER: Is it the first time a woman has been named to one of the four top jobs in the IMF?
MR. DAWSON: In terms of the management team. Of course, you have to remember that the Fund management is the Managing Director and the three Deputy Managing Directors, and so if one talks as that as being what the Management is, that is correct, although there are a number of women department heads as well.
QUESTIONER: In Indonesia, there has been some movement there today on the budget. What exactly does the government there need to do in order to get a resumption of their payments? And how can the IMF go back into Indonesia at this point given the political instability there? Are you concerned about that as a factor of resuming lending there?
MR. DAWSON: Well, obviously, we are in a continuous dialogue with the authorities and, of course, have a presence in Indonesia. And the parliament has been addressing the budget issue as far as I`m aware. I should also note that we are still awaiting resolution of the Bank of Indonesia issue, which is one that has concerned us as well. Obviously, the difficult political situation makes it hard for a number of these issues to be resolved, but this is just a fact of life and something we have to accept.
QUESTIONER: Two questions, Russia and Ukraine.
On Russia, I expect you probably won`t be able to comment, but I wanted to ask anyway about the draft budget. It seems that the stabilization fund idea is dying, if not dead, because they set the oil price rather high, the threshold. So could you say anything about that?
MR. DAWSON: I think your introductory comment was correct. I don`t have anything to say on the budget. We did have a discussion in late May on the authorities` policies, and we expect the next mission to discuss next year`s budget to take place in mid-June. But we are in the sort of post-program monitoring situation at the moment.
QUESTIONER: And with Ukraine, has the Fund been in touch with the new government? And what are the prospects for renewing the program for them?
MR. DAWSON: We expect to be in touch with the new authorities in the near future and expect a mission to arrive in Kiev soon. The resident representative in Kiev did put out a statement the other day, which I will not repeat here but we can make available to you if you wish.
QUESTIONER: With the Brazilian energy crisis, is the Fund planning to do another assessment of the Brazilian economy and the South American economy in general? With the situation in Argentina still a little bit delicate and growth expected to slow in Brazil, is there any concerns there about the situation?
MR. DAWSON: Obviously, we are monitoring the situation. I don`t have anything specific with regard to Brazil. I would note, however -- you mentioned Argentina -- that the market has continued to rally after the successful debt swap, and it looks like public finances are moving back on track. But obviously, in regard to the energy crisis in Brazil, the recent difficulties in Argentina, we are always vigilant, but on the specific initial question on Brazil, I don`t have anything specific for you.
QUESTIONER: You mentioned money laundering as one of the new issues incorporated in the agenda for this year. And in the paper, it says that the IMF is going to strengthen the financial sector in member countries, and you point to especially offshore financial centers. I was wondering if you can elaborate about what the IMF plans to do not only in regard to offshore financial centers but also in some of the big countries like the U.S., because some of these offshore financial center countries have been saying that they have been pointed at wrongly and all the attention only point to them while most of this--or in some cases, part of this problem is also eradicated in some of the big countries.
MR. DAWSON: Well, certainly the Managing Director has indeed made precisely that point, that money laundering, it takes a launderer and a launderee, as it were, and they may be in very different countries. So simply looking at offshore financial centers as an example is clearly not sufficient. This is an issue that I think the Fund is particularly well positioned to discuss since we do have a universal membership, and in the context of the Board, you can look at the issue in a somewhat broader context in terms of the money-laundering issues, but also a broader context in terms of financial sector problems, abuse and strengthening.
So in terms of the discussion that will be taking place --that has taken place in the institution -- and will be taking place, I think precisely those concerns that you indicated -- that it be looked at in a somewhat broader picture -- is recognized and will be indeed part of our discussion.
I think we`re about running out of questions. Maybe a couple more.
QUESTIONER: Do you have a date for a mission yet to Peru?
MR. DAWSON: We expect there will be a visit, a mission to Peru within the next few weeks, but I don`t have a specific date for you.
QUESTIONER: In Mexico, do you have any update on the discussions with the Government of Mexico to this emergency credit line?
MR. DAWSON: On the CCL? No. No, I don`t.
Two more. That`s it.
QUESTIONER: Well, it`s a follow-up on Peru. Would you please elaborate what is the mission going to Peru, what is the goal of this mission?
MR. DAWSON: Well, on March 12th, the Board approved a one-year stand-by. Indications are that the first-quarter performance criteria were achieved, and the program would normally-does provide for a mid-program review, midterm review to be completed by the end of September. But with a new government coming in, it is natural that our mission go down there to meet with the new authorities.
QUESTIONER: A question on the FATF and on money laundering. Can you describe to us the nature of the relationship between the IMF and the FATF, and on this issue, you are saying here that the FATF rules should be compatible with the IMF rules, more or less? The vision should be grown on views and experience of the entire membership. So I guess I`m trying to say that the FATF rules as such have been heavily criticized as being, first, rather narrow in scope in terms of criticizing specific countries; and, second, overall rather heavy on the police functions.
So how do you expect the Fund to safeguard against adopting similar practices in its own work?
MR. DAWSON: Well, given that we are a consensus-oriented, universal institution, I think that, as I said in response to the earlier question, I think we are well positioned to try to present this issue in a somewhat broader context. And you made a reference to the policeman. That is not the function of the Fund in this context.
But I think if you take a look at the description of it there, it`s pretty clear that this is an attempt to sort of broaden it out and get the dialogue on a constructive basis, focus. I would direct you in particular to paragraph 16 (of the Work Program). I think that is it.
If there is more interest in some of these money-laundering issues or some of the issues that come up in this work program, we could perhaps arrange briefings with people who have been working on that area.
Thank you.
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs: 202-623-7300 - Fax: 202-623-6278
Media Relations: 202-623-7100 - Fax: 202-623-6772
Mauere Dich gut ein - Gus Dur !
Wahid challenges military: `Shoot at the palace`
June 11, 2001 Posted: 11:48 PM HKT (1548 GMT)
Wahid: `They can point their guns and shoot at the palace"
By staff and wire reports
JAKARTA, Indonesia -- A defiant Indonesian President Abdurrahman Wahid has challenged the nation`s security forces to try to force him from power.
The embattled leader, facing a likely impeachment at the hands of Indonesia`s parliament in less than two months, reportedly said at the weekend he would not step down and would need to be forced from office.
"They can point their guns and shoot at the palace…what I`m doing it maintaining the unity of the state and I will not hesitate to deal with violators of the constitution," the President was quoted as saying by daily newspaper The Jakarta Post .
The blind Muslim cleric compared himself with former Indonesian President Sukarno -- father of Wahid`s Vice President Megawati Sukarnoputri -- saying he would "follow in his footsteps".
`Like Sukarno`
"I will be no less brave than Bung Karno," the Post quotes Wahid as saying, referring to the founder of Indonesia.
Sukarno was ousted in the 60s in a coup blamed on the now-banned Indonesian Communist Party.
"At that time, he [Sukarno] talked to the TNI [the Indonesian military] and said: `Go ahead, you can shoot me because I have been chosen by the people,`" Wahid said at the weekend.
Wahid is facing impeachment at a planned special session of the People`s Assembly in early August for his role in two multi-million dollar graft scandals.
Analysts say Wahid has lost the support of key military leaders
Analysts say the president, whose electoral power base is east Java, is become more isolated from former political allies and the military, as he grows increasingly desperate to maintain his grip on power.
Earlier this month he unleashed a major cabinet reshuffle that saw four ministers sacked, two moved to different positions and a cabinet secretary was promoted to minister.
Reshuffle rumors
There was speculation on Monday in Jakarta that Indonesia`s finance minister, Prijadi Praptosuhardjo, might become the latest member of Wahid`s government to lose his job.
Defense Minister Mahfud MD, a close adviser to the president, told reporters: "The possibility is today" that Praptosuhardjo might be sacked.
Prijadi was later seen entering the presidential palace.
When asked by reporters, Prijadi denied that he would be dismissed.
Prijadi denies that he will be dismissed
"I will not be replaced. I wasn`t told anything by Gus Dur," he said, as quoted by Antara news agency, referring to Wahid`s nickname.
Prijadi spoke with reporters after meeting with the president on Monday morning. He added, "Maybe the Defense Minister will be replaced."
It was speculated the shake-up was intended to bolster Wahid`s relationship with Megawati, who analysts say is certain to assume power in the next few months.
`I will remain`
"They can hold the Assembly special session, but it should not be to ask for my accountability... only if we used the parliamentary system could my accountability be demanded. Currently we adhere to a presidential system," he said.
"I will remain [in office] until October 5, 2004. I will step down when the time has come," the Post quotes Wahid as saying.
Wahid has refused to step down as Indonesia`s first democratically elected president and has warned that his impeachment would plunge the world`s second largest democracy into chaos. He has warned that at least six provinces where he has support could erupt in violence if he is impeached, leading to the disintegration of Indonesia.
Wahid challenges military: `Shoot at the palace`
June 11, 2001 Posted: 11:48 PM HKT (1548 GMT)
Wahid: `They can point their guns and shoot at the palace"
By staff and wire reports
JAKARTA, Indonesia -- A defiant Indonesian President Abdurrahman Wahid has challenged the nation`s security forces to try to force him from power.
The embattled leader, facing a likely impeachment at the hands of Indonesia`s parliament in less than two months, reportedly said at the weekend he would not step down and would need to be forced from office.
"They can point their guns and shoot at the palace…what I`m doing it maintaining the unity of the state and I will not hesitate to deal with violators of the constitution," the President was quoted as saying by daily newspaper The Jakarta Post .
The blind Muslim cleric compared himself with former Indonesian President Sukarno -- father of Wahid`s Vice President Megawati Sukarnoputri -- saying he would "follow in his footsteps".
`Like Sukarno`
"I will be no less brave than Bung Karno," the Post quotes Wahid as saying, referring to the founder of Indonesia.
Sukarno was ousted in the 60s in a coup blamed on the now-banned Indonesian Communist Party.
"At that time, he [Sukarno] talked to the TNI [the Indonesian military] and said: `Go ahead, you can shoot me because I have been chosen by the people,`" Wahid said at the weekend.
Wahid is facing impeachment at a planned special session of the People`s Assembly in early August for his role in two multi-million dollar graft scandals.
Analysts say Wahid has lost the support of key military leaders
Analysts say the president, whose electoral power base is east Java, is become more isolated from former political allies and the military, as he grows increasingly desperate to maintain his grip on power.
Earlier this month he unleashed a major cabinet reshuffle that saw four ministers sacked, two moved to different positions and a cabinet secretary was promoted to minister.
Reshuffle rumors
There was speculation on Monday in Jakarta that Indonesia`s finance minister, Prijadi Praptosuhardjo, might become the latest member of Wahid`s government to lose his job.
Defense Minister Mahfud MD, a close adviser to the president, told reporters: "The possibility is today" that Praptosuhardjo might be sacked.
Prijadi was later seen entering the presidential palace.
When asked by reporters, Prijadi denied that he would be dismissed.
Prijadi denies that he will be dismissed
"I will not be replaced. I wasn`t told anything by Gus Dur," he said, as quoted by Antara news agency, referring to Wahid`s nickname.
Prijadi spoke with reporters after meeting with the president on Monday morning. He added, "Maybe the Defense Minister will be replaced."
It was speculated the shake-up was intended to bolster Wahid`s relationship with Megawati, who analysts say is certain to assume power in the next few months.
`I will remain`
"They can hold the Assembly special session, but it should not be to ask for my accountability... only if we used the parliamentary system could my accountability be demanded. Currently we adhere to a presidential system," he said.
"I will remain [in office] until October 5, 2004. I will step down when the time has come," the Post quotes Wahid as saying.
Wahid has refused to step down as Indonesia`s first democratically elected president and has warned that his impeachment would plunge the world`s second largest democracy into chaos. He has warned that at least six provinces where he has support could erupt in violence if he is impeached, leading to the disintegration of Indonesia.
!
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das waere aber auch hoechste Zeit, damit die
Banken nicht noch mehr faule Kredite ausgeben....
`Indonesia needs credit bureau`
JAKARTA (Bisnis): Indonesia needs to start thinking about setting up a credit bureau,
which will prevent and settle banking non-performing loans as seen in other countries
in the Asian Pacific region.
Iwan Notowidigdo, executive card ANZ Bank Hongkong, said some countries already a
credit bureau. The bureau is assigned to provide information and settle non-performing
loans in the banks, he said.
"Some developed countries in Asia Pacific like Australia, Singapore, Hong Kong, and
Taiwan, already have a credit bureau. The bureau is set up by the Finance Ministry and
departments that guarantees personal rights or maybe in Indonesia it is like the
Justice Department," said Iwan on the sideline of MasterCard Asia Pacific annual
meeting in Gold Coast Queensland, Australia, last week.
According to Iwan, the bureau is designed to accommodate reports from banks regarding
customers with non-performing loans. For example, customer of bank A who failed to pay
loan interests or principle loans within 90 days can be reported to the credit bureau.
"The credit bureau will store data over the reports filed by the banks. If a customer
proposed for a credit to a bank, the bank could easily check from the data stored by
the credit bureau. And banks can reject the credit proposal based on the bureau`s
recommendation," he said.
In some countries, debtors whose names are listed in the credit bureau could not enjoy
a new credit from banks for five years. This applies for all types and credit scales.
Operational
Iwan further explained that the operation of the credit bureau is financed by banks
every time they asked to check a name. So, it does not come from the government or the
central bank. In other words, banks will no longer think about non-performing loans.
According to him, the presence of the credit bureau can prevent collapse of the
banking sector. Because all this time, banking system in Indonesia opened opportunity
for non-performing loans to happen.
Iwan said now it is time for the government and Bank Indonesia to think about setting
up institution like the credit bureau. (yn)
Banken nicht noch mehr faule Kredite ausgeben....
`Indonesia needs credit bureau`
JAKARTA (Bisnis): Indonesia needs to start thinking about setting up a credit bureau,
which will prevent and settle banking non-performing loans as seen in other countries
in the Asian Pacific region.
Iwan Notowidigdo, executive card ANZ Bank Hongkong, said some countries already a
credit bureau. The bureau is assigned to provide information and settle non-performing
loans in the banks, he said.
"Some developed countries in Asia Pacific like Australia, Singapore, Hong Kong, and
Taiwan, already have a credit bureau. The bureau is set up by the Finance Ministry and
departments that guarantees personal rights or maybe in Indonesia it is like the
Justice Department," said Iwan on the sideline of MasterCard Asia Pacific annual
meeting in Gold Coast Queensland, Australia, last week.
According to Iwan, the bureau is designed to accommodate reports from banks regarding
customers with non-performing loans. For example, customer of bank A who failed to pay
loan interests or principle loans within 90 days can be reported to the credit bureau.
"The credit bureau will store data over the reports filed by the banks. If a customer
proposed for a credit to a bank, the bank could easily check from the data stored by
the credit bureau. And banks can reject the credit proposal based on the bureau`s
recommendation," he said.
In some countries, debtors whose names are listed in the credit bureau could not enjoy
a new credit from banks for five years. This applies for all types and credit scales.
Operational
Iwan further explained that the operation of the credit bureau is financed by banks
every time they asked to check a name. So, it does not come from the government or the
central bank. In other words, banks will no longer think about non-performing loans.
According to him, the presence of the credit bureau can prevent collapse of the
banking sector. Because all this time, banking system in Indonesia opened opportunity
for non-performing loans to happen.
Iwan said now it is time for the government and Bank Indonesia to think about setting
up institution like the credit bureau. (yn)
!
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Market to anticipate political change, Jakarta shares increase
2001-06-12 19:26:32 GMT+7.
Jakarta (IndoExchange) - Jakarta shares ended up significantly today. JSX index gained 12.571 pts, or 3.11%, to 417.049. The LQ45 index rose 3.280 pts, or 3.96%, to 86.115.
Generally, trading was relatively busy with trade volume of 951.76m shares valued at Rp689.99bn. Gainers led decliners 83 to 35 with the rest 181 unchanged.
Investors are quiet optimistic with the possibility of peaceful political settlement approaching and after a special session by the People`s Consultative Assembly. Market predicts that domestic economy and politic situation will improve after the special session.
Foreign investors were quite responsive with this development and collecting blue chips throughout the day. Such move was followed by local traders.
HM Sampoerna was the top gainer as its price up Rp1,300 or 8.87%, to Rp15,950. Gudang Garam gained Rp750, or 6.15%, to Rp12,950. Indosat climbed Rp350, or 3.68%, to Rp9,850. Telkom was up by Rp100 to Rp3,025.
Unilever Indonesia increased Rp250 to Rp16,850. Semen Gresik closed up Rp150 to Rp5,450. Ramayana Lestari Sentosa gained Rp100 to Rp2,925. Astra International edged up Rp75 to Rp1,725. Indah Kiat Pulp & Paper rose Rp10 to Rp380. Tjiwi Kimia gained Rp5 to Rp250.
IndoExchange Dotcom inched up Rp5, or 5%, to Rp105.
On the other hand, second liners dominated as the biggest losers. Aqua Golden Mississippi slipped Rp300, or 2.40%, to Rp12,200. Ultra Jaya Milk Industry lost Rp125, or 19.23%, to Rp525 and Timah shed Rp50 to Rp1,550.
Reported by : Surya Kusuma
sollte es besser werden?????
2001-06-12 19:26:32 GMT+7.
Jakarta (IndoExchange) - Jakarta shares ended up significantly today. JSX index gained 12.571 pts, or 3.11%, to 417.049. The LQ45 index rose 3.280 pts, or 3.96%, to 86.115.
Generally, trading was relatively busy with trade volume of 951.76m shares valued at Rp689.99bn. Gainers led decliners 83 to 35 with the rest 181 unchanged.
Investors are quiet optimistic with the possibility of peaceful political settlement approaching and after a special session by the People`s Consultative Assembly. Market predicts that domestic economy and politic situation will improve after the special session.
Foreign investors were quite responsive with this development and collecting blue chips throughout the day. Such move was followed by local traders.
HM Sampoerna was the top gainer as its price up Rp1,300 or 8.87%, to Rp15,950. Gudang Garam gained Rp750, or 6.15%, to Rp12,950. Indosat climbed Rp350, or 3.68%, to Rp9,850. Telkom was up by Rp100 to Rp3,025.
Unilever Indonesia increased Rp250 to Rp16,850. Semen Gresik closed up Rp150 to Rp5,450. Ramayana Lestari Sentosa gained Rp100 to Rp2,925. Astra International edged up Rp75 to Rp1,725. Indah Kiat Pulp & Paper rose Rp10 to Rp380. Tjiwi Kimia gained Rp5 to Rp250.
IndoExchange Dotcom inched up Rp5, or 5%, to Rp105.
On the other hand, second liners dominated as the biggest losers. Aqua Golden Mississippi slipped Rp300, or 2.40%, to Rp12,200. Ultra Jaya Milk Industry lost Rp125, or 19.23%, to Rp525 and Timah shed Rp50 to Rp1,550.
Reported by : Surya Kusuma
sollte es besser werden?????
Mit Rizal Ramli steht und fällt die ganze Sache.
Ich hoffe er bleit uns lange erhalten !
Rizal Ramli meets the Vice President
JAKARTA (JP): Newly appointed Minister of Finance Rizal Ramli met with Vice President Megawati Soekarnoputri at her official residence at Jl. Teuku Umar No. 27 in Central Jakarta on Wednesday afternoon, Antara reported on Wednesday.
There was no explanation about the unscheduled meeting, but reports said it concerned Rizal`s new appointment as finance minister, replacing Prijadi Praptosuhardjo.
Megawati was slated to meet newly appointed Minister of Communications Budi Mulyawan Suyitno and former deputy chief of the Indonesian Military (TNI) Gen. Fachrul Razi on Wednesday.
President Abdurrahman Wahid is scheduled to swear in three ministers late on Wednesday afternoon, namely finance minister Rizal Ramli, Coordinating Minister for the Economy Burhanuddin Abdullah and Minister of Administrative Reforms Anwar Suprijadi.
It was not clear whether Megawati would attend theofficiation ceremony.
Earlier in the day, former finance minister PrijadiPraptosuhardjo met with President Abdurrahman at Merdeka Palace.
"I gave my last report and farewell to the President. I admit that I am relieved as I was stressed out thinking about the budget revision," Prijadi said as quoted by Metro TV.
"I believe that the new finance minister can continue my duty, plus the House of Representatives (DPR) is being so supportive about this," he said. (edt)
Ich hoffe er bleit uns lange erhalten !
Rizal Ramli meets the Vice President
JAKARTA (JP): Newly appointed Minister of Finance Rizal Ramli met with Vice President Megawati Soekarnoputri at her official residence at Jl. Teuku Umar No. 27 in Central Jakarta on Wednesday afternoon, Antara reported on Wednesday.
There was no explanation about the unscheduled meeting, but reports said it concerned Rizal`s new appointment as finance minister, replacing Prijadi Praptosuhardjo.
Megawati was slated to meet newly appointed Minister of Communications Budi Mulyawan Suyitno and former deputy chief of the Indonesian Military (TNI) Gen. Fachrul Razi on Wednesday.
President Abdurrahman Wahid is scheduled to swear in three ministers late on Wednesday afternoon, namely finance minister Rizal Ramli, Coordinating Minister for the Economy Burhanuddin Abdullah and Minister of Administrative Reforms Anwar Suprijadi.
It was not clear whether Megawati would attend theofficiation ceremony.
Earlier in the day, former finance minister PrijadiPraptosuhardjo met with President Abdurrahman at Merdeka Palace.
"I gave my last report and farewell to the President. I admit that I am relieved as I was stressed out thinking about the budget revision," Prijadi said as quoted by Metro TV.
"I believe that the new finance minister can continue my duty, plus the House of Representatives (DPR) is being so supportive about this," he said. (edt)
das Spiel geht weiter,..
Wahid revamps economic team
JAKARTA (Bisnis): President Abdurrahman Wahid has again revamped his Cabinet to strengthen his economic team, as reports say a another round of reshuffle is slated in the coming weeks.
An official said the Cabinet change was made to speed up economic recovery.
"Ministers who are not competent meed to be changed," an official told Bisnis yesterday.
Wahid has appointed Burhanuddin Abdullah (deputy governor of BI) as senior econimics minister replacing Rizal Ramli, who has ben posted as finance minister replacing Prijadi Praptosuhardjo.
The President has also appointed Anwar Suprijadi as state apparatus minister replacing Marsillam Simandjuntak.
President Wahid said behind his move is the need to raise the level of efficiency.
His spokesman, Yahya C. Staquf, said further reshuffles would be made in the coming weeks.
"We are holding talks with leaders of political parties."
The Cabinet change is also meant to woo parties so that they take a soft stance against the President during the coming MPR special session.
Yahya said the main reason behind the appointment of Baharuddin is "his experience in dealing with the IMF and international bodies."
The new finance minister, Rizal Ramli, told Bisnis he hoped the reshuffle could create "a new force that could improve the performance of the Cabinet in speeding up economic recovery."
Rizal said he would prioritize talks on the budget (APBN) and try to speed up economic restructuring by selling assets and channeling credits that would create employment.
Senior economic minister Burhanuddin Abdullah said his priority is to improve ties with the IMF.
"I plan to execute the contents of the letter of intent, with emphasis on the program of extended standby arrangement with the IMF."
The agreement must be honored and executed with discipline, as Indonesia needs to recover international confidence.
Commenting on the appointment of Burhanuddin, Deputy Governor BI Achjar Iljas said he hoped the new minister would settle the rift between the government and BI.
Achjar also hoped that discussions on amendments on the law in BI would be halted.
Meanwhile, Prijadi said he is `content` with his situation as he would no longer be burdened by difficult economic issues.
He has performed his duties well in the past ten months, he said. He brushed aside reports saying that he was replaced because he had made revisions to the APBN 2001 that were not approved by the President.(01/yn/rah/ens/cik)
Wahid revamps economic team
JAKARTA (Bisnis): President Abdurrahman Wahid has again revamped his Cabinet to strengthen his economic team, as reports say a another round of reshuffle is slated in the coming weeks.
An official said the Cabinet change was made to speed up economic recovery.
"Ministers who are not competent meed to be changed," an official told Bisnis yesterday.
Wahid has appointed Burhanuddin Abdullah (deputy governor of BI) as senior econimics minister replacing Rizal Ramli, who has ben posted as finance minister replacing Prijadi Praptosuhardjo.
The President has also appointed Anwar Suprijadi as state apparatus minister replacing Marsillam Simandjuntak.
President Wahid said behind his move is the need to raise the level of efficiency.
His spokesman, Yahya C. Staquf, said further reshuffles would be made in the coming weeks.
"We are holding talks with leaders of political parties."
The Cabinet change is also meant to woo parties so that they take a soft stance against the President during the coming MPR special session.
Yahya said the main reason behind the appointment of Baharuddin is "his experience in dealing with the IMF and international bodies."
The new finance minister, Rizal Ramli, told Bisnis he hoped the reshuffle could create "a new force that could improve the performance of the Cabinet in speeding up economic recovery."
Rizal said he would prioritize talks on the budget (APBN) and try to speed up economic restructuring by selling assets and channeling credits that would create employment.
Senior economic minister Burhanuddin Abdullah said his priority is to improve ties with the IMF.
"I plan to execute the contents of the letter of intent, with emphasis on the program of extended standby arrangement with the IMF."
The agreement must be honored and executed with discipline, as Indonesia needs to recover international confidence.
Commenting on the appointment of Burhanuddin, Deputy Governor BI Achjar Iljas said he hoped the new minister would settle the rift between the government and BI.
Achjar also hoped that discussions on amendments on the law in BI would be halted.
Meanwhile, Prijadi said he is `content` with his situation as he would no longer be burdened by difficult economic issues.
He has performed his duties well in the past ten months, he said. He brushed aside reports saying that he was replaced because he had made revisions to the APBN 2001 that were not approved by the President.(01/yn/rah/ens/cik)
Rizal legt sich gleich mächtig ins Zeug !
Hoffentlich bleibt uns der erhalten, egal wer weiterhin an der Führungsspitze ist, oder er übernimmt gleich selber die Macht - wäre wohl am besten.
Rizal pledges to carry out 2001 state budget measures
JAKARTA (JP): Newly appointed Finance Minister Rizal Ramli pledged on Wednesday in a meeting with the House of Representatives state budget task force to carry out the budget measures agreed to last week between the former finance minister and the task force.
Rizal also anticipated the current debate over the revised 2001 state budget could be completed shortly.
"I will support all the things which have been agreed to," he told legislators in his first meeting with the House state budget task force.
Rizal was named as the new finance minister on Tuesday by President Abdurrahman Wahid in a reshuffle of the economic ministers, replacing Prijadi Praptosuhardjo. Rizal was previously the coordinating minister for the economy, a post now held by Burhanuddin Abdullah, previously a deputy governor of Bank Indonesia.
Prijadi last week reached an agreement with the House budget task force to increase fuel prices by an average of 30 percent on Friday, and to raise electricity rates by an average of 17.47 percent early next month.
The difficult measures are part of efforts to help maintain the 2001 state budget deficit at a reasonable level of around 3.8 percent of gross domestic product (GDP).
Other crucial measures that have yet to be agreed upon with the House include plans to raise value added tax (VAT) to 12.5 percent from 10 percent, and to issue around Rp 2.9 trillion worth of deficit bonds to wealthier provinces.
The recent plunge in the value of the rupiah and rising domestic interest rates has threatened the budget deficit which could widen to a dangerous level of 6 percent of GDP.
Separately, the International Monetary Fund (IMF) urged the new finance minister on Wednesday to forge ahead with the revised 2001 state budget, a crucial factor to improve relations with the IMF.
"Pushing Prijadi`s plan through is an important aspect of the agreement with the Fund," IMF representative in Jakarta John Dodsworth told Reuters.
"We are very happy with the government`s proposal to parliament for the budget so we hope that within the new team, that proposal will be carried through quickly," Dodsworth added.
The House is expected to complete the deliberation over the budget revision on Friday, which is expected to prompt the IMF to send its review team to Jakarta later this month.
The IMF, which is providing a multibillion dollar bailout loan to the country, delayed the disbursement of its next loan tranche late last year due to signs that the government was wavering in the implementation of agreed economic reforms.
The arrival of the IMF mission could pave the way for the disbursement of the loan, seen as a crucial factor to help revive investor confidence and for other multilateral lenders to provide their financial support to the current budget.
The budget revision includes changes in the various macroeconomic assumptions. The exchange rate of the rupiah has been revised to Rp 9,600 per U.S. dollar (from RP 7,800 per dollar under the original budget plan approved by the House in January), inflation rate at 9.3 percent (formerly 7.2 percent), economic growth 3.5 percent (formerly 5 percent), and interest rate of Bank Indonesia 3-month SBI promissory notes at 15 percent (formerly 11.5 percent).
Separately, Rizal said in a press statement that the government would soon announce measures to help ease the burden on the lower-income groups adversely affected by the increase in fuel prices and electricity rates. (rei)
Hoffentlich bleibt uns der erhalten, egal wer weiterhin an der Führungsspitze ist, oder er übernimmt gleich selber die Macht - wäre wohl am besten.
Rizal pledges to carry out 2001 state budget measures
JAKARTA (JP): Newly appointed Finance Minister Rizal Ramli pledged on Wednesday in a meeting with the House of Representatives state budget task force to carry out the budget measures agreed to last week between the former finance minister and the task force.
Rizal also anticipated the current debate over the revised 2001 state budget could be completed shortly.
"I will support all the things which have been agreed to," he told legislators in his first meeting with the House state budget task force.
Rizal was named as the new finance minister on Tuesday by President Abdurrahman Wahid in a reshuffle of the economic ministers, replacing Prijadi Praptosuhardjo. Rizal was previously the coordinating minister for the economy, a post now held by Burhanuddin Abdullah, previously a deputy governor of Bank Indonesia.
Prijadi last week reached an agreement with the House budget task force to increase fuel prices by an average of 30 percent on Friday, and to raise electricity rates by an average of 17.47 percent early next month.
The difficult measures are part of efforts to help maintain the 2001 state budget deficit at a reasonable level of around 3.8 percent of gross domestic product (GDP).
Other crucial measures that have yet to be agreed upon with the House include plans to raise value added tax (VAT) to 12.5 percent from 10 percent, and to issue around Rp 2.9 trillion worth of deficit bonds to wealthier provinces.
The recent plunge in the value of the rupiah and rising domestic interest rates has threatened the budget deficit which could widen to a dangerous level of 6 percent of GDP.
Separately, the International Monetary Fund (IMF) urged the new finance minister on Wednesday to forge ahead with the revised 2001 state budget, a crucial factor to improve relations with the IMF.
"Pushing Prijadi`s plan through is an important aspect of the agreement with the Fund," IMF representative in Jakarta John Dodsworth told Reuters.
"We are very happy with the government`s proposal to parliament for the budget so we hope that within the new team, that proposal will be carried through quickly," Dodsworth added.
The House is expected to complete the deliberation over the budget revision on Friday, which is expected to prompt the IMF to send its review team to Jakarta later this month.
The IMF, which is providing a multibillion dollar bailout loan to the country, delayed the disbursement of its next loan tranche late last year due to signs that the government was wavering in the implementation of agreed economic reforms.
The arrival of the IMF mission could pave the way for the disbursement of the loan, seen as a crucial factor to help revive investor confidence and for other multilateral lenders to provide their financial support to the current budget.
The budget revision includes changes in the various macroeconomic assumptions. The exchange rate of the rupiah has been revised to Rp 9,600 per U.S. dollar (from RP 7,800 per dollar under the original budget plan approved by the House in January), inflation rate at 9.3 percent (formerly 7.2 percent), economic growth 3.5 percent (formerly 5 percent), and interest rate of Bank Indonesia 3-month SBI promissory notes at 15 percent (formerly 11.5 percent).
Separately, Rizal said in a press statement that the government would soon announce measures to help ease the burden on the lower-income groups adversely affected by the increase in fuel prices and electricity rates. (rei)
Kann sich einer von Euch erklären, was in München die letzten Tage los war? Da sind ja ca 50 Mio von BNII über die Bühne gegangen, alles für ca 0,3 cent. Und heute nichts mehr.
@broker
warum machst du dich so stark fuer Rizal?,..
was spricht deiner Ansicht fuer ihn?
ciao go2dive
warum machst du dich so stark fuer Rizal?,..
was spricht deiner Ansicht fuer ihn?
ciao go2dive
Nach drei Jahren Verzögerung steigt der Liter Benzin von 10 auf 13 US Cent ein Wahnsinn für unsere Verhältnisse.
Ich hoffe, dass sie diesesmal hart bleiben und den IMF gnädig stimmen, damit dieser seine blockierten Mittel los wird. Von dem 5 Mrd. US Dollarprogramm dürfte die nächsten Jahre noch knapp 4 Mrd. bereitstehen!
Jakarta on first alert due to fuel price hike: Police
JAKARTA (JP): The capital has been put on a level one alert status following the government`s announcement of a fuel price hike, Jakarta Police spokesman Sr. Comr. Anton Bahrul Alam said on Saturday.
A total of 12,000 security personnel were put on high alert on Saturday, following indications that a number of non-governmental organizations (NGOs) will stage a mass protest to demand the hike be canceled, the officer told SCTV private television station.
"The personnel are being deployed to guard gas stations and possible protests," Anton said.
Jakarta`s main arteries remained busy on Saturday amid a heavy downpour in several parts of the city.
As of 3 p.m. on Saturday, however, much of the public transportation had temporarily halted its operations, such as in the Ciputat, Pondok Indah and Ciledug areas of South Jakarta.
Similar situations were also reported in Cililitan and UKI`s East Jakarta, Central, North and West Jakarta.
Thousands of commuters were left stranded at several bus stops in the capital as drivers refused to operate their buses.
On Saturday, a similar situation was also reported in the Greater Jakarta area of Bogor, Tangerang and Bekasi, in whichthousands of passengers were also left stranded.
Previous fuel price increases have led to violentdemonstrations, most notably those in May 1998, which helped topple former dictator Soeharto.
The price hike comes amid the country`s heightened political instability.
The International Monetary Fund (IMF) and other foreign lenders have long demanded that fuel subsidies be phased out as part of the politically tough reforms needed to cut state spending and pull the debt-ridden economy out of its deep crisis.
The IMF demonstrated its frustration by shelving US$400 million in loans early this year.
The hike raises the gasoline price from Rp 1,150 per liter (10 U.S. cents per liter or 38 cents per gallon) to Rp 1,450 per liter (13 U.S. cents per liter or 50 cents per gallon). (edt)
Ich hoffe, dass sie diesesmal hart bleiben und den IMF gnädig stimmen, damit dieser seine blockierten Mittel los wird. Von dem 5 Mrd. US Dollarprogramm dürfte die nächsten Jahre noch knapp 4 Mrd. bereitstehen!
Jakarta on first alert due to fuel price hike: Police
JAKARTA (JP): The capital has been put on a level one alert status following the government`s announcement of a fuel price hike, Jakarta Police spokesman Sr. Comr. Anton Bahrul Alam said on Saturday.
A total of 12,000 security personnel were put on high alert on Saturday, following indications that a number of non-governmental organizations (NGOs) will stage a mass protest to demand the hike be canceled, the officer told SCTV private television station.
"The personnel are being deployed to guard gas stations and possible protests," Anton said.
Jakarta`s main arteries remained busy on Saturday amid a heavy downpour in several parts of the city.
As of 3 p.m. on Saturday, however, much of the public transportation had temporarily halted its operations, such as in the Ciputat, Pondok Indah and Ciledug areas of South Jakarta.
Similar situations were also reported in Cililitan and UKI`s East Jakarta, Central, North and West Jakarta.
Thousands of commuters were left stranded at several bus stops in the capital as drivers refused to operate their buses.
On Saturday, a similar situation was also reported in the Greater Jakarta area of Bogor, Tangerang and Bekasi, in whichthousands of passengers were also left stranded.
Previous fuel price increases have led to violentdemonstrations, most notably those in May 1998, which helped topple former dictator Soeharto.
The price hike comes amid the country`s heightened political instability.
The International Monetary Fund (IMF) and other foreign lenders have long demanded that fuel subsidies be phased out as part of the politically tough reforms needed to cut state spending and pull the debt-ridden economy out of its deep crisis.
The IMF demonstrated its frustration by shelving US$400 million in loans early this year.
The hike raises the gasoline price from Rp 1,150 per liter (10 U.S. cents per liter or 38 cents per gallon) to Rp 1,450 per liter (13 U.S. cents per liter or 50 cents per gallon). (edt)
Zu Rizal Ramli.
Das ist der Einzige Wirtschaftssachverständige er auch vom Ausland ernst genommen wird, es war vor einem halben Jahr ein großer Artikel über ihn im Handelsblatt.
Leider habe ich ihn nicht mehr, sonst wäre gleich im Netz.
Gruß broker*709
Das ist der Einzige Wirtschaftssachverständige er auch vom Ausland ernst genommen wird, es war vor einem halben Jahr ein großer Artikel über ihn im Handelsblatt.
Leider habe ich ihn nicht mehr, sonst wäre gleich im Netz.
Gruß broker*709
na dann mal los !
Freitag 15. Juni 2001, 14:36 Uhr
Top Themen
Unabhängigkeitsbestrebungen in Indonesien
- 20 Tote bei Kämpfen auf den Molukken (AP)
- Indonesiens Ex-Präsident nach Operation aus Klinik entlassen (dpa)
Top Themen-Übersicht
Vorverlegung des Amtsenthebungsverfahrens gegen Wahid gefordert
Proteste und Kämpfe erschüttern Indonesien
Jakarta (AP) Angesichts anhaltender Proteste und blutiger Kämpfe in Indonesien haben Abgeordnete von sechs Parteien einen früheren Beginn des Amtsenthebungsverfahrens gegen Präsident Abdurrahman Wahid gefordert. Die Beratende Versammlung solle statt am 1. August bereits Anfang Juli mit der Debatte über eine mögliche Absetzung Wahids wegen Korruption beginnen, erklärten sie am Freitag in Jakarta.
Der Vorsitzende der Versammlung, Amien Rais, sagte, die Abgeordneten repräsentierten offenbar eine Mehrheit des Gremiums. «Wenn sie es formell einbringen, kann ich gar nicht anders, als es zu akzeptieren», erklärte er. Vizepräsidentin Megawati Sukarnoputri, die im Falle der Amtsenthebung Wahids Nachfolgerin werden würde, schloss sich der Initiative zunächst nicht an. Sie hat bislang lediglich betont, dass alle Maßnahmen im Einklang mit der Verfassung erfolgen müssten.
Bei Kämpfen in den Provinzen Aceh und Molukken wurden unterdessen 19 Menschen getötet. Wahids Gegner werfen dem Präsidenten auch vor, er sei unfähig, die Gewalt zu beenden. In mehreren Städten demonstrierten hunderte gegen ein neues Gesetz, dass die Entlassung von Arbeitnehmern erleichtert. Wahid sagte nach dem islamischen Freitagsgebet in Yogyakarta, er werde nicht zurücktreten. «Wenn ich zurücktreten würde, würden mehrere Regionen abfallen», sagte er zu Sezessionsbestrebungen in dem Vielvölkerstaat.
Freitag 15. Juni 2001, 14:36 Uhr
Top Themen
Unabhängigkeitsbestrebungen in Indonesien
- 20 Tote bei Kämpfen auf den Molukken (AP)
- Indonesiens Ex-Präsident nach Operation aus Klinik entlassen (dpa)
Top Themen-Übersicht
Vorverlegung des Amtsenthebungsverfahrens gegen Wahid gefordert
Proteste und Kämpfe erschüttern Indonesien
Jakarta (AP) Angesichts anhaltender Proteste und blutiger Kämpfe in Indonesien haben Abgeordnete von sechs Parteien einen früheren Beginn des Amtsenthebungsverfahrens gegen Präsident Abdurrahman Wahid gefordert. Die Beratende Versammlung solle statt am 1. August bereits Anfang Juli mit der Debatte über eine mögliche Absetzung Wahids wegen Korruption beginnen, erklärten sie am Freitag in Jakarta.
Der Vorsitzende der Versammlung, Amien Rais, sagte, die Abgeordneten repräsentierten offenbar eine Mehrheit des Gremiums. «Wenn sie es formell einbringen, kann ich gar nicht anders, als es zu akzeptieren», erklärte er. Vizepräsidentin Megawati Sukarnoputri, die im Falle der Amtsenthebung Wahids Nachfolgerin werden würde, schloss sich der Initiative zunächst nicht an. Sie hat bislang lediglich betont, dass alle Maßnahmen im Einklang mit der Verfassung erfolgen müssten.
Bei Kämpfen in den Provinzen Aceh und Molukken wurden unterdessen 19 Menschen getötet. Wahids Gegner werfen dem Präsidenten auch vor, er sei unfähig, die Gewalt zu beenden. In mehreren Städten demonstrierten hunderte gegen ein neues Gesetz, dass die Entlassung von Arbeitnehmern erleichtert. Wahid sagte nach dem islamischen Freitagsgebet in Yogyakarta, er werde nicht zurücktreten. «Wenn ich zurücktreten würde, würden mehrere Regionen abfallen», sagte er zu Sezessionsbestrebungen in dem Vielvölkerstaat.
!
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So jetzt ist schluss mit dem Spektakel und morgen geht`s wieder an die Arbeit.
Was anderes lief bei uns auch nicht ab.
Benzinpreiserhöhung - künstliche Aufregung - schnauze halten - volltanken und bezahlen.
Bandung, Jakarta return to normal
JAKARTA (JP): Normalcy returned to Jakarta and the West Java capital of Bandung on Sunday following massive strikes by thousands of public minivan and bus drivers protesting fuel price rises earlier on Saturday.
Public minivans and buses in Jakarta were on the streets again after a strike on Saturday, Antara reported.
The news agency said activities at the city`s Kampung Melayu and Pulogadung terminals in East Jakarta; Senen and Tanah Abang terminals in Central Jakarta; Lebak Bulus, Ciputat and Blok M terminals in South Jakarta had returned to normal.
Meanwhile, in Bandung, the markets, the city`s crowded business center, as well as public minivans and buses had resumed their regular activities, SCTV private television station reported.
The television station reported that operations at the Leuwi Panjang intercity bus terminal had nearly returned to normal levels on Sunday, with some 80 percent of the registered buses entering the terminal.
Meanwhile, the markets and shopping centers in the West Java capital have also resumed business.
Similar conditions were also observed along the Cimahi-Padalarang road, which was left motionless on Saturday after being blocked by residents and protesters.
The protest on Saturday had left Bandung paralyzed, with many residents and commuters stranded along the city`s streets.
Was anderes lief bei uns auch nicht ab.
Benzinpreiserhöhung - künstliche Aufregung - schnauze halten - volltanken und bezahlen.
Bandung, Jakarta return to normal
JAKARTA (JP): Normalcy returned to Jakarta and the West Java capital of Bandung on Sunday following massive strikes by thousands of public minivan and bus drivers protesting fuel price rises earlier on Saturday.
Public minivans and buses in Jakarta were on the streets again after a strike on Saturday, Antara reported.
The news agency said activities at the city`s Kampung Melayu and Pulogadung terminals in East Jakarta; Senen and Tanah Abang terminals in Central Jakarta; Lebak Bulus, Ciputat and Blok M terminals in South Jakarta had returned to normal.
Meanwhile, in Bandung, the markets, the city`s crowded business center, as well as public minivans and buses had resumed their regular activities, SCTV private television station reported.
The television station reported that operations at the Leuwi Panjang intercity bus terminal had nearly returned to normal levels on Sunday, with some 80 percent of the registered buses entering the terminal.
Meanwhile, the markets and shopping centers in the West Java capital have also resumed business.
Similar conditions were also observed along the Cimahi-Padalarang road, which was left motionless on Saturday after being blocked by residents and protesters.
The protest on Saturday had left Bandung paralyzed, with many residents and commuters stranded along the city`s streets.
!
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Klingt doch ganz gut.
Govt proposes "several options" to IMF to end dispute over BI law
JAKARTA (JP): New Coordinating Minister for the Economy Burhanuddin Abdullah said on Tuesday that he had proposed to the International Monetary Fund (IMF) "several options" to end the current row over the amendment of the central bank law.
Burhanuddin said that the options included revising the government-proposed bill on the amendment of the Bank Indonesia law.
"I met with John Dodsworth (IMF representative in Jakarta) yesterday and we held a long discussion on various issues ... Regarding the amendment of the Bank Indonesia, we have proposed several options," he told reporters following a meeting with other senior economic ministers. He declined to provide details.
Burhanuddin said earlier on Monday that he would immediately hold discussions with the IMF to resolve the controversy over the amendment of the central bank law, the only remaining stumbling block to the disbursement of the latest tranche of the stalledIMF loan to the country.
The government proposed the amendment in a bid to eradicate corruption from Bank Indonesia and improve its accountability.
But the IMF has said that the proposed amendment could jeopardize the hard won independency of the central bank. (rei)
Govt proposes "several options" to IMF to end dispute over BI law
JAKARTA (JP): New Coordinating Minister for the Economy Burhanuddin Abdullah said on Tuesday that he had proposed to the International Monetary Fund (IMF) "several options" to end the current row over the amendment of the central bank law.
Burhanuddin said that the options included revising the government-proposed bill on the amendment of the Bank Indonesia law.
"I met with John Dodsworth (IMF representative in Jakarta) yesterday and we held a long discussion on various issues ... Regarding the amendment of the Bank Indonesia, we have proposed several options," he told reporters following a meeting with other senior economic ministers. He declined to provide details.
Burhanuddin said earlier on Monday that he would immediately hold discussions with the IMF to resolve the controversy over the amendment of the central bank law, the only remaining stumbling block to the disbursement of the latest tranche of the stalledIMF loan to the country.
The government proposed the amendment in a bid to eradicate corruption from Bank Indonesia and improve its accountability.
But the IMF has said that the proposed amendment could jeopardize the hard won independency of the central bank. (rei)
...
..
...60:40 in favor of him...
PRESIDENT WAHID`S POLITICAL POSITION STRENGTHENS - OBSERVER
Thursday, June 21, 2001/3:30:06 PM
Canberra, June 21 (ANTARA) - Despite facing impeachment over his tumultuous 20-month rule, Indonesian President Abdurrahman Wahid has strengthened his political position following his success to materialize his visit to Australia next week, a political observer has said.
"He has become stronger nowadays. His position in the impeachment is 60:40, in favor of him," Arief Budiman of Melbourne University said here Thursday.
President Wahid will arrive in Canberra for a state visit on Monday, proceed to Sydney on Tuesday, New Zealand on Wednesday and back to Darwin on Thursday before leaving for the Philippines.
The trip has already been postponed five times due to domestic troubles in Jakarta and bumpy bilateral relations with Australia.
Speaking before the academic community of the Australian National University here, Arief however said he does not know whether the People`s Consultative Assembly (MPR) would cancel the impeachment proceedings against the president upon his return from Australia.
He said the Indonesian Democratic Party-Struggle`s (PDI-P) refusal to speed up the special MPR session indicates an internal problem in the political party which has control of the House of Representatives.
"It could also be the result of the political lobbying done by Defense Minister Mahfud MD and the legal action against House Speaker Akbar Tandjung and chairman of the PDI-P faction of the House, Arifin Panigoro," he said.
Arief said President Wahid`s maneuver to speed up the investigation of Tandjung over the alleged use of State Logistics Agency funds during Golkar`s election campaign in 1999, should be given a thumbs-up.
"With the investigation, Gus Dur (President Wahid) has additional room to arrange for new support," he said.
Arief also said the investigation against businessman, Arifin Panigoro, has split the PDI-P into two -- one supporting and the other rejecting the attorney general`s action.
He predicted that the faction will continue to have no clear stance on the special MPR session if the party has to accommodate the interests of such figures as Panigoro, whom many regard as a crony of former president, Soeharto. (T.LCB-01/NN06/B/icl/14:32/NN01)
2106011519 NNNN
..
...60:40 in favor of him...
PRESIDENT WAHID`S POLITICAL POSITION STRENGTHENS - OBSERVER
Thursday, June 21, 2001/3:30:06 PM
Canberra, June 21 (ANTARA) - Despite facing impeachment over his tumultuous 20-month rule, Indonesian President Abdurrahman Wahid has strengthened his political position following his success to materialize his visit to Australia next week, a political observer has said.
"He has become stronger nowadays. His position in the impeachment is 60:40, in favor of him," Arief Budiman of Melbourne University said here Thursday.
President Wahid will arrive in Canberra for a state visit on Monday, proceed to Sydney on Tuesday, New Zealand on Wednesday and back to Darwin on Thursday before leaving for the Philippines.
The trip has already been postponed five times due to domestic troubles in Jakarta and bumpy bilateral relations with Australia.
Speaking before the academic community of the Australian National University here, Arief however said he does not know whether the People`s Consultative Assembly (MPR) would cancel the impeachment proceedings against the president upon his return from Australia.
He said the Indonesian Democratic Party-Struggle`s (PDI-P) refusal to speed up the special MPR session indicates an internal problem in the political party which has control of the House of Representatives.
"It could also be the result of the political lobbying done by Defense Minister Mahfud MD and the legal action against House Speaker Akbar Tandjung and chairman of the PDI-P faction of the House, Arifin Panigoro," he said.
Arief said President Wahid`s maneuver to speed up the investigation of Tandjung over the alleged use of State Logistics Agency funds during Golkar`s election campaign in 1999, should be given a thumbs-up.
"With the investigation, Gus Dur (President Wahid) has additional room to arrange for new support," he said.
Arief also said the investigation against businessman, Arifin Panigoro, has split the PDI-P into two -- one supporting and the other rejecting the attorney general`s action.
He predicted that the faction will continue to have no clear stance on the special MPR session if the party has to accommodate the interests of such figures as Panigoro, whom many regard as a crony of former president, Soeharto. (T.LCB-01/NN06/B/icl/14:32/NN01)
2106011519 NNNN
Wann bekommt Rizal Ramli endlich freie Hand ?
Prijadi, IBRA accused of undermining debt deals
JAKARTA (JP): The finance ministry under Prijadi Praptosuhardjo and the Indonesian Bank Restructuring Agency (IBRA) have been accused of undermining corporate debt restructuring deals approved by the Financial Sector Policy Committee (FSPC).
FSPC secretary Syafruddin Tumenggung told a seminar on Wednesday that Prijadi and IBRA had refused to implement around 140 decisions made by the FSPC, which until June 12 was chaired by then coordinating minister for the economy Rizal Ramli.
"I have to reveal this so that the public knows what is really the problem," he said.
"I don`t understand why Prijadi and IBRA acted this way, they never mentioned their reasons," Syafruddin added.
But Syafruddin denied the suggestion that Prijadi was dismissed from the Cabinet last week, and replaced by Rizal, partly due to the mounting disagreement between the two over major corporate debt restructuring schemes.
"With the appointment of Rizal Ramli as the new finance minister, I`m optimistic that IBRA and state banks will implement FSPC`s decisions," he said.
IBRA, state banks and all other state companies are under the jurisdiction of the finance ministry.
It is not clear, however, whether Rizal, whose supervision IBRA is now directly under, will replace IBRA chairman Edwin Gerungan.
Syafruddin made the disclosure after one participant at the seminar complained that the debt restructuring program for small and medium-sized enterprises (SMEs) approved by the FSPC in January did not work.
The FSPC has ruled that indebted SMEs could get a 25 percent discount on debt principal and a waiver on interest within the restructuring of their debts to IBRA.
Syafruddin confirmed that the decision on the debt reduction for SMEs was one of 140 debt restructuring measures already decided upon by the FSCP which remained unimplemented by the finance minister and IBRA.
Prominent economist Sri Mulyani said at the seminar that many FSPC decisions did not work partly because of disagreement between Prijadi and Rizal.
The FSPC, which groups several senior economics ministers including the finance minister, has the final say on the country`s major corporate debt restructuring program.
Initially, the FSPC only approved the restructuring of corporate debts with an individual loan size of more than Rp 1 trillion, but under Rizal it turned out that the committee also interfered in the restructuring of smaller debts such as those owed by SMEs with individual debts of less than Rp 5 billion.
IBRA took over around Rp 280 trillion worth of bad debts from the country`s ailing banking sector in the aftermath of the 1997 financial crisis. The agency is mandated to restructure the bad debts.
But since IBRA is a unit of the finance ministry, the agency cannot not implement FSPC decisions without prior endorsement by the finance minister.
One of the most high-profile cases involved the restructuring of about US$730 million owed by petrochemical giant PT Chandra Asri to Japan`s Marubeni Corp., which was approved by the FSPC in April, but could not be implemented after both IBRA and Prijadi rejected the deal.
IBRA had demanded Marubeni convert a greater portion of its loan into equity in Chandra Asri. The agency is currently renegotiating a new debt workout for Chandra Asri with Marubeni.
Meanwhile, IBRA declined to comment on Syafruddin`s statement.
"I can`t comment because I did not hear the accusation directly," said a senior official of the agency.
"But this is not an important issue, it`s only a matter of bureaucratic red tape," he added.
The FSPC had been criticized for being too deeply involved in the work of IBRA. Legislators had demanded the committee be dissolved and ordered an independent oversight committee of IBRA to review FSPC decisions.
Chairman of the oversight committee Mar`ie Muhammad, a former finance minister, recently told the House of Representatives Commission IX for the state budget and finance that the committee had found significant defects in four corporate debt restructuring memorandums of understanding (MOUs) approved by the FSPC.
The FSPC has submitted at least 32 MOUs to the oversight committee for review, but the committee has only started assessing four. (rei)
Prijadi, IBRA accused of undermining debt deals
JAKARTA (JP): The finance ministry under Prijadi Praptosuhardjo and the Indonesian Bank Restructuring Agency (IBRA) have been accused of undermining corporate debt restructuring deals approved by the Financial Sector Policy Committee (FSPC).
FSPC secretary Syafruddin Tumenggung told a seminar on Wednesday that Prijadi and IBRA had refused to implement around 140 decisions made by the FSPC, which until June 12 was chaired by then coordinating minister for the economy Rizal Ramli.
"I have to reveal this so that the public knows what is really the problem," he said.
"I don`t understand why Prijadi and IBRA acted this way, they never mentioned their reasons," Syafruddin added.
But Syafruddin denied the suggestion that Prijadi was dismissed from the Cabinet last week, and replaced by Rizal, partly due to the mounting disagreement between the two over major corporate debt restructuring schemes.
"With the appointment of Rizal Ramli as the new finance minister, I`m optimistic that IBRA and state banks will implement FSPC`s decisions," he said.
IBRA, state banks and all other state companies are under the jurisdiction of the finance ministry.
It is not clear, however, whether Rizal, whose supervision IBRA is now directly under, will replace IBRA chairman Edwin Gerungan.
Syafruddin made the disclosure after one participant at the seminar complained that the debt restructuring program for small and medium-sized enterprises (SMEs) approved by the FSPC in January did not work.
The FSPC has ruled that indebted SMEs could get a 25 percent discount on debt principal and a waiver on interest within the restructuring of their debts to IBRA.
Syafruddin confirmed that the decision on the debt reduction for SMEs was one of 140 debt restructuring measures already decided upon by the FSCP which remained unimplemented by the finance minister and IBRA.
Prominent economist Sri Mulyani said at the seminar that many FSPC decisions did not work partly because of disagreement between Prijadi and Rizal.
The FSPC, which groups several senior economics ministers including the finance minister, has the final say on the country`s major corporate debt restructuring program.
Initially, the FSPC only approved the restructuring of corporate debts with an individual loan size of more than Rp 1 trillion, but under Rizal it turned out that the committee also interfered in the restructuring of smaller debts such as those owed by SMEs with individual debts of less than Rp 5 billion.
IBRA took over around Rp 280 trillion worth of bad debts from the country`s ailing banking sector in the aftermath of the 1997 financial crisis. The agency is mandated to restructure the bad debts.
But since IBRA is a unit of the finance ministry, the agency cannot not implement FSPC decisions without prior endorsement by the finance minister.
One of the most high-profile cases involved the restructuring of about US$730 million owed by petrochemical giant PT Chandra Asri to Japan`s Marubeni Corp., which was approved by the FSPC in April, but could not be implemented after both IBRA and Prijadi rejected the deal.
IBRA had demanded Marubeni convert a greater portion of its loan into equity in Chandra Asri. The agency is currently renegotiating a new debt workout for Chandra Asri with Marubeni.
Meanwhile, IBRA declined to comment on Syafruddin`s statement.
"I can`t comment because I did not hear the accusation directly," said a senior official of the agency.
"But this is not an important issue, it`s only a matter of bureaucratic red tape," he added.
The FSPC had been criticized for being too deeply involved in the work of IBRA. Legislators had demanded the committee be dissolved and ordered an independent oversight committee of IBRA to review FSPC decisions.
Chairman of the oversight committee Mar`ie Muhammad, a former finance minister, recently told the House of Representatives Commission IX for the state budget and finance that the committee had found significant defects in four corporate debt restructuring memorandums of understanding (MOUs) approved by the FSPC.
The FSPC has submitted at least 32 MOUs to the oversight committee for review, but the committee has only started assessing four. (rei)
Exxon verhandelt schon mal mit der evtl. neuen Presidentin.
ExxonMobil executives meet with Vice President Megawati
JAKARTA (JP): Top executives of the U.S.-based ExxonMobil Corporation met with Vice President Megawati Soekarnoputri at the vice presidential palace on Friday afternoon, a report said.
The two executives were ExxonMobil senior vice president H.J. Longwell and President of company`s production KT Koon Ce. The two were accompanied by Minister of Energy and Mineral ResourcesPurnomo Yusgiantoro.
None of the officials was willing to comment about the meeting, Antara said.
Earlier on Thursday the two ExxonMobil executives met with Coordinating Minister for Political, Social and Security Affairs Agum Gumelar.
ExxonMobil, which feeds natural gas to the Arun LNG plant, was forced to close operations at three of its five Aceh gas fields due to hijacking, arson and kidnapping threats, allegedly by separatist rebels.
North Aceh, where most of ExxonMobil`s gas operations are located, is one of the regencies worst hit by the activities of separatist rebels of the Free Aceh Movement, who have been fighting for a free Islamic state since the mid-1970s.
ExxonMobil executives meet with Vice President Megawati
JAKARTA (JP): Top executives of the U.S.-based ExxonMobil Corporation met with Vice President Megawati Soekarnoputri at the vice presidential palace on Friday afternoon, a report said.
The two executives were ExxonMobil senior vice president H.J. Longwell and President of company`s production KT Koon Ce. The two were accompanied by Minister of Energy and Mineral ResourcesPurnomo Yusgiantoro.
None of the officials was willing to comment about the meeting, Antara said.
Earlier on Thursday the two ExxonMobil executives met with Coordinating Minister for Political, Social and Security Affairs Agum Gumelar.
ExxonMobil, which feeds natural gas to the Arun LNG plant, was forced to close operations at three of its five Aceh gas fields due to hijacking, arson and kidnapping threats, allegedly by separatist rebels.
North Aceh, where most of ExxonMobil`s gas operations are located, is one of the regencies worst hit by the activities of separatist rebels of the Free Aceh Movement, who have been fighting for a free Islamic state since the mid-1970s.
Auch CNN hat einen Artikel über die renetenten Abspalter aus der Province ACEH.
ExxonMobil rejects Aceh human rights abuse claims
June 22, 2001 Posted: 6:33 PM HKT (1033 GMT)
Indonesian soldiers patrol around the Arun gas fields in troubled Aceh
By CNN`s Kirsty Alfredson
ACEH, Indonesia -- ExxonMobil has rejected allegations of torture, murder and genocide in Indonesia by a human rights group that is suing the world`s largest oil company of behalf of 11 Achenese civilians.
The International Labor Rights Fund filed the law suit in the U.S. District Court on Wednesday and is seeking damages for alleged injuries "inflicted by members of the Indonesian military hired to perform security services on behalf of defendants" to protect natural gas operations.
The Indonesian government has reportedly received assurances from ExxonMobil that it will restart its Aceh operations, closed down in March because of security concerns.
ExxonMobil Oil Indonesia, Mobil Corporation, and PT Arun LNG Company are also included in the legal action against ExxonMobil Corporation.
Categorical denial
"Exxon Mobil condemns the violation of human rights in any form," spokeswoman for Exxon Mobil Indonesia, Julia Tumengkol, said in a statement to CNN.
"Our company rejects and categorically denies any suggestion or implication that it or its affiliate companies were in any way involved with alleged human rights abuses by security forces in Aceh," she said.
"The reason we were forced to suspend gas production in March was concern for the safety and security of our workers and surrounding communities.
"This will remain the paramount concern of ExxonMobil management," she said.
The military also rejected the claim.
Indonesian Military Spokesman Rear Marshall Graito Husodo told CNN: "Any accusations of human rights violations must be proven.
"Go ahead with the lawsuit," he said. "That`s their right."
Greater security
The human rights group claims the 11 people were subjected to serious human rights abuses, including genocide, murder, torture, crimes against humanity, sexual violence, and kidnapping.
The claim is being made by seven men and four women, three of them are also suing on behalf of their dead husbands who they say were killed by the military.
It alleges that if ExxonMobil was not aware of the abuses at the time, it became aware afterwards and continued to use the security services and even demanded greater security.
The claim also states the companies constructed buildings which were used to "interrogate, torture and murder civilians suspected of separatist activities" and provided heavy equipment used to dig mass graves.
On Friday the Jakarta Post reported the U.S. oil company had assured the Indonesian government it would resume operations as long as the government provided better security.
North Aceh, where most of Exxon Mobil`s gas operations are located, is one of the regions worst hit by the activities of the separatist Free Aceh Movement.
Over six hundred people have been killed in Aceh this year in separatist violence.
ExxonMobil rejects Aceh human rights abuse claims
June 22, 2001 Posted: 6:33 PM HKT (1033 GMT)
Indonesian soldiers patrol around the Arun gas fields in troubled Aceh
By CNN`s Kirsty Alfredson
ACEH, Indonesia -- ExxonMobil has rejected allegations of torture, murder and genocide in Indonesia by a human rights group that is suing the world`s largest oil company of behalf of 11 Achenese civilians.
The International Labor Rights Fund filed the law suit in the U.S. District Court on Wednesday and is seeking damages for alleged injuries "inflicted by members of the Indonesian military hired to perform security services on behalf of defendants" to protect natural gas operations.
The Indonesian government has reportedly received assurances from ExxonMobil that it will restart its Aceh operations, closed down in March because of security concerns.
ExxonMobil Oil Indonesia, Mobil Corporation, and PT Arun LNG Company are also included in the legal action against ExxonMobil Corporation.
Categorical denial
"Exxon Mobil condemns the violation of human rights in any form," spokeswoman for Exxon Mobil Indonesia, Julia Tumengkol, said in a statement to CNN.
"Our company rejects and categorically denies any suggestion or implication that it or its affiliate companies were in any way involved with alleged human rights abuses by security forces in Aceh," she said.
"The reason we were forced to suspend gas production in March was concern for the safety and security of our workers and surrounding communities.
"This will remain the paramount concern of ExxonMobil management," she said.
The military also rejected the claim.
Indonesian Military Spokesman Rear Marshall Graito Husodo told CNN: "Any accusations of human rights violations must be proven.
"Go ahead with the lawsuit," he said. "That`s their right."
Greater security
The human rights group claims the 11 people were subjected to serious human rights abuses, including genocide, murder, torture, crimes against humanity, sexual violence, and kidnapping.
The claim is being made by seven men and four women, three of them are also suing on behalf of their dead husbands who they say were killed by the military.
It alleges that if ExxonMobil was not aware of the abuses at the time, it became aware afterwards and continued to use the security services and even demanded greater security.
The claim also states the companies constructed buildings which were used to "interrogate, torture and murder civilians suspected of separatist activities" and provided heavy equipment used to dig mass graves.
On Friday the Jakarta Post reported the U.S. oil company had assured the Indonesian government it would resume operations as long as the government provided better security.
North Aceh, where most of Exxon Mobil`s gas operations are located, is one of the regions worst hit by the activities of the separatist Free Aceh Movement.
Over six hundred people have been killed in Aceh this year in separatist violence.
!
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Das wird ein schlagkräftiges Team:
President replaces head of bank restructuring agency
JAKARTA (Agencies): President Abdurrahman Wahid has replaced the head of the powerful Indonesian Bank Restructuring Agency (IBRA), Edwin Gerungan, an official said on Monday.
Minister of Finance Rizal Ramli, will officially install I Putu Gede Ary Suta, former chairman of the Capital Market Supervisory Agency (Bapepam) as the new IBRA chief later on Monday, Rizal`s spokeswoman Inke Maris said.
Edwin was appointed to IBRA`s top post in November last year.The reason for his replacement was unclear.
Many observers have pointed to Suta`s alleged links with the Axis Force, a coalition of mostly Muslim parties, which has been at the forefront of political efforts to impeach the President.
Outgoing IBRA chairman Edwin Gerungan defended his tenure, saying on Monday that the agency had raised Rp 11.5 trillion as at the end of May.
"I am confident the target of Rp 27 trillion will be achieved," Edwin told reporters.
President Abdurrahman is currently battling efforts by the People`s Consultative Assembly (MPR) to unseat him following two memorandums of censure from the House of Representatives (DPR) accusing him of possible involvement in two financial scandalsand of incompetent leadership.
Abdurrahman is to respond to the accusations at an Assembly special session on August 1, with rejection of his account heralding the end of his term as the country`s first freely elected president.
IBRA, set up in 1998, is tasked with selling assets from closed or recapitalized banks and former indebted bank owners.Funds raised are expected to help finance the state budget deficit.
The agency has been called on to raise 27 trillion rupiah (US$2.4 billion) from asset sales this year and to restructure around Rp 10 trillion worth of non-performing bank loans to be exchanged for government bonds held by recapitalized banks.
President replaces head of bank restructuring agency
JAKARTA (Agencies): President Abdurrahman Wahid has replaced the head of the powerful Indonesian Bank Restructuring Agency (IBRA), Edwin Gerungan, an official said on Monday.
Minister of Finance Rizal Ramli, will officially install I Putu Gede Ary Suta, former chairman of the Capital Market Supervisory Agency (Bapepam) as the new IBRA chief later on Monday, Rizal`s spokeswoman Inke Maris said.
Edwin was appointed to IBRA`s top post in November last year.The reason for his replacement was unclear.
Many observers have pointed to Suta`s alleged links with the Axis Force, a coalition of mostly Muslim parties, which has been at the forefront of political efforts to impeach the President.
Outgoing IBRA chairman Edwin Gerungan defended his tenure, saying on Monday that the agency had raised Rp 11.5 trillion as at the end of May.
"I am confident the target of Rp 27 trillion will be achieved," Edwin told reporters.
President Abdurrahman is currently battling efforts by the People`s Consultative Assembly (MPR) to unseat him following two memorandums of censure from the House of Representatives (DPR) accusing him of possible involvement in two financial scandalsand of incompetent leadership.
Abdurrahman is to respond to the accusations at an Assembly special session on August 1, with rejection of his account heralding the end of his term as the country`s first freely elected president.
IBRA, set up in 1998, is tasked with selling assets from closed or recapitalized banks and former indebted bank owners.Funds raised are expected to help finance the state budget deficit.
The agency has been called on to raise 27 trillion rupiah (US$2.4 billion) from asset sales this year and to restructure around Rp 10 trillion worth of non-performing bank loans to be exchanged for government bonds held by recapitalized banks.
Ja und der IMF ist auch von Rizal überzeugt.
Transcript of a Press Briefing by Thomas Dawson
Director
External Relations Department
International Monetary Fund
Friday, June 22, 2001, 9:30 a.m.
Washington, D.C.
MR. DAWSON: I have a few observations to make before I take questions.
First, I guess we should take note that this will be the last press conference attended in person by Dietrich Zwaetz, who will be retiring and moving to Florida, as I understand. We will miss him. But, of course, with the advances of technology, he will be able to tune in on the briefing with our Web streaming regularly. With the existing technology, he can`t ask questions, but I`m sure we can work something out.
MR. DAWSON: I have three notes to make. First, this week, Wednesday, Tunisia became the 49th subscriber to the IMF Special Data Dissemination Standard. Tunisia is the first country in the Middle East to subscribe to the SDDS, which was established in March 1996 as a guide for countries that have or are seeking access to international capital on the public dissemination of economic and financial data. SDDS information is readily available on the Fund website, and I urge you to visit the data standards bulletin board for the latest developments.
I know there is interest in at least two countries in the Western Hemisphere today, so I thought I`d have a brief comment to make to help you frame the questions that you follow up with.
With regard to Argentina, I must say she faces a difficult situation, not least because of a deteriorating external environment over the last few months. The package of measures announced last week by the authorities is directed toward rekindling growth and improving economic fundamentals through simplifying the tax system and combating tax evasion. The measures have enjoyed a positive domestic response. We believe that the objectives of growth which inspired the government actions are attainable. The IMF continues to support the authorities` efforts in that direction.
With regard to Brazil, I think there have been some more recent developments. As you know, the Brazilian economy has been subject to internal shocks recently, mainly associated with the energy crisis, and it has also been negatively affected by the slowdown in the world economy and has suffered effects from Argentina. As a result, the currency has been under pressure.
During this difficult period, Brazil has continued to perform very well under the Fund-supported program, and the staff have recently received all the required information to certify Brazil`s compliance with end-March quantitative performance criteria. We welcome the action of the central bank of Brazil to raise the overnight interest rate by 150 basis points in light of the higher inflation and to help halt the slide of the currency and the announced plans to strengthen the country`s capital account.
We also look forward to the announcement of tax reform measures, of measures to strengthen the Brazilian federal banks, and of efforts to improve the investment climate in the energy sector that we understand will be made shortly by the Brazilian authorities.
As part of the efforts to strengthen gross international reserves, the Brazilian authorities have informed IMF Management that they would like to make a drawing from the Fund of about SDR 1.5 billion or US$2 billion from the resources currently available under the existing stand-by arrangement. This drawing will be made later next week.
Thank you, and now I`ll be happy to take questions.
QUESTIONER: Has a date been determined for a Board meeting to discuss Turkey [inaudible]?
MR. DAWSON: We have been planning for a Board date of end-June. We don`t have a precise date yet. It may well slip a day or two into the following month, but the program is on track and progress, good progress, has been made. So as far as the Board date goes, it is still conceivable it will be the end of June, but it`s possible it may slip a couple of days.
QUESTIONER: On Turkey, there were a number of conditions that have been met and a number of others which have not. Could you let us know which specific structural benchmarks have yet been met and which are yet to be met before this next [inaudible]?
MR. DAWSON: I`m not sure I can deal with the question in precisely that fashion. Let me go over where I think we are, and I think it should be reasonably complete.
As I noted, good progress has been made. There have recently been some deviations from program assumptions in some areas, such as the public sector wage settlement, and the wheat support price decision. The authorities have since taken measures to offset the fiscal impact of these decisions.
As the recent mission said in its concluding statement, there are important outstanding issues that needed to be resolved, and one of them was the passage of the tobacco law. And, therefore, we do welcome the passage--Turkey`s efforts and progress, rather -on the implementation of the program and look forward to the implementation of the remaining measures.
I would also note the recently completed swap operation, and in the banking area, regarding the closing of Emlak Bank and bank mergers, we understand the authorities are moving along with implementation of those measures. And then I guess that`s the guidance that I have on that point, so I think that`s reasonably complete.
QUESTIONER: [inaudible].
MR. DAWSON: Sure.
QUESTIONER: Today we are waiting for a constitutional court decision on one of the [inaudible] parties, [inaudible] parties` closure. What is IMF`s understand if this party were to be closed? How do you think it`s going to affect the implementation of the program? Do you think Turkey will be off track?
MR. DAWSON: We must wait for court decisions until they happen and see what the implications are then. So I don`t have any comment at this point.
QUESTIONER: On Argentina, Tom, when you mentioned in your initial remarks specifically about the growth-oriented policies that have been introduced recently, particularly last week, I presume you`re actually in particular referring to the new introduction of a dual tier approach to exchange rate and that Argentina is now going to seek to export its way out of trouble to a degree in an attempt to kick-start the economy again.
But what`s the IMF view on this two-tiered system in particular? Because surely it represents if not the beginning of the end to the currency board, then a particular distortion in the convertibility system--
MR. DAWSON: I don`t think I need to accept either the premise or the implications of your question.
QUESTIONER: Forgive my flawed way of presenting it then. What`s your comment on the convertibility system of Argentina?
MR. DAWSON: First of all, we have looked at the measures announced, and the measures introduced do not constitute a multiple currency practice under the definition used by the Fund.
Yes, certainly the measures were intended to boost exports, and yes, indeed, certainly that is part of the growth orientation of the package. I would, however, note there are also other elements to it, including the government`s intention to work in the area of tax reform toward simplification, reducing the number of taxes, and encouraging compliance and so on. So I think that`s the context in which we look at it. It is a growth-oriented policy, but as I say, it is not something that we view as a dual exchange rate, a multiple currency practice.
Yes?
QUESTIONER: Tom, today a Bundesbank member said that it can`t be ruled out that Germany will slip into a recession this year, and obviously the ECB has scaled back growth estimates for this year for the euro zone.
To what extent does the IMF think that Europe now is a risk for its global growth forecast for this year?
MR. DAWSON: We tend to look at this through the periodic WEO estimates. We, of course, are in the process of preparing the WEO for the fall. We don`t have any changes in the forecast in the interim period between those. I`m not familiar with the specific comment that you quote from a Bundesbank member, so I don`t really have any comment beyond that.
QUESTIONER: I want to follow up on what they call the expanding of the convertibility and inclusion of the euro. You said it doesn`t constitute a double exchange type system. What is it, then? Because, in fact, Cavallo made it very clear that we are going to have one exchange rate for the trade and the other one for the rest of the economy. First question.
Second is there are fears that this is the beginning of the end of the convertibility and this will lead to a devaluation. How does the Fund react --
MR. DAWSON: I mean, I think we take the government`s description and actions on face value. I would note-- I believe this has happened last night--that the parliament passed the modification of the convertibility law, which is more of a medium-term issue in terms of the addition of the euro into the basket. And, fundamentally, the reason that this is not viewed to be a multiple currency practice is that it works through the tariff system and it is not worked through the exchange rate system, and there are offsets, as we understand it, that are intended for it to be compatible with WTO obligations. So, of course, that is the first requirement of WTO to look at, but it`s our understanding that this is not multiple currency practice.
QUESTIONER: What about the devaluation fears? How do you assess that?
MR. DAWSON: The government has made it quite clear--and I think the actions of the Congress as well have been quite clear in the same direction--that the existing currency regime is one that enjoys broad support, and we are, as I said in my statement, supporting the Argentine authorities and the Argentine people.
QUESTIONER: Again, on Argentina and the currency, in the staff report that came out this week, the IMF says that one of the concerns in Argentina is confidence in the convertibility plan. Are you concerned that this move will take away confidence in the market in convertibility?
MR. DAWSON: Well, as I noted in my statement, certainly the domestic response seems to have been positive. There was uncertainty in the international markets, but things seem to have calmed down. So I think I would leave it at where it is. But I think at this point, I think people understand what has happened there. That`s all I have.
QUESTIONER: Tom, turning to Thailand, the central bank reserves are slipping, and there`s some discussion in the market about perhaps Thailand availing itself of the new currency swap arrangements that have been established in East Asia. Do you think--does the IMF think that it is ripe for the currency swap arrangements to be utilized for the first time in Thailand`s case?
MR. DAWSON: I was not aware of that speculation, so I don`t really have anything to answer on that, and I would, you know, have to look into that. But I was not aware of that, presumably media speculation, because I certainly haven`t read it in my own briefings.
QUESTIONER: On Argentina again, Tom, folks within the building here told me that Claudio Loser advised Minister Cavallo against these particular measures in April at the Spring Meetings, and that the Fund was not notified of the specifics of the last batch of measures that were taken until just moments before they happened. I was wondering on what basis can the Fund say that they support these particular measures since they do seem to run counter to what you tell people publicly. Also, why has it taken a full week for you to comment on the Argentine measures if indeed you are actually supportive of them?
MR. DAWSON: Well, first of all we do not comment on private advice and discussions that go on between the Fund staff and the authorities. With regard to we taking time before making comments, we did indeed need to take a look at what the measures were, which we have done.
The Fund Board, for example, was briefed only yesterday on the measures. So I think this is the timing that I would have normally expected. It`s conceivable that we might have put out a statement last night, but since the briefing was this morning, it seemed appropriate to wait until this morning.
And there was another part of the question that I`m not trying to forget, but I--
QUESTIONER: I was just wondering if this is the type of advice you would tend to give people. If Argentina is a country where confidence is important, is this shaking confidence in markets? Even if you don`t believe it, the markets believe this is a dual currency regime. If it`s not that, it`s a protectionist measure. It`s not good for Brazil, it seems to be sort of a negative move for the rest of the region, so [inaudible]--
MR. DAWSON: Well, I think that is a rather downbeat assessment of it all. I have seen in a number of the publications this morning positive reactions within Argentina, and there have been supportive reactions from around the region. They have a very difficult situation and the authorities have proven themselves quite resourceful in adapting to the sort of difficulties that they have had in recent months.
Want to try again?
QUESTIONER: Do you see a coincidence that within days of these measures, this sort of turmoil that we saw in the currency market has led Brazil to have to draw on its stand-by arrangement...
MR. DAWSON: Well--
QUESTIONER: And also you say that markets reacted well to it. Well, Argentine--the bond swaps sort of went down four points on the move, so it seems clear that at least international markets reacted badly--
MR. DAWSON: Well, indeed, the markets were caught by surprise, but I think things--as I indicated also-- things have calmed down since them. And I did indicate in my statement that the difficulties facing Brazil do include the effect of Argentina as well. So, yes, there is clearly a regional effect.
QUESTIONER: Again on Argentina, I`m sorry, but I just want to be clear on this. In your opening statement, you said you support the government`s efforts to spur growth. Are you saying that this measure in the IMF`s assessment will spur economic growth in Argentina?
MR. DAWSON: We believe that it can, yes.
QUESTIONER: That this measure will--
MR. DAWSON: Yes, we think that they can help them achieve their growth targets. They are not the only elements of the program, though.
QUESTIONER: On Turkey, concluding the talks in Ankara, Mr. Kahkonen, the IMF`s Turkey mission chief, mentioned four points, and they included the passing of the supplementary budget, the tobacco market law, the closure of a state bank, and appointing officials to the higher board of Turk Telecom. Three of them are finished, and just we are waiting for people for the telecom.
Are you specifically waiting for this to announce it specifically for a Board meeting?
MR. DAWSON: No. We are waiting for it, but the Board date could be set without regard to that, but also it is something that needs to be done. So we are not--the reason a Board date has not been set does not have to do with that particular measure. But that measure is still important and is needed for the discussion.
QUESTIONER: Is it a precondition still?
MR. DAWSON: It is.
Yes? We have to wrap up pretty soon.
QUESTIONER: Does the IMF plan to move on the Web some of its conferences as the World Bank did for the Barcelona conference? And does the IMF think that this is the right way to match the anti-globalization protests?
MR. DAWSON: I am not aware what our plans are on Web casting of conferences generally. We have no particular plans for any of ours at this point. I think the Bank`s action for continuing the Barcelona conference through a Web cast is really quite innovative, given the particular nature of this conference, which had a reasonably select academic orientation. But at this point we don`t see any implications for us. But I think it was a practical solution to a difficult situation.
QUESTIONER: How will the energy crisis affect the goals in the agreement between IMF and Brazil?
MR. DAWSON: As I indicated in my statement, we recognize that the energy crisis has created some of the difficulties that the economy is going through at this point. I don`t have any particular speculation as to what the impact is on the achievement of the government`s program. But as I indicated, through end-March the targets had been met.
QUESTIONER: My question is on Moldova. The new President of Moldova recently made a statement that he believes that the IMF should take some responsibility for the advice it gave the previous government and for the dire straits in which the Moldovan economy is at this point. Basically he suggested that the IMF might write off some of the debts of the country.
My question to you, of course, is: What`s your particular comment on this particular situation? But also in more broad terms, to the best of your knowledge, has there ever been an example where the IMF would take such a responsibility in a situation like that, or at least publicly admit that something with the recommendation was [inaudible]--
MR. DAWSON: As with an earlier question, I think I can challenge premises and conclusions.
With regard to the relations with the new Moldovan Government, I would note that we have indeed met with them, and they have expressed their strong desire to continue relations with the international financial institutions, especially the Fund, and made clear their intention to adhere to the memorandum of economic and financial policies signed by the previous government last November and approved by the Board in December. So I think that this is a slightly different orientation toward what their attitude is.
With regard to the Fund accepting responsibility for the advice that it gives, we do that. We are, I think, increasingly self-critical and open in that regard, and I would note, for example, the great volume of self-criticism that we engaged in in the wake of the Asian financial crisis.
QUESTIONER: A question on a different country, on Ukraine. Have you been in touch with the new authorities with what their plans are?
MR. DAWSON: Indeed, we have been in touch with the new authorities. I would direct you to the statement issued by the resident representative in Kiev yesterday, which I think I won`t re-read. For those who do not have it, we can provide it to you. But I will also note that for those of you who have gone through my experience of being asked questions about sunflower seed exports is that the Ukrainian parliament yesterday cut the duty from 23 percent to 17 in an action that goes, as the Reuters report notes, goes towards satisfying some of the concerns expressed by the international financial community.
QUESTIONER: Tom, on Indonesia, any word on when there might be a possible mission date to Indonesia?
MR. DAWSON: No, we do not have a specific date at this point. The approval of the 2001 revised budget shows a good step, a good progress forward. The action on fuel price increases was courageous on the part of the government. The effort to provide safety net for those most adversely affected also was positive.
The resumption of the negotiations on the new letter of intent in particular hangs on the resolution of the issues regarding the Bank Indonesia law amendments. We have had some discussions with the new coordinating minister on this subject. So I would say that there have been quite good discussions, but at this point we do not have a specific date for a new mission.
QUESTIONER: Yesterday, Mr. Ramli, the Finance Minister, made a pretty eloquent statement in a publication I won`t mention on why the law shouldn`t be changed. Is that a concern to you when there are public statements from the government going against the IMF`s advice?
MR. DAWSON: Well, I think that there are a number of views within the government, the Fund has its views, and this is sort of how the process works. So I think differing views is actually something always to be welcomed.
QUESTIONER: A question regarding Pakistan. To what extent the recent political developments could impact the ongoing discussions with the IMF?
MR. DAWSON: We are in the process of reviewing the new budget details that were revealed earlier this week. We do not yet have any reaction, and I do not have any information in terms of our views on political developments, although I would say that the initial reactions from staff on the budget, that it is in line with what we were expecting.
QUESTIONER: Would you address Yugoslavia, particularly the loan that was approved ten days ago for Serbia and Montenegro? The United States either abstained or was opposed to that. And what about the donors` conference that is coming up a week from today in Paris? And how are they doing in Belgrade on economic reform?
MR. DAWSON: I do not have anything on the donors` conference. That is something that we would be involved with, but it is not our lead, and I do not have any other information on that.
QUESTIONER: Is Mr. Fischer visiting Argentina?
MR. DAWSON: He will be there on Monday for a speech to the Argentine Bankers` Association. Yes, Monday morning.
Okay. One last question.
QUESTIONER: One final question about Mr. Fischer. How seriously did he take President Putin`s offer?
MR. DAWSON: I think he was quite intrigued. I was with him at that point. I think he was quite intrigued, and I think he got a lot of good-natured ribbing. But I suspect Mr. Fischer may well have more than one offer to consider.
Thank you very much.
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs: 202-623-7300 - Fax: 202-623-6278
Media Relations: 202-623-7100 - Fax: 202-623-6772
Transcript of a Press Briefing by Thomas Dawson
Director
External Relations Department
International Monetary Fund
Friday, June 22, 2001, 9:30 a.m.
Washington, D.C.
MR. DAWSON: I have a few observations to make before I take questions.
First, I guess we should take note that this will be the last press conference attended in person by Dietrich Zwaetz, who will be retiring and moving to Florida, as I understand. We will miss him. But, of course, with the advances of technology, he will be able to tune in on the briefing with our Web streaming regularly. With the existing technology, he can`t ask questions, but I`m sure we can work something out.
MR. DAWSON: I have three notes to make. First, this week, Wednesday, Tunisia became the 49th subscriber to the IMF Special Data Dissemination Standard. Tunisia is the first country in the Middle East to subscribe to the SDDS, which was established in March 1996 as a guide for countries that have or are seeking access to international capital on the public dissemination of economic and financial data. SDDS information is readily available on the Fund website, and I urge you to visit the data standards bulletin board for the latest developments.
I know there is interest in at least two countries in the Western Hemisphere today, so I thought I`d have a brief comment to make to help you frame the questions that you follow up with.
With regard to Argentina, I must say she faces a difficult situation, not least because of a deteriorating external environment over the last few months. The package of measures announced last week by the authorities is directed toward rekindling growth and improving economic fundamentals through simplifying the tax system and combating tax evasion. The measures have enjoyed a positive domestic response. We believe that the objectives of growth which inspired the government actions are attainable. The IMF continues to support the authorities` efforts in that direction.
With regard to Brazil, I think there have been some more recent developments. As you know, the Brazilian economy has been subject to internal shocks recently, mainly associated with the energy crisis, and it has also been negatively affected by the slowdown in the world economy and has suffered effects from Argentina. As a result, the currency has been under pressure.
During this difficult period, Brazil has continued to perform very well under the Fund-supported program, and the staff have recently received all the required information to certify Brazil`s compliance with end-March quantitative performance criteria. We welcome the action of the central bank of Brazil to raise the overnight interest rate by 150 basis points in light of the higher inflation and to help halt the slide of the currency and the announced plans to strengthen the country`s capital account.
We also look forward to the announcement of tax reform measures, of measures to strengthen the Brazilian federal banks, and of efforts to improve the investment climate in the energy sector that we understand will be made shortly by the Brazilian authorities.
As part of the efforts to strengthen gross international reserves, the Brazilian authorities have informed IMF Management that they would like to make a drawing from the Fund of about SDR 1.5 billion or US$2 billion from the resources currently available under the existing stand-by arrangement. This drawing will be made later next week.
Thank you, and now I`ll be happy to take questions.
QUESTIONER: Has a date been determined for a Board meeting to discuss Turkey [inaudible]?
MR. DAWSON: We have been planning for a Board date of end-June. We don`t have a precise date yet. It may well slip a day or two into the following month, but the program is on track and progress, good progress, has been made. So as far as the Board date goes, it is still conceivable it will be the end of June, but it`s possible it may slip a couple of days.
QUESTIONER: On Turkey, there were a number of conditions that have been met and a number of others which have not. Could you let us know which specific structural benchmarks have yet been met and which are yet to be met before this next [inaudible]?
MR. DAWSON: I`m not sure I can deal with the question in precisely that fashion. Let me go over where I think we are, and I think it should be reasonably complete.
As I noted, good progress has been made. There have recently been some deviations from program assumptions in some areas, such as the public sector wage settlement, and the wheat support price decision. The authorities have since taken measures to offset the fiscal impact of these decisions.
As the recent mission said in its concluding statement, there are important outstanding issues that needed to be resolved, and one of them was the passage of the tobacco law. And, therefore, we do welcome the passage--Turkey`s efforts and progress, rather -on the implementation of the program and look forward to the implementation of the remaining measures.
I would also note the recently completed swap operation, and in the banking area, regarding the closing of Emlak Bank and bank mergers, we understand the authorities are moving along with implementation of those measures. And then I guess that`s the guidance that I have on that point, so I think that`s reasonably complete.
QUESTIONER: [inaudible].
MR. DAWSON: Sure.
QUESTIONER: Today we are waiting for a constitutional court decision on one of the [inaudible] parties, [inaudible] parties` closure. What is IMF`s understand if this party were to be closed? How do you think it`s going to affect the implementation of the program? Do you think Turkey will be off track?
MR. DAWSON: We must wait for court decisions until they happen and see what the implications are then. So I don`t have any comment at this point.
QUESTIONER: On Argentina, Tom, when you mentioned in your initial remarks specifically about the growth-oriented policies that have been introduced recently, particularly last week, I presume you`re actually in particular referring to the new introduction of a dual tier approach to exchange rate and that Argentina is now going to seek to export its way out of trouble to a degree in an attempt to kick-start the economy again.
But what`s the IMF view on this two-tiered system in particular? Because surely it represents if not the beginning of the end to the currency board, then a particular distortion in the convertibility system--
MR. DAWSON: I don`t think I need to accept either the premise or the implications of your question.
QUESTIONER: Forgive my flawed way of presenting it then. What`s your comment on the convertibility system of Argentina?
MR. DAWSON: First of all, we have looked at the measures announced, and the measures introduced do not constitute a multiple currency practice under the definition used by the Fund.
Yes, certainly the measures were intended to boost exports, and yes, indeed, certainly that is part of the growth orientation of the package. I would, however, note there are also other elements to it, including the government`s intention to work in the area of tax reform toward simplification, reducing the number of taxes, and encouraging compliance and so on. So I think that`s the context in which we look at it. It is a growth-oriented policy, but as I say, it is not something that we view as a dual exchange rate, a multiple currency practice.
Yes?
QUESTIONER: Tom, today a Bundesbank member said that it can`t be ruled out that Germany will slip into a recession this year, and obviously the ECB has scaled back growth estimates for this year for the euro zone.
To what extent does the IMF think that Europe now is a risk for its global growth forecast for this year?
MR. DAWSON: We tend to look at this through the periodic WEO estimates. We, of course, are in the process of preparing the WEO for the fall. We don`t have any changes in the forecast in the interim period between those. I`m not familiar with the specific comment that you quote from a Bundesbank member, so I don`t really have any comment beyond that.
QUESTIONER: I want to follow up on what they call the expanding of the convertibility and inclusion of the euro. You said it doesn`t constitute a double exchange type system. What is it, then? Because, in fact, Cavallo made it very clear that we are going to have one exchange rate for the trade and the other one for the rest of the economy. First question.
Second is there are fears that this is the beginning of the end of the convertibility and this will lead to a devaluation. How does the Fund react --
MR. DAWSON: I mean, I think we take the government`s description and actions on face value. I would note-- I believe this has happened last night--that the parliament passed the modification of the convertibility law, which is more of a medium-term issue in terms of the addition of the euro into the basket. And, fundamentally, the reason that this is not viewed to be a multiple currency practice is that it works through the tariff system and it is not worked through the exchange rate system, and there are offsets, as we understand it, that are intended for it to be compatible with WTO obligations. So, of course, that is the first requirement of WTO to look at, but it`s our understanding that this is not multiple currency practice.
QUESTIONER: What about the devaluation fears? How do you assess that?
MR. DAWSON: The government has made it quite clear--and I think the actions of the Congress as well have been quite clear in the same direction--that the existing currency regime is one that enjoys broad support, and we are, as I said in my statement, supporting the Argentine authorities and the Argentine people.
QUESTIONER: Again, on Argentina and the currency, in the staff report that came out this week, the IMF says that one of the concerns in Argentina is confidence in the convertibility plan. Are you concerned that this move will take away confidence in the market in convertibility?
MR. DAWSON: Well, as I noted in my statement, certainly the domestic response seems to have been positive. There was uncertainty in the international markets, but things seem to have calmed down. So I think I would leave it at where it is. But I think at this point, I think people understand what has happened there. That`s all I have.
QUESTIONER: Tom, turning to Thailand, the central bank reserves are slipping, and there`s some discussion in the market about perhaps Thailand availing itself of the new currency swap arrangements that have been established in East Asia. Do you think--does the IMF think that it is ripe for the currency swap arrangements to be utilized for the first time in Thailand`s case?
MR. DAWSON: I was not aware of that speculation, so I don`t really have anything to answer on that, and I would, you know, have to look into that. But I was not aware of that, presumably media speculation, because I certainly haven`t read it in my own briefings.
QUESTIONER: On Argentina again, Tom, folks within the building here told me that Claudio Loser advised Minister Cavallo against these particular measures in April at the Spring Meetings, and that the Fund was not notified of the specifics of the last batch of measures that were taken until just moments before they happened. I was wondering on what basis can the Fund say that they support these particular measures since they do seem to run counter to what you tell people publicly. Also, why has it taken a full week for you to comment on the Argentine measures if indeed you are actually supportive of them?
MR. DAWSON: Well, first of all we do not comment on private advice and discussions that go on between the Fund staff and the authorities. With regard to we taking time before making comments, we did indeed need to take a look at what the measures were, which we have done.
The Fund Board, for example, was briefed only yesterday on the measures. So I think this is the timing that I would have normally expected. It`s conceivable that we might have put out a statement last night, but since the briefing was this morning, it seemed appropriate to wait until this morning.
And there was another part of the question that I`m not trying to forget, but I--
QUESTIONER: I was just wondering if this is the type of advice you would tend to give people. If Argentina is a country where confidence is important, is this shaking confidence in markets? Even if you don`t believe it, the markets believe this is a dual currency regime. If it`s not that, it`s a protectionist measure. It`s not good for Brazil, it seems to be sort of a negative move for the rest of the region, so [inaudible]--
MR. DAWSON: Well, I think that is a rather downbeat assessment of it all. I have seen in a number of the publications this morning positive reactions within Argentina, and there have been supportive reactions from around the region. They have a very difficult situation and the authorities have proven themselves quite resourceful in adapting to the sort of difficulties that they have had in recent months.
Want to try again?
QUESTIONER: Do you see a coincidence that within days of these measures, this sort of turmoil that we saw in the currency market has led Brazil to have to draw on its stand-by arrangement...
MR. DAWSON: Well--
QUESTIONER: And also you say that markets reacted well to it. Well, Argentine--the bond swaps sort of went down four points on the move, so it seems clear that at least international markets reacted badly--
MR. DAWSON: Well, indeed, the markets were caught by surprise, but I think things--as I indicated also-- things have calmed down since them. And I did indicate in my statement that the difficulties facing Brazil do include the effect of Argentina as well. So, yes, there is clearly a regional effect.
QUESTIONER: Again on Argentina, I`m sorry, but I just want to be clear on this. In your opening statement, you said you support the government`s efforts to spur growth. Are you saying that this measure in the IMF`s assessment will spur economic growth in Argentina?
MR. DAWSON: We believe that it can, yes.
QUESTIONER: That this measure will--
MR. DAWSON: Yes, we think that they can help them achieve their growth targets. They are not the only elements of the program, though.
QUESTIONER: On Turkey, concluding the talks in Ankara, Mr. Kahkonen, the IMF`s Turkey mission chief, mentioned four points, and they included the passing of the supplementary budget, the tobacco market law, the closure of a state bank, and appointing officials to the higher board of Turk Telecom. Three of them are finished, and just we are waiting for people for the telecom.
Are you specifically waiting for this to announce it specifically for a Board meeting?
MR. DAWSON: No. We are waiting for it, but the Board date could be set without regard to that, but also it is something that needs to be done. So we are not--the reason a Board date has not been set does not have to do with that particular measure. But that measure is still important and is needed for the discussion.
QUESTIONER: Is it a precondition still?
MR. DAWSON: It is.
Yes? We have to wrap up pretty soon.
QUESTIONER: Does the IMF plan to move on the Web some of its conferences as the World Bank did for the Barcelona conference? And does the IMF think that this is the right way to match the anti-globalization protests?
MR. DAWSON: I am not aware what our plans are on Web casting of conferences generally. We have no particular plans for any of ours at this point. I think the Bank`s action for continuing the Barcelona conference through a Web cast is really quite innovative, given the particular nature of this conference, which had a reasonably select academic orientation. But at this point we don`t see any implications for us. But I think it was a practical solution to a difficult situation.
QUESTIONER: How will the energy crisis affect the goals in the agreement between IMF and Brazil?
MR. DAWSON: As I indicated in my statement, we recognize that the energy crisis has created some of the difficulties that the economy is going through at this point. I don`t have any particular speculation as to what the impact is on the achievement of the government`s program. But as I indicated, through end-March the targets had been met.
QUESTIONER: My question is on Moldova. The new President of Moldova recently made a statement that he believes that the IMF should take some responsibility for the advice it gave the previous government and for the dire straits in which the Moldovan economy is at this point. Basically he suggested that the IMF might write off some of the debts of the country.
My question to you, of course, is: What`s your particular comment on this particular situation? But also in more broad terms, to the best of your knowledge, has there ever been an example where the IMF would take such a responsibility in a situation like that, or at least publicly admit that something with the recommendation was [inaudible]--
MR. DAWSON: As with an earlier question, I think I can challenge premises and conclusions.
With regard to the relations with the new Moldovan Government, I would note that we have indeed met with them, and they have expressed their strong desire to continue relations with the international financial institutions, especially the Fund, and made clear their intention to adhere to the memorandum of economic and financial policies signed by the previous government last November and approved by the Board in December. So I think that this is a slightly different orientation toward what their attitude is.
With regard to the Fund accepting responsibility for the advice that it gives, we do that. We are, I think, increasingly self-critical and open in that regard, and I would note, for example, the great volume of self-criticism that we engaged in in the wake of the Asian financial crisis.
QUESTIONER: A question on a different country, on Ukraine. Have you been in touch with the new authorities with what their plans are?
MR. DAWSON: Indeed, we have been in touch with the new authorities. I would direct you to the statement issued by the resident representative in Kiev yesterday, which I think I won`t re-read. For those who do not have it, we can provide it to you. But I will also note that for those of you who have gone through my experience of being asked questions about sunflower seed exports is that the Ukrainian parliament yesterday cut the duty from 23 percent to 17 in an action that goes, as the Reuters report notes, goes towards satisfying some of the concerns expressed by the international financial community.
QUESTIONER: Tom, on Indonesia, any word on when there might be a possible mission date to Indonesia?
MR. DAWSON: No, we do not have a specific date at this point. The approval of the 2001 revised budget shows a good step, a good progress forward. The action on fuel price increases was courageous on the part of the government. The effort to provide safety net for those most adversely affected also was positive.
The resumption of the negotiations on the new letter of intent in particular hangs on the resolution of the issues regarding the Bank Indonesia law amendments. We have had some discussions with the new coordinating minister on this subject. So I would say that there have been quite good discussions, but at this point we do not have a specific date for a new mission.
QUESTIONER: Yesterday, Mr. Ramli, the Finance Minister, made a pretty eloquent statement in a publication I won`t mention on why the law shouldn`t be changed. Is that a concern to you when there are public statements from the government going against the IMF`s advice?
MR. DAWSON: Well, I think that there are a number of views within the government, the Fund has its views, and this is sort of how the process works. So I think differing views is actually something always to be welcomed.
QUESTIONER: A question regarding Pakistan. To what extent the recent political developments could impact the ongoing discussions with the IMF?
MR. DAWSON: We are in the process of reviewing the new budget details that were revealed earlier this week. We do not yet have any reaction, and I do not have any information in terms of our views on political developments, although I would say that the initial reactions from staff on the budget, that it is in line with what we were expecting.
QUESTIONER: Would you address Yugoslavia, particularly the loan that was approved ten days ago for Serbia and Montenegro? The United States either abstained or was opposed to that. And what about the donors` conference that is coming up a week from today in Paris? And how are they doing in Belgrade on economic reform?
MR. DAWSON: I do not have anything on the donors` conference. That is something that we would be involved with, but it is not our lead, and I do not have any other information on that.
QUESTIONER: Is Mr. Fischer visiting Argentina?
MR. DAWSON: He will be there on Monday for a speech to the Argentine Bankers` Association. Yes, Monday morning.
Okay. One last question.
QUESTIONER: One final question about Mr. Fischer. How seriously did he take President Putin`s offer?
MR. DAWSON: I think he was quite intrigued. I was with him at that point. I think he was quite intrigued, and I think he got a lot of good-natured ribbing. But I suspect Mr. Fischer may well have more than one offer to consider.
Thank you very much.
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs: 202-623-7300 - Fax: 202-623-6278
Media Relations: 202-623-7100 - Fax: 202-623-6772
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Jetzt wieder nicht !?
Wahid, was soll der mist ?
I`ll persuade Gus Dur not to declare a state of emergency: Agum
JAKARTA (JP): Coordinating Minister for Political, Social and Security Affairs Agum Gumelar said on Friday he would continue to convince President Abdurrahman "Gus Dur" Wahid not to impose a state of emergency.
Speaking after the installation of the new chief of the National Information Institute (LIN), Asep Saefudin, at the building of the former ministry of information, Agum said he would do his best to persuade the President not to declare a state of emergency.
"Trust me, I will do my best to convince the President not to declare a state of emergency," Agum said as quoted by Metro TV, a private television station.
Later in the day, after the coordination meeting on political, social and security affairs, Agum called on the authorities to take urgent measures to deal with the country`s ongoing unrest in Aceh, Poso in Central Sulawesi and Maluku.
Agum also said the government had no plan to deploy more troops in Aceh.
Wahid, was soll der mist ?
I`ll persuade Gus Dur not to declare a state of emergency: Agum
JAKARTA (JP): Coordinating Minister for Political, Social and Security Affairs Agum Gumelar said on Friday he would continue to convince President Abdurrahman "Gus Dur" Wahid not to impose a state of emergency.
Speaking after the installation of the new chief of the National Information Institute (LIN), Asep Saefudin, at the building of the former ministry of information, Agum said he would do his best to persuade the President not to declare a state of emergency.
"Trust me, I will do my best to convince the President not to declare a state of emergency," Agum said as quoted by Metro TV, a private television station.
Later in the day, after the coordination meeting on political, social and security affairs, Agum called on the authorities to take urgent measures to deal with the country`s ongoing unrest in Aceh, Poso in Central Sulawesi and Maluku.
Agum also said the government had no plan to deploy more troops in Aceh.
Fail to meet CAR 8%, 9 banks risk closing
Wednesday, July/4/2001 14:47:10 GMT+7.
Jakarta (IndoExchange) - Bank Indonesia will close banks 9 unless they managed to meet the 8% capital adequacy ratio (CAR) in 2001 by injecting capital or being merged with others.
Bank Indonesia Deputy Director Miranda Goeltom revealed this here, today. According to stress test by the central bank, around 12 banks are predicted not to be able to meet the CAR by the end of 2001.
The twelve banks have been warned since six months ago. If they did not try to inject capital nor merge with others, they will have to be frozen.
However, the latest survey showed the reduction in the number of banks to 9 while the other three have managed to strengthen their capital.
“The nine of them have regularly been warned to strengthen their capital or merge with other banks to prevent them from being frozen,” Miranda added.
Touching on possibilities for rush from the twelve banks, Miranda believed the risk can be reduced with sufficient guidance from Bank Indonesia just like when they froze 4 banks in April 1998. “We should be able to avoid such possibility,” she confirmed.
According to Miranda, the government will provide blanket guarantee if bad things happened.
Reported by : Chusnul Chotimah
Wednesday, July/4/2001 14:47:10 GMT+7.
Jakarta (IndoExchange) - Bank Indonesia will close banks 9 unless they managed to meet the 8% capital adequacy ratio (CAR) in 2001 by injecting capital or being merged with others.
Bank Indonesia Deputy Director Miranda Goeltom revealed this here, today. According to stress test by the central bank, around 12 banks are predicted not to be able to meet the CAR by the end of 2001.
The twelve banks have been warned since six months ago. If they did not try to inject capital nor merge with others, they will have to be frozen.
However, the latest survey showed the reduction in the number of banks to 9 while the other three have managed to strengthen their capital.
“The nine of them have regularly been warned to strengthen their capital or merge with other banks to prevent them from being frozen,” Miranda added.
Touching on possibilities for rush from the twelve banks, Miranda believed the risk can be reduced with sufficient guidance from Bank Indonesia just like when they froze 4 banks in April 1998. “We should be able to avoid such possibility,” she confirmed.
According to Miranda, the government will provide blanket guarantee if bad things happened.
Reported by : Chusnul Chotimah
Mal seh`n, was der IMF so zu endecken hat, um die 400 US $ zu blockieren.
Govt expects `smooth` talks with IMF
JAKARTA (JP): Coordinating Minister for the Economy Burhanuddin Abdullah expressed optimism on Wednesday that the much-awaited economic talks with the International Monetary Fund (IMF), scheduled to start on Thursday, would run well and encourage the IMF to disburse its crucial loan tranche to the country.
Burhanuddin said that the IMF special mission, led Asia Pacific deputy director Anoop Singh, was expected to arrive in Jakarta on Thursday for a nine-day visit.
"I think this will proceed smoothly," he said following a Cabinet meeting with Vice President Megawati Soekarnoputri.
"We hope to have an effective discussion because the IMF team will only be here for eight to nine days," he added.
Burhanuddin said that negotiations with the IMF team would focus on measures to achieve macroeconomic and monetary stability.
He added that the fund would also talk to the Indonesian Bank Restructuring Agency (IBRA) and the Jakarta Initiative Task Force (JITF).
He expected that an agreement could be reached at the end of the nine-day visit, so that it could be brought before the IMF executive board in Washington for approval, a condition for disbursement of the IMF`s US$400 million loan tranche.
The IMF is providing the country with a $5 billion bailout loan, however, disbursement of its fourth loan tranche was suspended late last year amid signs that the government was wavering with the implementation of agreed economic reforms.
The delay in disbursement of the IMF loan installment has further eroded confidence in the ailing economy and jeopardizes last year`s agreement reached between the government and the Paris Club of creditor nations for the rescheduling of Indonesia`s sovereign debts maturing in 2001.
In a bid to mend relations with the IMF, President Abdurrahman Wahid appointed Burhanuddin last month as the new economics minister, replacing Rizal Ramli who was appointed finance minister.
Unlike his predecessor, Burhanuddin, previously a deputy governor of Bank Indonesia with several years experience working at the IMF, believes that the IMF`s role is crucial in helping the country`s dilapidated economy recover.
The government and the IMF also recently agreed to temporarily sideline their differences over the controversial Bank Indonesia law amendment.
Burhanuddin said that the IMF mission would not touch on the issue of the central bank law amendment.
He said that discussing the central bank law would need a longer timeframe in order to achieve a satisfactory outcome.
"More time is needed to study (the proposed amendment) so that we can obtain good results," he said.
The government-proposed amendment of the central bank law had been a major sticking point between Indonesia and the IMF. The government insisted that the amendment was needed to improve the accountability of Bank Indonesia, while the IMF feared that it would jeopardize the hard-won independence of the central bank.
The main point of dispute centers on Article 75 of the bill, which stipulates that the existing Bank Indonesia board of governors must step down once the bill becomes effective. The IMF has said that this amounts to political intervention.
Meanwhile, IMF Jakarta representative John Dodsworth was quoted as saying by Reuters on Wednesday, that it could take several months to reach agreement with the government regarding the central bank law changes, but added that there had been sufficient compromise to break a six-month standoff.
"The compromise is about taking more time ... there is still no compromise on the actual solution. That will come later," Dodsworth said.
He explained that the government would be working in consultation with the IMF and the legislature over the next six months to devise amendments to the central bank law that were mutually acceptable.
Asked whether this week`s IMF mission would lead to the disbursement of the fund`s loan tranche, he said: "That`s why the mission is coming, to facilitate the disbursement of the next tranche." (rei/prb)
Govt expects `smooth` talks with IMF
JAKARTA (JP): Coordinating Minister for the Economy Burhanuddin Abdullah expressed optimism on Wednesday that the much-awaited economic talks with the International Monetary Fund (IMF), scheduled to start on Thursday, would run well and encourage the IMF to disburse its crucial loan tranche to the country.
Burhanuddin said that the IMF special mission, led Asia Pacific deputy director Anoop Singh, was expected to arrive in Jakarta on Thursday for a nine-day visit.
"I think this will proceed smoothly," he said following a Cabinet meeting with Vice President Megawati Soekarnoputri.
"We hope to have an effective discussion because the IMF team will only be here for eight to nine days," he added.
Burhanuddin said that negotiations with the IMF team would focus on measures to achieve macroeconomic and monetary stability.
He added that the fund would also talk to the Indonesian Bank Restructuring Agency (IBRA) and the Jakarta Initiative Task Force (JITF).
He expected that an agreement could be reached at the end of the nine-day visit, so that it could be brought before the IMF executive board in Washington for approval, a condition for disbursement of the IMF`s US$400 million loan tranche.
The IMF is providing the country with a $5 billion bailout loan, however, disbursement of its fourth loan tranche was suspended late last year amid signs that the government was wavering with the implementation of agreed economic reforms.
The delay in disbursement of the IMF loan installment has further eroded confidence in the ailing economy and jeopardizes last year`s agreement reached between the government and the Paris Club of creditor nations for the rescheduling of Indonesia`s sovereign debts maturing in 2001.
In a bid to mend relations with the IMF, President Abdurrahman Wahid appointed Burhanuddin last month as the new economics minister, replacing Rizal Ramli who was appointed finance minister.
Unlike his predecessor, Burhanuddin, previously a deputy governor of Bank Indonesia with several years experience working at the IMF, believes that the IMF`s role is crucial in helping the country`s dilapidated economy recover.
The government and the IMF also recently agreed to temporarily sideline their differences over the controversial Bank Indonesia law amendment.
Burhanuddin said that the IMF mission would not touch on the issue of the central bank law amendment.
He said that discussing the central bank law would need a longer timeframe in order to achieve a satisfactory outcome.
"More time is needed to study (the proposed amendment) so that we can obtain good results," he said.
The government-proposed amendment of the central bank law had been a major sticking point between Indonesia and the IMF. The government insisted that the amendment was needed to improve the accountability of Bank Indonesia, while the IMF feared that it would jeopardize the hard-won independence of the central bank.
The main point of dispute centers on Article 75 of the bill, which stipulates that the existing Bank Indonesia board of governors must step down once the bill becomes effective. The IMF has said that this amounts to political intervention.
Meanwhile, IMF Jakarta representative John Dodsworth was quoted as saying by Reuters on Wednesday, that it could take several months to reach agreement with the government regarding the central bank law changes, but added that there had been sufficient compromise to break a six-month standoff.
"The compromise is about taking more time ... there is still no compromise on the actual solution. That will come later," Dodsworth said.
He explained that the government would be working in consultation with the IMF and the legislature over the next six months to devise amendments to the central bank law that were mutually acceptable.
Asked whether this week`s IMF mission would lead to the disbursement of the fund`s loan tranche, he said: "That`s why the mission is coming, to facilitate the disbursement of the next tranche." (rei/prb)
!
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Dann reshuffle mal schön - Wahid !
President to reshuffle Cabinet
JAKARTA (JP): President Abdurrahman Wahid is slated to name the new attorney general and replace more ministers on Tuesday, a close aide said on Sunday.
Minister of Foreign Affairs Alwi Shihab confirmed that along with the announcement of the new attorney general, the President would also announce a Cabinet reshuffle.
"The next Cabinet shake-up will probably involve the minister of defense and the minister of justice and human rights. However, a decision has yet to be made on both positions," Alwi told The Jakarta Post.
He said it was likely that the position of attorney general would be filled by Marsilam Simanjuntak, the incumbent minister of justice and human rights.
Meanwhile, Minister of Defense Mahfud MD claimed that he had been offered the position of either the attorney general or justice minister by the President.
"The President summoned me early last week and offered me the post of justice minister or attorney general. But up to now I have not responded to the offer. It is up to the President to decide," Mahfud told Antara after holding a dialog with districtheads from throughout Madura island in Pamekasan regency on Saturday.
When asked whether Mahfud`s current position would be filled by a candidate from the military, Alwi said: "We are still discussing it, and it is not certain yet." (dja)
President to reshuffle Cabinet
JAKARTA (JP): President Abdurrahman Wahid is slated to name the new attorney general and replace more ministers on Tuesday, a close aide said on Sunday.
Minister of Foreign Affairs Alwi Shihab confirmed that along with the announcement of the new attorney general, the President would also announce a Cabinet reshuffle.
"The next Cabinet shake-up will probably involve the minister of defense and the minister of justice and human rights. However, a decision has yet to be made on both positions," Alwi told The Jakarta Post.
He said it was likely that the position of attorney general would be filled by Marsilam Simanjuntak, the incumbent minister of justice and human rights.
Meanwhile, Minister of Defense Mahfud MD claimed that he had been offered the position of either the attorney general or justice minister by the President.
"The President summoned me early last week and offered me the post of justice minister or attorney general. But up to now I have not responded to the offer. It is up to the President to decide," Mahfud told Antara after holding a dialog with districtheads from throughout Madura island in Pamekasan regency on Saturday.
When asked whether Mahfud`s current position would be filled by a candidate from the military, Alwi said: "We are still discussing it, and it is not certain yet." (dja)
Aktionismus pur!
President to reshuffle Cabinet again: Mahfud
JAKARTA (JP): Beleaguered President Abdurrahman "Gus Dur" Wahid is to announce on Tuesday his third Cabinet reshuffle this year, only weeks ahead of an impeachment hearing during the MPR`sspecial session on August 1.
Minister of Defense Mahfud M.D. said Abdurrahman had already signed a decree on the reshuffle, which included the appointment of a new attorney general to replace Baharudin Lopa who died on July 3, Metro TV reported.
Mahfud said that he had been told by the President that he would be the minister for justice and human rights.
"But let`s wait for the official announcement ... actually I`m beginning to like my post here (in the ministry of defense), but the new post is more suitable to my (legal) background,"Mahfud told media on Tuesday.
Mahfud also said that Marsilam Simanjuntak, currently the minister of justice and human rights, would be the new attorney general. Marsilam was just appointed as minister of justice and human rights on June 1. Previously Marsilam was acting ministerfor administrative reform and Cabinet secretary.
"Marsilam is the right person to replace Pak Lopa. He is very shrewd and I think he will do the job well," Mahfud said.
Lopa`s death was a major blow for Abdurrahman who previously hoped that Lopa, known as a top law enforcer, would improve his chances of surviving impeachment proceedings by the People`s Consultative Assembly (MPR) over sketchy allegations of corruption and incompetence.
President to reshuffle Cabinet again: Mahfud
JAKARTA (JP): Beleaguered President Abdurrahman "Gus Dur" Wahid is to announce on Tuesday his third Cabinet reshuffle this year, only weeks ahead of an impeachment hearing during the MPR`sspecial session on August 1.
Minister of Defense Mahfud M.D. said Abdurrahman had already signed a decree on the reshuffle, which included the appointment of a new attorney general to replace Baharudin Lopa who died on July 3, Metro TV reported.
Mahfud said that he had been told by the President that he would be the minister for justice and human rights.
"But let`s wait for the official announcement ... actually I`m beginning to like my post here (in the ministry of defense), but the new post is more suitable to my (legal) background,"Mahfud told media on Tuesday.
Mahfud also said that Marsilam Simanjuntak, currently the minister of justice and human rights, would be the new attorney general. Marsilam was just appointed as minister of justice and human rights on June 1. Previously Marsilam was acting ministerfor administrative reform and Cabinet secretary.
"Marsilam is the right person to replace Pak Lopa. He is very shrewd and I think he will do the job well," Mahfud said.
Lopa`s death was a major blow for Abdurrahman who previously hoped that Lopa, known as a top law enforcer, would improve his chances of surviving impeachment proceedings by the People`s Consultative Assembly (MPR) over sketchy allegations of corruption and incompetence.
Wie schön im INDO-Land investiert zu sein. Die ganze Welt verliert, nur wir steigen :-)
Last Update: July 11, 2001 3:25:57 PM
Sector Last Chg %Chg
COMPOSITE 436.38 0.78 0.18 %
AGRI 192.61 6.92 3.73 %
BASIC-IND 48.85 -0.47 -0.95 %
CONSUMER 154.52 0.69 0.45 %
FINANCE 34.73 0.23 0.65 %
INFRASTR 114.77 -0.02 -0.01 %
LQ45 89.49 0.44 0.49 %
MANUFTR 102.99 0.32 0.31 %
MINING 117.1 -3.79 -3.13 %
MISC-IND 85.16 -0.52 -0.61 %
PROPERTY 25.03 0.16 0.64 %
TRADE 126.69 0.75 0.6 %
JII 67.4 0.15 0.23 %
Last Update: July 11, 2001 3:25:57 PM
Sector Last Chg %Chg
COMPOSITE 436.38 0.78 0.18 %
AGRI 192.61 6.92 3.73 %
BASIC-IND 48.85 -0.47 -0.95 %
CONSUMER 154.52 0.69 0.45 %
FINANCE 34.73 0.23 0.65 %
INFRASTR 114.77 -0.02 -0.01 %
LQ45 89.49 0.44 0.49 %
MANUFTR 102.99 0.32 0.31 %
MINING 117.1 -3.79 -3.13 %
MISC-IND 85.16 -0.52 -0.61 %
PROPERTY 25.03 0.16 0.64 %
TRADE 126.69 0.75 0.6 %
JII 67.4 0.15 0.23 %
!
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Die Welt geht runter INDO-Land geht rauf :-)
Last Update: July 18, 2001 Closed
Sector Last Chg %Chg
COMPOSITE 453.3 6.86 1.54 %
AGRI 205.08 0.76 0.37 %
BASIC-IND 52.32 0.76 1.47 %
CONSUMER 158.51 2.31 1.48 %
FINANCE 36.2 0.56 1.57 %
INFRASTR 118.74 2.17 1.86 %
LQ45 93.36 1.64 1.79 %
MANUFTR 106.13 1.44 1.38 %
MINING 135.77 0.29 0.22 %
MISC-IND 87.43 0.85 0.98 %
PROPERTY 26.45 0.94 3.67 %
TRADE 130.1 2.69 2.11 %
JII 69.77 1.05 1.52 %
Last Update: July 18, 2001 Closed
Sector Last Chg %Chg
COMPOSITE 453.3 6.86 1.54 %
AGRI 205.08 0.76 0.37 %
BASIC-IND 52.32 0.76 1.47 %
CONSUMER 158.51 2.31 1.48 %
FINANCE 36.2 0.56 1.57 %
INFRASTR 118.74 2.17 1.86 %
LQ45 93.36 1.64 1.79 %
MANUFTR 106.13 1.44 1.38 %
MINING 135.77 0.29 0.22 %
MISC-IND 87.43 0.85 0.98 %
PROPERTY 26.45 0.94 3.67 %
TRADE 130.1 2.69 2.11 %
JII 69.77 1.05 1.52 %
Taktieren und taktieren
President asked to deliver accountability speech on Monday
JAKARTA (JP): A plenary meeting of seven factions of the People`s Consultative Assembly (MPR) agreed to invite President Abdurrahman Wahid to deliver on Monday an accountability speech on his government`s performance.
"We`ll give the President one day on Sunday to prepare his accountability speech. Meanwhile, tomorrow (Saturday) we`ll convene to establish an agenda for the special session," MPR Speaker Amien Rais told reporters after chairing a meeting of eight MPR faction leaders on Friday evening.
When asked about the substance that the President should include in his accountability report, Amien said it should include the President`s defense of his alleged involvement in the Rp 35 billion (US$3.5 million) scandal at the State Logistics Agency (Bulog), his accountability concerning a $2 millionpersonal donation from the sultan of Brunei as well as a report of his government`s performance.
The meeting of faction leaders was attended by, among others, Ginandjar Kartasasmita of the Golkar faction, Hari Sabarno of the Indonesian Military (TNI)/Police faction, Matori Abdul Djalil of the National Awakening Party (PKB) faction and Soetjipto of the Indonesian Democratic Party of Struggle (PDI Perjuangan) faction.
President asked to deliver accountability speech on Monday
JAKARTA (JP): A plenary meeting of seven factions of the People`s Consultative Assembly (MPR) agreed to invite President Abdurrahman Wahid to deliver on Monday an accountability speech on his government`s performance.
"We`ll give the President one day on Sunday to prepare his accountability speech. Meanwhile, tomorrow (Saturday) we`ll convene to establish an agenda for the special session," MPR Speaker Amien Rais told reporters after chairing a meeting of eight MPR faction leaders on Friday evening.
When asked about the substance that the President should include in his accountability report, Amien said it should include the President`s defense of his alleged involvement in the Rp 35 billion (US$3.5 million) scandal at the State Logistics Agency (Bulog), his accountability concerning a $2 millionpersonal donation from the sultan of Brunei as well as a report of his government`s performance.
The meeting of faction leaders was attended by, among others, Ginandjar Kartasasmita of the Golkar faction, Hari Sabarno of the Indonesian Military (TNI)/Police faction, Matori Abdul Djalil of the National Awakening Party (PKB) faction and Soetjipto of the Indonesian Democratic Party of Struggle (PDI Perjuangan) faction.
Deine Zeit ist abgelaufen.
Wahid impeachment proceedings approved
July 21, 2001 Posted: 2:40 PM HKT (0640 GMT)
Wahid`s is struggling to formulate a compromise that will save his job
JAKARTA, Indonesia -- Indonesia`s national assembly has approved the start of formal impeachment proceedings against President Adburrahman Wahid, who boycotted the meeting despite demands that he defend his record as president.
"I will not attend this illegal meeting," he said in a nationally televised speech.
The national assembly (MPR) convened Saturday to decide whether to hold the special session on Monday, which could impeach the president.
The full parliamentary session opened with 444 of the 695 sitting members present. The 56 members of Wahid`s National Awakening Party (PKB) boycotted the session.
Wahid`s refusal to take part in the hearing against him sets the stage for a showdown with the assembly.
Wahid refrained from restating an earlier threat to declare a state of emergency and to close down the assembly -- a move opposed by the military.
"But I have many options," he said. "I won`t tell what I will do. But I will do something" by July 31.
Wahid warned there could be a violent reaction to any move to impeach him, saying the assembly should take into account his wide support among the Indonesian people.
"If they (go ahead with impeachment), don`t blame me if the crowd takes care of everything by themselves," he said, adding that he would urge his supporters to refrain from staging violent protests.
"I am a follower of Mahatma Gandhi," he said in reference to the independence leader who won freedom for India from Britain last century through nonviolent resistance
He said the special MPR session was invalid.
"This plenary meeting is unrecognised, therefore it is not valid," an aide to Wahid told the news conference after Wahid made some opening remarks.
Leaders of the top assembly decided to bring forward the impeachment hearing due on August 1.
The assembly is widely expected to dump the ailing Muslim leader 21 turbulent months into his five-year term as Indonesia`s first democratically-elected leader.
Earlier Wahid had put off a threat to declare a state of emergency, giving a new deadline of July 31 to reach a political compromise that will keep him in power.
"We have to be ready to implement the state of emergency at July 31 at six o`clock if there is no compromise," Wahid said in a brief statement at the presidential palace.
"Up to now, we have not reached a political compromise needed to overcome the political crisis."
Tension escalates
The announcement follows a week of rising tensions in the Indonesian capital, Jakarta.
A state of emergency would give the president wide-ranging powers and allow him to call an early election.
However, the likelihood of such an order going through was thrown into question earlier this week when several senior army and police generals warned they would not support it.
Opposition lawmakers accuse Wahid of political incompetence during his 20 months in office and of involvement in two multi-million dollar financial scandals.
Wahid has repeatedly denied all the charges and denounced efforts to remove him from office as unconstitutional.
However, despite the president backing away from calling a state of emergency, his fate is still unclear after he announced that he was appointing a new temporary national police chief.
The sacking of the previous holder of the post, Gen. Bimantoro, sparked widespread anger among lawmakers who refused to recognize the dismissal of the previous holder of the post.
Several key critics said any move to appoint a permanent successor would be unconstitutional and grounds for impeachment hearings to begin immediately.
`A trick`
In response to the appointment Rais called on lawmakers to begin the process as soon as possible.
Security has been tightened in Jakarta amid a growing threat of violence
Speaking to CNN he said Wahid`s actions went against the constitution.
"It is against the rules that we have agreed to in the Assembly," he told CNN. "So, to some extent it is against the constitution."
Rais, who was at one time a leading Wahid ally, said Wahid`s temporary appointment of Gen. Chaeruddin Ismail as the new temporary national police chief, subject to parliament`s approval, was "a trick".
There is speculation among some observers that the move may be part of Wahid`s efforts to spread division within the fragile opposition coalition pushing for his removal.
They include the Golkar party -- the second largest party and the one-time political vehicle of former President Suharto; several Muslim parties; representatives of the military; and the party of Vice President Megawati Sukarnoputri who is Wahid`s likely successor.
Golkar leader Akbar Tandjung said earlier his party would not support an early special session because Chairuddin`s temporary appointment did not flout MPs` demands.
Threat of violence
The prospect of a political showdown has raised tensions in Jakarta over the past week with fears that the crisis could translate into renewed violence on the city`s streets.
The rift between Wahid and his deputy, Megawati Sukarnoputri appears to be getting ever wider
More than 40,000 police and troops have been deployed around the capital and plans are in place to evacuate lawmakers and defend embassies in the event of trouble.
Many observers say that without any prospect of a compromise being reached, they expect Wahid to eventually be forced from office.
That likelihood was reinforced when Megawati`s party, the PDI-P, said publicly for the first time that it would back his removal.
As deputy, Megawati would automatically assume the presidency if Wahid is forced out.
Both she and her party have previously expressed support for an impeachment hearing, but until now have stopped short of calling for Wahid`s removal.
However other analysts say Wahid may yet be able to get off on a technicality.
Despite weeks of blustering threats, he did not declare a state of emergency -- nor did he swear in a new national police chief, choosing instead to install an "acting police chief".
But opposition lawmakers say they are fed up with Wahid`s threats. They warn impeachment is inevitable. The only question, they say, is when. "Right now, he is counting his days," said Rais.
"He will become a common citizen just like other citizens when he is not the President anymore. I think it is too late to make any political compromise."
Wahid impeachment proceedings approved
July 21, 2001 Posted: 2:40 PM HKT (0640 GMT)
Wahid`s is struggling to formulate a compromise that will save his job
JAKARTA, Indonesia -- Indonesia`s national assembly has approved the start of formal impeachment proceedings against President Adburrahman Wahid, who boycotted the meeting despite demands that he defend his record as president.
"I will not attend this illegal meeting," he said in a nationally televised speech.
The national assembly (MPR) convened Saturday to decide whether to hold the special session on Monday, which could impeach the president.
The full parliamentary session opened with 444 of the 695 sitting members present. The 56 members of Wahid`s National Awakening Party (PKB) boycotted the session.
Wahid`s refusal to take part in the hearing against him sets the stage for a showdown with the assembly.
Wahid refrained from restating an earlier threat to declare a state of emergency and to close down the assembly -- a move opposed by the military.
"But I have many options," he said. "I won`t tell what I will do. But I will do something" by July 31.
Wahid warned there could be a violent reaction to any move to impeach him, saying the assembly should take into account his wide support among the Indonesian people.
"If they (go ahead with impeachment), don`t blame me if the crowd takes care of everything by themselves," he said, adding that he would urge his supporters to refrain from staging violent protests.
"I am a follower of Mahatma Gandhi," he said in reference to the independence leader who won freedom for India from Britain last century through nonviolent resistance
He said the special MPR session was invalid.
"This plenary meeting is unrecognised, therefore it is not valid," an aide to Wahid told the news conference after Wahid made some opening remarks.
Leaders of the top assembly decided to bring forward the impeachment hearing due on August 1.
The assembly is widely expected to dump the ailing Muslim leader 21 turbulent months into his five-year term as Indonesia`s first democratically-elected leader.
Earlier Wahid had put off a threat to declare a state of emergency, giving a new deadline of July 31 to reach a political compromise that will keep him in power.
"We have to be ready to implement the state of emergency at July 31 at six o`clock if there is no compromise," Wahid said in a brief statement at the presidential palace.
"Up to now, we have not reached a political compromise needed to overcome the political crisis."
Tension escalates
The announcement follows a week of rising tensions in the Indonesian capital, Jakarta.
A state of emergency would give the president wide-ranging powers and allow him to call an early election.
However, the likelihood of such an order going through was thrown into question earlier this week when several senior army and police generals warned they would not support it.
Opposition lawmakers accuse Wahid of political incompetence during his 20 months in office and of involvement in two multi-million dollar financial scandals.
Wahid has repeatedly denied all the charges and denounced efforts to remove him from office as unconstitutional.
However, despite the president backing away from calling a state of emergency, his fate is still unclear after he announced that he was appointing a new temporary national police chief.
The sacking of the previous holder of the post, Gen. Bimantoro, sparked widespread anger among lawmakers who refused to recognize the dismissal of the previous holder of the post.
Several key critics said any move to appoint a permanent successor would be unconstitutional and grounds for impeachment hearings to begin immediately.
`A trick`
In response to the appointment Rais called on lawmakers to begin the process as soon as possible.
Security has been tightened in Jakarta amid a growing threat of violence
Speaking to CNN he said Wahid`s actions went against the constitution.
"It is against the rules that we have agreed to in the Assembly," he told CNN. "So, to some extent it is against the constitution."
Rais, who was at one time a leading Wahid ally, said Wahid`s temporary appointment of Gen. Chaeruddin Ismail as the new temporary national police chief, subject to parliament`s approval, was "a trick".
There is speculation among some observers that the move may be part of Wahid`s efforts to spread division within the fragile opposition coalition pushing for his removal.
They include the Golkar party -- the second largest party and the one-time political vehicle of former President Suharto; several Muslim parties; representatives of the military; and the party of Vice President Megawati Sukarnoputri who is Wahid`s likely successor.
Golkar leader Akbar Tandjung said earlier his party would not support an early special session because Chairuddin`s temporary appointment did not flout MPs` demands.
Threat of violence
The prospect of a political showdown has raised tensions in Jakarta over the past week with fears that the crisis could translate into renewed violence on the city`s streets.
The rift between Wahid and his deputy, Megawati Sukarnoputri appears to be getting ever wider
More than 40,000 police and troops have been deployed around the capital and plans are in place to evacuate lawmakers and defend embassies in the event of trouble.
Many observers say that without any prospect of a compromise being reached, they expect Wahid to eventually be forced from office.
That likelihood was reinforced when Megawati`s party, the PDI-P, said publicly for the first time that it would back his removal.
As deputy, Megawati would automatically assume the presidency if Wahid is forced out.
Both she and her party have previously expressed support for an impeachment hearing, but until now have stopped short of calling for Wahid`s removal.
However other analysts say Wahid may yet be able to get off on a technicality.
Despite weeks of blustering threats, he did not declare a state of emergency -- nor did he swear in a new national police chief, choosing instead to install an "acting police chief".
But opposition lawmakers say they are fed up with Wahid`s threats. They warn impeachment is inevitable. The only question, they say, is when. "Right now, he is counting his days," said Rais.
"He will become a common citizen just like other citizens when he is not the President anymore. I think it is too late to make any political compromise."
Indonesische Parteiführer stellen sich hinter Megawati
neue Einzelheiten)
Panzer fahren in Jakarta auf - Parlamentspräsident Rais: Wahids politische Zeit abgelaufen - 59 Verletzte bei Anschlägen
Jakarta (AP) Die politische Krise in Indonesien hat sich am Sonntag gefährlich zugespitzt. Die meisten Parteien stellten sich einen Tag nach der Einleitung eines Amtsenthebungsverfahrens gegen Präsident Abdurrahman Wahid demonstrativ hinter dessen Rivalin, Vizepräsidentin Megawati Sukarnoputri. Wahid bekräftigte jedoch, er werde nicht zurücktreten. Mehr als 2.000 Soldaten marschierten am Nachmittag in die Hauptstadt Jakarta ein, mehrere Dutzend Panzer und gepanzerte Fahrzeuge fuhren auf.
Die Demonstration militärischer Stärke, eine der mächtigsten seit Jahren, sei kein Versuch zur Einschüchterung Wahids, erklärte General Ryamizard Ryacudu. Es handele sich lediglich um eine Routineübung.
«Ich denke, Wahids Zeit im Amt ist nur noch eine Frage von Stunden», erklärte unterdessen Parlamentspräsident Amien Rais. Bei einem Besuch bei Megawati hätten ihr die Parteiführer moralische Unterstützung für die Bildung einer neuen Regierung versichert. Wahid hat mit der Ausrufung des Ausnahmezustands gedroht, sollte sich die Lage in dem Vielvölkerstaat im Zuge des Amtsenthebungsverfahrens destabilisieren.
Am Sonntag wurden nach Angaben der Polizei aus politischen Motiven zwei Anschläge auf christliche Kirchen verübt. Beide Kirchen befinden sich im Osten der Hauptstadt in der Nähe von militärischen Einrichtungen. Allein bei der ersten Explosion wurden etwa 70 Menschen verletzt.
Die Polizei erklärte, damit solle offenbar das Amtsenthebungsverfahren gegen Wahid behindert werden. Ein Sprecher Wahids, Adhi Massardi, mutmaßte, dass die Anschläge mit dem Abstimmungsverhalten einer kleinen christlichen Partei zusammenhingen, die bei dem Verfahren für Wahid gestimmt habe. Wahid hat als einflussreicher moslemischer Führer für Toleranz zwischen den verschiedenen Völkern und Religionen aufgerufen. Ein Parlamentssprecher, Andi Mappatahang Fatwa, bezeichnete die Anschläge als «politischen Terrorismus», der die Sondersitzung zur Amtsenthebung unterbrechen solle.
Das Parlament hatte am Samstag mit großer Mehrheit die sofortige Einleitung eines Amtsenthebungsverfahrens gegen Wahid beschlossen. Wahid werden Korruption, Inkompetenz und Verfassungsbruch vorgeworfen. Nach dem Ende der Ära Suharto war er im Oktober 1999 zum ersten demokratischen Staatschef Indonesiens nach vier Jahrzehnten gewählt worden.
Australien bereitet mögliche Evakuierung seiner Bürger vor
Der australische Außenminister Alexander Downer sagte, für den schlimmsten Fall bereite seine Regierung die Evakuierung ihrer Bürger aus dem Nachbarland vor. «Falls es zum Äußersten kommt, müssen wir darauf vorbereitet sein, Australier zu kontaktieren und zu evakuieren», sagte er dem Fernsehsender Seven Network. Wahid selbst hat bereits mehrfach vor einer schweren Destabilisierung des Vielvölkerstaats gewarnt, sollten er und seine Regierung gestürzt werden.
www.yahoo.de
neue Einzelheiten)
Panzer fahren in Jakarta auf - Parlamentspräsident Rais: Wahids politische Zeit abgelaufen - 59 Verletzte bei Anschlägen
Jakarta (AP) Die politische Krise in Indonesien hat sich am Sonntag gefährlich zugespitzt. Die meisten Parteien stellten sich einen Tag nach der Einleitung eines Amtsenthebungsverfahrens gegen Präsident Abdurrahman Wahid demonstrativ hinter dessen Rivalin, Vizepräsidentin Megawati Sukarnoputri. Wahid bekräftigte jedoch, er werde nicht zurücktreten. Mehr als 2.000 Soldaten marschierten am Nachmittag in die Hauptstadt Jakarta ein, mehrere Dutzend Panzer und gepanzerte Fahrzeuge fuhren auf.
Die Demonstration militärischer Stärke, eine der mächtigsten seit Jahren, sei kein Versuch zur Einschüchterung Wahids, erklärte General Ryamizard Ryacudu. Es handele sich lediglich um eine Routineübung.
«Ich denke, Wahids Zeit im Amt ist nur noch eine Frage von Stunden», erklärte unterdessen Parlamentspräsident Amien Rais. Bei einem Besuch bei Megawati hätten ihr die Parteiführer moralische Unterstützung für die Bildung einer neuen Regierung versichert. Wahid hat mit der Ausrufung des Ausnahmezustands gedroht, sollte sich die Lage in dem Vielvölkerstaat im Zuge des Amtsenthebungsverfahrens destabilisieren.
Am Sonntag wurden nach Angaben der Polizei aus politischen Motiven zwei Anschläge auf christliche Kirchen verübt. Beide Kirchen befinden sich im Osten der Hauptstadt in der Nähe von militärischen Einrichtungen. Allein bei der ersten Explosion wurden etwa 70 Menschen verletzt.
Die Polizei erklärte, damit solle offenbar das Amtsenthebungsverfahren gegen Wahid behindert werden. Ein Sprecher Wahids, Adhi Massardi, mutmaßte, dass die Anschläge mit dem Abstimmungsverhalten einer kleinen christlichen Partei zusammenhingen, die bei dem Verfahren für Wahid gestimmt habe. Wahid hat als einflussreicher moslemischer Führer für Toleranz zwischen den verschiedenen Völkern und Religionen aufgerufen. Ein Parlamentssprecher, Andi Mappatahang Fatwa, bezeichnete die Anschläge als «politischen Terrorismus», der die Sondersitzung zur Amtsenthebung unterbrechen solle.
Das Parlament hatte am Samstag mit großer Mehrheit die sofortige Einleitung eines Amtsenthebungsverfahrens gegen Wahid beschlossen. Wahid werden Korruption, Inkompetenz und Verfassungsbruch vorgeworfen. Nach dem Ende der Ära Suharto war er im Oktober 1999 zum ersten demokratischen Staatschef Indonesiens nach vier Jahrzehnten gewählt worden.
Australien bereitet mögliche Evakuierung seiner Bürger vor
Der australische Außenminister Alexander Downer sagte, für den schlimmsten Fall bereite seine Regierung die Evakuierung ihrer Bürger aus dem Nachbarland vor. «Falls es zum Äußersten kommt, müssen wir darauf vorbereitet sein, Australier zu kontaktieren und zu evakuieren», sagte er dem Fernsehsender Seven Network. Wahid selbst hat bereits mehrfach vor einer schweren Destabilisierung des Vielvölkerstaats gewarnt, sollten er und seine Regierung gestürzt werden.
www.yahoo.de
Meinungsumfrage
Wer glaubt denn,daß Megawati die Sache besser macht
und warum?
Bisher nicht viel Substantiertes von ihr gehört.
Die Presse hat bisher mehrheitlich darauf hingewiesen,daß
das Verfahren "gemacht" ist von Interessengruppen und
an den Vorwürfen nichts oder nicht viel drann ist.
Wieso sollte das dann unter Megawati aufhören?
so long
Wer glaubt denn,daß Megawati die Sache besser macht
und warum?
Bisher nicht viel Substantiertes von ihr gehört.
Die Presse hat bisher mehrheitlich darauf hingewiesen,daß
das Verfahren "gemacht" ist von Interessengruppen und
an den Vorwürfen nichts oder nicht viel drann ist.
Wieso sollte das dann unter Megawati aufhören?
so long
In der heutigen EURO am SONNTAG wird vom Fonds-Guru "Mark-Möbius" Indoesien und Thailand als Top-Investment angepriesen !!!
Hallo broker*709 !
Sitze seid 1999 auf verlust mit BII ,was meinst du ? sollte man wieder einsteigen?
So wie es aussieht könnte man langsam anfangen größere positionen aufzubauen.
Gruß spekulativ
Sitze seid 1999 auf verlust mit BII ,was meinst du ? sollte man wieder einsteigen?
So wie es aussieht könnte man langsam anfangen größere positionen aufzubauen.
Gruß spekulativ
Wie tief müssen die Kurse sein, wenn selbst bei einem so dramatischen Regierungswechsel die Börse um 2 % steigt!
Ich würde in ca. 4 INDO-BANKEN investieren und wenn BNII, dann max. 30 %
Megawati installed as president
JAKARTA (JP): Immediately after securing the unanimous support of the registered members of the People`s Consultative Assembly (MPR), Vice President Megawati Soekarnoputri was officially installed as president to replace Abdurrahman Wahid.
Clad in a white-and-purple kebaya, Megawati took her oath as the country`s fifth president.
She then gave her inaugural address to the MPR legislators, expressing her gratitude for her appointment as president.
Before Megawati delivered her speech, MPR secretary-general Umar Basalim read Assembly Decree No. 3/MPR/2001 which made official Megawati`s appointment as president.
Umar also announced the revocation of two MPR decrees -- No. 7/MPR/1999 on the installment of Abdurrahman Wahid as president and No. 8/MPR/1999 on the installment of Megawati as vice president.
The secretary-general also announced that the MPR had agreed to allow Megawati to complete Abdurrahman`s term to 2004.
All 591 MPR members registered to vote earlier rejected Abdurrahman`s accountability and voted to appoint Megawati to replace the embattled president.
As the announcement was being made of Megawati`s installment as president, bouquets were sent to her official residence on Jl. Teuku Umar in Central Jakarta and her personal residence in Kebagusan subdistrict, Pasar Minggu, South Jakarta, Antarareported.
Ich würde in ca. 4 INDO-BANKEN investieren und wenn BNII, dann max. 30 %
Megawati installed as president
JAKARTA (JP): Immediately after securing the unanimous support of the registered members of the People`s Consultative Assembly (MPR), Vice President Megawati Soekarnoputri was officially installed as president to replace Abdurrahman Wahid.
Clad in a white-and-purple kebaya, Megawati took her oath as the country`s fifth president.
She then gave her inaugural address to the MPR legislators, expressing her gratitude for her appointment as president.
Before Megawati delivered her speech, MPR secretary-general Umar Basalim read Assembly Decree No. 3/MPR/2001 which made official Megawati`s appointment as president.
Umar also announced the revocation of two MPR decrees -- No. 7/MPR/1999 on the installment of Abdurrahman Wahid as president and No. 8/MPR/1999 on the installment of Megawati as vice president.
The secretary-general also announced that the MPR had agreed to allow Megawati to complete Abdurrahman`s term to 2004.
All 591 MPR members registered to vote earlier rejected Abdurrahman`s accountability and voted to appoint Megawati to replace the embattled president.
As the announcement was being made of Megawati`s installment as president, bouquets were sent to her official residence on Jl. Teuku Umar in Central Jakarta and her personal residence in Kebagusan subdistrict, Pasar Minggu, South Jakarta, Antarareported.
Meine Freude ist grenzenlos!
Megawati calls for unity
July 23, 2001 Posted: 10:20 PM HKT (1420 GMT)
Megawati follows in the footsteps of her father, Indonesia`s first president Sukarno
JAKARTA, Indonesia -- Megawati Sukarnoputri has been formally sworn-in as the new president of Indonesia following the ouster of the country`s embattled leader, Abdurrahman Wahid.
The daughter of Indonesia`s founding president Sukarno and the fourth leader in as many turbulent years, Megawati appealed to Indonesians to put their differences aside and build a great nation.
"To all the people of Indonesia wherever you are, I ask let`s look to the future and let`s unite and develop and fix our nation as one nation," she said during her acceptance speech.
Megawati`s ascension to power follows a dramatic weekend in Indonesian politics, which culminated in lawmakers beginning fast-track impeachment proceedings to remove Wahid from office after just 20 months in power.
The motion to force the nearly blind leader from office was passed 591-0 following a confused debate over parliamentary procedure.
Immediately afterwards Megawati was sworn in as president, taking the formal oath of office.
Observers say Megawati faces many challenges in asserting her new-found authority -- but perhaps the first and most difficult will be what to do with her former boss.
Wahid himself has yet to give his reaction to the appointment but said earlier in the day that he would ignore calls for him to step aside.
Wahid biographer and Australian academic Greg Barton told ABC television in Australia of "a rather somber mood" at the palace.
"It`s a sad acceptance of what now appears to be inevitable. I think for the president [Wahid] most of all, it`s come as a shock and he`s having trouble dealing with it."
`Voice of the people`
In a thinly veiled attack on Wahid`s efforts to cling to power, Megawati appealed to lawmakers to accept her presidency.
"I call on all parties to accept this democratic process today truly," she said. "This is the voice of the people which we must uphold."
"In my view, the respect to peoples` wishes and to accept what they have decided on the rules of the game is the basic principle that is a pillar of democracy."
Jakarta streets were reported quiet after the vote, but security remained tight around the capital amid fears of civil unrest in the lead up to and following the remarkable political events of the day.
No violence has yet been reported either in Jakarta or in Wahid`s political heartland of East Java where Muslim leaders ordered his fanatical supporters not to protest.
Challenges ahead
Accepting her new role with "humbleness", Megawati said the road ahead would be difficult as she attempts to turn around Indonesia`s economic and political woes.
"I am very conscious about the work ahead of me. It is not going to be easy," she said.
"We need togetherness in order to face the challenges and we also need a political situation that is calmer so we can face all the challenges."
After the swearing in ceremony, Megawati refused to answer questions from reporters, instead reading out a statement which ordered the current Cabinet to assume a caretaker role until a new government is named "in a few days."
Praise from Bush
Lawmakers applauded the result of the vote and welcomed the new leader
U.S. president George W. Bush praised Indonesia`s transition of power and said his government was eager to work with Megawati.
"We look forward to working with President Megawati and her team to address Indonesia`s challenges of economic reform, peaceful resolution of separatist challenges, and maintaining territorial integrity," Bush said in a joint press conference with Italian Prime Minister Silvio Berlusconi.
Analysts agree that Megawati`s faces enormous challenges and expect her to govern by consensus relying heavily on advisers and minders.
"Megawati has no strategy of how she wants to run the country," said leading political analyst Salim Said.
While Megawati may be more popular than any other Indonesian politician, analysts worry that she will become a puppet of the military.
Emergency decree
Wahid has said he will refuse to leave the palace
What future Wahid faces is now uncertain, despite his assertion that he will not relinquish his role as president.
Early on Monday morning, in a last ditch attempt to hold on to his job, he declared a state of emergency ordering parliament dissolved immediately and calling for elections next year.
He said emergency rule was the only way to stop Indonesia falling apart.
"If these things are not stopped soon, it will destroy the united nation of Indonesia," he said.
Wahid had warned that if he was impeached the troublesome provinces of Aceh and West Papua would break away and violence would prevail.
However, both the military and the police refused to give their backing to the decree, as did six members of the presidential cabinet -- including Security Minister, Agum Gumelar and cabinet secretary Marzuki Darusman, who resigned in protest.
Lawmakers also refused to recognize the order and following a Supreme Court ruling on the legality of the assembly`s special session proceeded with the impeachment process Monday morning.
Incompetence
Wahid, 61, was accused of political incompetence and involvement in two cases of corruption, charges he has repeatedly denied.
He was elected to the presidency by the MPR in 1999 following Indonesia`s first democratic elections in 1999.
Initially, the nearly blind Muslim scholar enjoyed wide support amid hopes he would deliver economic and democratic reforms after years of corrupt dictatorship.
But relations quickly soured with lawmakers, who accused him of erratic policies and claimed that he was too frail after a series of strokes.
He also failed to quell communal and separatist conflicts that have killed thousands across the sprawling Indonesian archipelago.
Corruption continued to flourish and attempts to prosecute those guilty of graft, including former dictator Suharto, mostly came to nothing.
Megawati calls for unity
July 23, 2001 Posted: 10:20 PM HKT (1420 GMT)
Megawati follows in the footsteps of her father, Indonesia`s first president Sukarno
JAKARTA, Indonesia -- Megawati Sukarnoputri has been formally sworn-in as the new president of Indonesia following the ouster of the country`s embattled leader, Abdurrahman Wahid.
The daughter of Indonesia`s founding president Sukarno and the fourth leader in as many turbulent years, Megawati appealed to Indonesians to put their differences aside and build a great nation.
"To all the people of Indonesia wherever you are, I ask let`s look to the future and let`s unite and develop and fix our nation as one nation," she said during her acceptance speech.
Megawati`s ascension to power follows a dramatic weekend in Indonesian politics, which culminated in lawmakers beginning fast-track impeachment proceedings to remove Wahid from office after just 20 months in power.
The motion to force the nearly blind leader from office was passed 591-0 following a confused debate over parliamentary procedure.
Immediately afterwards Megawati was sworn in as president, taking the formal oath of office.
Observers say Megawati faces many challenges in asserting her new-found authority -- but perhaps the first and most difficult will be what to do with her former boss.
Wahid himself has yet to give his reaction to the appointment but said earlier in the day that he would ignore calls for him to step aside.
Wahid biographer and Australian academic Greg Barton told ABC television in Australia of "a rather somber mood" at the palace.
"It`s a sad acceptance of what now appears to be inevitable. I think for the president [Wahid] most of all, it`s come as a shock and he`s having trouble dealing with it."
`Voice of the people`
In a thinly veiled attack on Wahid`s efforts to cling to power, Megawati appealed to lawmakers to accept her presidency.
"I call on all parties to accept this democratic process today truly," she said. "This is the voice of the people which we must uphold."
"In my view, the respect to peoples` wishes and to accept what they have decided on the rules of the game is the basic principle that is a pillar of democracy."
Jakarta streets were reported quiet after the vote, but security remained tight around the capital amid fears of civil unrest in the lead up to and following the remarkable political events of the day.
No violence has yet been reported either in Jakarta or in Wahid`s political heartland of East Java where Muslim leaders ordered his fanatical supporters not to protest.
Challenges ahead
Accepting her new role with "humbleness", Megawati said the road ahead would be difficult as she attempts to turn around Indonesia`s economic and political woes.
"I am very conscious about the work ahead of me. It is not going to be easy," she said.
"We need togetherness in order to face the challenges and we also need a political situation that is calmer so we can face all the challenges."
After the swearing in ceremony, Megawati refused to answer questions from reporters, instead reading out a statement which ordered the current Cabinet to assume a caretaker role until a new government is named "in a few days."
Praise from Bush
Lawmakers applauded the result of the vote and welcomed the new leader
U.S. president George W. Bush praised Indonesia`s transition of power and said his government was eager to work with Megawati.
"We look forward to working with President Megawati and her team to address Indonesia`s challenges of economic reform, peaceful resolution of separatist challenges, and maintaining territorial integrity," Bush said in a joint press conference with Italian Prime Minister Silvio Berlusconi.
Analysts agree that Megawati`s faces enormous challenges and expect her to govern by consensus relying heavily on advisers and minders.
"Megawati has no strategy of how she wants to run the country," said leading political analyst Salim Said.
While Megawati may be more popular than any other Indonesian politician, analysts worry that she will become a puppet of the military.
Emergency decree
Wahid has said he will refuse to leave the palace
What future Wahid faces is now uncertain, despite his assertion that he will not relinquish his role as president.
Early on Monday morning, in a last ditch attempt to hold on to his job, he declared a state of emergency ordering parliament dissolved immediately and calling for elections next year.
He said emergency rule was the only way to stop Indonesia falling apart.
"If these things are not stopped soon, it will destroy the united nation of Indonesia," he said.
Wahid had warned that if he was impeached the troublesome provinces of Aceh and West Papua would break away and violence would prevail.
However, both the military and the police refused to give their backing to the decree, as did six members of the presidential cabinet -- including Security Minister, Agum Gumelar and cabinet secretary Marzuki Darusman, who resigned in protest.
Lawmakers also refused to recognize the order and following a Supreme Court ruling on the legality of the assembly`s special session proceeded with the impeachment process Monday morning.
Incompetence
Wahid, 61, was accused of political incompetence and involvement in two cases of corruption, charges he has repeatedly denied.
He was elected to the presidency by the MPR in 1999 following Indonesia`s first democratic elections in 1999.
Initially, the nearly blind Muslim scholar enjoyed wide support amid hopes he would deliver economic and democratic reforms after years of corrupt dictatorship.
But relations quickly soured with lawmakers, who accused him of erratic policies and claimed that he was too frail after a series of strokes.
He also failed to quell communal and separatist conflicts that have killed thousands across the sprawling Indonesian archipelago.
Corruption continued to flourish and attempts to prosecute those guilty of graft, including former dictator Suharto, mostly came to nothing.
@Rhum56,
ich teile deine Skepsis, möchte mich aber nicht weiter dazu äußern. (PC ist zu stark in den Köpfen vieler verankert.)
>"Megawati has no strategy of how she wants to run the >country," said leading political analyst Salim Said.
Das wäre wohl nicht einmal von Wahid geschrieben worden.
Deswegen bin ich zwar froh, daß der gescheiterte Vorgänger weg ist, aber gar nicht froh über diese Wahl.
Merkwürdigerweise dürften Beliebtheit, und die Unterstützung aus dem Westen (siehe obige Anmerkung), trotz schlechter Wahl einen deutlichen Auftrieb geben.
@broker*709,
warum ausgerechnet Banken? Da gab es massive Probleme mit faulen Krediten, eine drohende Notübernahme der BNII, bei der Aktionärsinteressen hintenanstehen könnten; andernfalls droht schlimmeres. Die Bank von Bali hat eine die Altaktionäre beinahe enteignende Kapitalerhöhung in Verbindung mit einer umgekehrten Spaltung (war es 99:1 ?) durchgeführt, wie im w:o Forum zu BNLI geschrieben wurde.
Woher wissen wir, daß die Banken am Aufschwung teilnehmen werden?
10 Prozent Währungsgewinn zuzüglich 2 - 3 Prozent Börsengewinn ergeben schon eine ganz erkleckliche Verteuerung an einem Tag. (Meine Fehlspekulation war, Schwierigkeiten beim Machtwechsel zu erwarten, und daher letzte Woche den Einstieg auf frühestens diese Woche zu verschieben. Wer zu spät kommt, den bestraft die Börse.)
>Indonesion vor der Trendwende?
>23.07.2001
>...
>Der richtungweisende indonesische Aktienindex JSX legte >bis zum Mittag bis zu 3,36 Prozent zu; nach >Gewinnmitnahmen schloss er bei einem Plus von 2,2 Prozent, >dem höchsten Stand seit dem 8. September 2000.
Das sieht gar nicht mehr nach einem sonderlich günstigen Einstieg aus, besonders wenn noch 10 Prozent Anstieg der Rupiah, also Kursverlust beim Umwechseln in IDR hinzugerechnet werden. Mit anderen Worten - seit einem Dreivierteljahr ist jetzt der ungünstigste Zeitpunkt.
Das ist der Preis dafür, nach vermutlichem Abschluß der Krise einzusteigen. Es gibt halt nichts umsonst. Hoffentlich kommt jetzt keine Krise, denn sonst kann es auch unter Einstand gehen.
Trotzdem glaube ich, daß die Chancen überwiegen, und hoffe demnächst auch mit im Boot zu sein.
Grüße,
Kurswechsel
ich teile deine Skepsis, möchte mich aber nicht weiter dazu äußern. (PC ist zu stark in den Köpfen vieler verankert.)
>"Megawati has no strategy of how she wants to run the >country," said leading political analyst Salim Said.
Das wäre wohl nicht einmal von Wahid geschrieben worden.
Deswegen bin ich zwar froh, daß der gescheiterte Vorgänger weg ist, aber gar nicht froh über diese Wahl.
Merkwürdigerweise dürften Beliebtheit, und die Unterstützung aus dem Westen (siehe obige Anmerkung), trotz schlechter Wahl einen deutlichen Auftrieb geben.
@broker*709,
warum ausgerechnet Banken? Da gab es massive Probleme mit faulen Krediten, eine drohende Notübernahme der BNII, bei der Aktionärsinteressen hintenanstehen könnten; andernfalls droht schlimmeres. Die Bank von Bali hat eine die Altaktionäre beinahe enteignende Kapitalerhöhung in Verbindung mit einer umgekehrten Spaltung (war es 99:1 ?) durchgeführt, wie im w:o Forum zu BNLI geschrieben wurde.
Woher wissen wir, daß die Banken am Aufschwung teilnehmen werden?
10 Prozent Währungsgewinn zuzüglich 2 - 3 Prozent Börsengewinn ergeben schon eine ganz erkleckliche Verteuerung an einem Tag. (Meine Fehlspekulation war, Schwierigkeiten beim Machtwechsel zu erwarten, und daher letzte Woche den Einstieg auf frühestens diese Woche zu verschieben. Wer zu spät kommt, den bestraft die Börse.)
>Indonesion vor der Trendwende?
>23.07.2001
>...
>Der richtungweisende indonesische Aktienindex JSX legte >bis zum Mittag bis zu 3,36 Prozent zu; nach >Gewinnmitnahmen schloss er bei einem Plus von 2,2 Prozent, >dem höchsten Stand seit dem 8. September 2000.
Das sieht gar nicht mehr nach einem sonderlich günstigen Einstieg aus, besonders wenn noch 10 Prozent Anstieg der Rupiah, also Kursverlust beim Umwechseln in IDR hinzugerechnet werden. Mit anderen Worten - seit einem Dreivierteljahr ist jetzt der ungünstigste Zeitpunkt.
Das ist der Preis dafür, nach vermutlichem Abschluß der Krise einzusteigen. Es gibt halt nichts umsonst. Hoffentlich kommt jetzt keine Krise, denn sonst kann es auch unter Einstand gehen.
Trotzdem glaube ich, daß die Chancen überwiegen, und hoffe demnächst auch mit im Boot zu sein.
Grüße,
Kurswechsel
Wenn uns dann noch ein steigende Wechselkurs entgegenkommt, dann läuft doppelt so gut !
Steigende Aktien und Währungsgewinne.
Ich meine, die Rupiha wird auf lange Zeit wieder 4-stellig.
Foreign Exchange & Time Deposit Interest Rates
Currency 1 month 3 month 6 month 12 month
IDR 12.50% 12.50% 12.75% 12.75%
CURRENCY BID OFFER
USD 9,625.00 10,125.00
Steigende Aktien und Währungsgewinne.
Ich meine, die Rupiha wird auf lange Zeit wieder 4-stellig.
Foreign Exchange & Time Deposit Interest Rates
Currency 1 month 3 month 6 month 12 month
IDR 12.50% 12.50% 12.75% 12.75%
CURRENCY BID OFFER
USD 9,625.00 10,125.00
wusste gar nicht dass es einen Corruption Perception Index (CPI) gibt 
gibt`s denn da auch einen index-fond drauf ... wie sieht der denn in Deutschland aus 
World Bank ready to support Megawati
JAKARTA (Bisnis): President of World Bank James D. Wolfensohn has given his support to the government of Megawati, expressing his confidence that the economy would improve under her leadership.
Wolfensohn`s statement also included his congratulatory message over Megawati`s election as the fifth President of the Republic of Indonesia.
He acknowledged that the new government faces many obstacles to economic recovery.
"This is a moment of challenges and opportunities for Indonesia. President Megawati faces a heavy task in reconstructing the economy, eradicate corruption and poverty in Indonesia," he said.
Wolfensohn said the Bank looks positively at Megawati as the new government appears geared towards cooperating with international financial institutions.
He placed high hopes on the new economic team, as it would provide a road map for economic recovery.
Separately, World Bank Representative in Jakarta Mark Baird said a peaceful power shift in Indonesia would have an impact on efforts to stabilize the political situation here.
Mark Baird said this is good news to the financial market and investors.
The key, he said, is the commitment to capitalize on the current momentum to move forward.
The Bank is the leader of the Consultative Group for Indonesia, and each year on average disburses a loan of US$1,5 billion.
Total loans from CGI average US$5 billion a year.This year the Bank has three scenarios for Indonesia, namely the basic scenario, the high scenario and the pessimistic scenario.
The basic scenario calls for the Bank to lend Indonesia US$600 million this year, rising to US$1 billion next year if the situation improves.
Meanwhile, the Corruption Perception Index (CPI) for 2000 shows that the level of corruption in Indonesia placed the country fourth from the bottom while those who live under the poverty line represents about 40% of the population, which hit a peak when the economic crisis started to plague Indonesia.
As such Mark Baird said, it needs time to eradicate corruption, as there are many problems."There must be sustainable and continuous efforts so that Indonesia could emerge from the abyss," said Baird. (m04)
gibt`s denn da auch einen index-fond drauf ... wie sieht der denn in Deutschland aus 
World Bank ready to support Megawati
JAKARTA (Bisnis): President of World Bank James D. Wolfensohn has given his support to the government of Megawati, expressing his confidence that the economy would improve under her leadership.
Wolfensohn`s statement also included his congratulatory message over Megawati`s election as the fifth President of the Republic of Indonesia.
He acknowledged that the new government faces many obstacles to economic recovery.
"This is a moment of challenges and opportunities for Indonesia. President Megawati faces a heavy task in reconstructing the economy, eradicate corruption and poverty in Indonesia," he said.
Wolfensohn said the Bank looks positively at Megawati as the new government appears geared towards cooperating with international financial institutions.
He placed high hopes on the new economic team, as it would provide a road map for economic recovery.
Separately, World Bank Representative in Jakarta Mark Baird said a peaceful power shift in Indonesia would have an impact on efforts to stabilize the political situation here.
Mark Baird said this is good news to the financial market and investors.
The key, he said, is the commitment to capitalize on the current momentum to move forward.
The Bank is the leader of the Consultative Group for Indonesia, and each year on average disburses a loan of US$1,5 billion.
Total loans from CGI average US$5 billion a year.This year the Bank has three scenarios for Indonesia, namely the basic scenario, the high scenario and the pessimistic scenario.
The basic scenario calls for the Bank to lend Indonesia US$600 million this year, rising to US$1 billion next year if the situation improves.
Meanwhile, the Corruption Perception Index (CPI) for 2000 shows that the level of corruption in Indonesia placed the country fourth from the bottom while those who live under the poverty line represents about 40% of the population, which hit a peak when the economic crisis started to plague Indonesia.
As such Mark Baird said, it needs time to eradicate corruption, as there are many problems."There must be sustainable and continuous efforts so that Indonesia could emerge from the abyss," said Baird. (m04)
!
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Und Du Gus Dur bleibst am besten gleich drüben, bei einem ähnlich erfolglosen Präsidenten wie Du warst, leider noch im Amt :-(
Gus Dur arrives in DC
WASHINGTON D.C. (JP): Ousted Indonesian President Abdurrahman Wahid arrived at the Dulles International Airport in Virginia near here shortly before 4 p.m. on Friday (Saturday morning Indonesian time) for a medical treatment.
Gus Dur, as the near blind former Indonesian leader is popularly known, was greeted by Samodra Sriwijaya, the Deputy Chief of the Indonesian Mission to the United States, and a handful of embassy staff and Indonesians.
He was accompanied by his wife and two daughters.
After taking some questions from local reporters, Gus Dur and his family were immediately driven by Indonesian embassy staff to Baltimore. He is scheduled to undergo medical check up at the John Hopkins Hospital there.
Gus Dur lost his job on Monday through an impeachment process by the People’s Consultative Assembly which found him guilty of corruption, incompetence, and of violating the constitution.
Insisting that the impeachment process was illegal, Gus Dur resisted from giving up his post and from leaving the President Palace. He relented on Thursday as the mounting pressure apparently affected his health, with doctors warning the danger of a third and probably fatal stroke.
He took up an offer from the United States government to undergo medical treatment here. He flew from Jakarta to Singapore on Thursday, but not before promising to his thousands of supporters who saw him off at the palace gate that he would return to fight for democracy in Indonesia.
(This report was contributed by Yenni Djahidin, The Jakarta Post correspondent based in Washington DC).
Gus Dur arrives in DC
WASHINGTON D.C. (JP): Ousted Indonesian President Abdurrahman Wahid arrived at the Dulles International Airport in Virginia near here shortly before 4 p.m. on Friday (Saturday morning Indonesian time) for a medical treatment.
Gus Dur, as the near blind former Indonesian leader is popularly known, was greeted by Samodra Sriwijaya, the Deputy Chief of the Indonesian Mission to the United States, and a handful of embassy staff and Indonesians.
He was accompanied by his wife and two daughters.
After taking some questions from local reporters, Gus Dur and his family were immediately driven by Indonesian embassy staff to Baltimore. He is scheduled to undergo medical check up at the John Hopkins Hospital there.
Gus Dur lost his job on Monday through an impeachment process by the People’s Consultative Assembly which found him guilty of corruption, incompetence, and of violating the constitution.
Insisting that the impeachment process was illegal, Gus Dur resisted from giving up his post and from leaving the President Palace. He relented on Thursday as the mounting pressure apparently affected his health, with doctors warning the danger of a third and probably fatal stroke.
He took up an offer from the United States government to undergo medical treatment here. He flew from Jakarta to Singapore on Thursday, but not before promising to his thousands of supporters who saw him off at the palace gate that he would return to fight for democracy in Indonesia.
(This report was contributed by Yenni Djahidin, The Jakarta Post correspondent based in Washington DC).
Ein interessantes Interview von Megawati mit TIME ASIA:
"Our Problems Can`t Be Solved by Violence"
Indonesia`s new President Megawati Sukarnoputri speaks exclusively to TIME
Monday, July 30, 2001
During a two-day trip to West Java, Central Sulawesi and South Sulawesi, Megawati Sukarnoputri granted TIME her first interview as the country`s newly elected President. Following are extended Web-only excerpts of her conversation over a breakfast of omelets and toast with reporter Jason Tedjasukmana on July 28 in the South Sulawesi capital of Makassar.
TIME: Were you surprised that the process of Abdurrahman Wahid`s impeachment and your ascent to the presidency went so smoothly and without any reaction in the streets from his supporters or your own?
Megawati: As the chairman of the Indonesian Democratic Party of Struggle (PDIP) I have a standing instruction not to use violence. I always stress three points: the democratic mechanism, constitutional process and non-violence. The party has experienced extremely bitter times and violence such as the incident of July 27, 1996 (when riots in Jakarta emanating from an internal party struggle brought thousands of protesters to the streets, leaving 3 dead).
TIME: Then why was it more important for you to make this trip and not join the fifth anniversary commemoration of the July 27 incident in Jakarta?
Megawati: That was a critical moment for PDIP but now I have to look at all aspects of this country and its future. I`m still the party chairman but now my obligation and job is to serve, process and prioritize the tasks of running this country.
TIME: What priorities will top your agenda in the first 100 days of your presidency?
Megawati: It is important to manage this transition smoothly. I have already been part of the government as Vice President. After I was given more responsibility for the handling of daily affairs through last year`s Presidential Decree 212, I feel that I have gained much experience in administrative affairs. It became clear that as a nation we face an enormous scope of problems inherited from (Suharto`s) New Order regime. After a year-and-a-half it is difficult to make an evaluation of our progress because much of our work is still in progress. We have done a lot of positive things but we cannot yet say that we have succeeded. We need to continue our development through projects such as the ones I am going to inaugurate on this trip.
TIME: Apart from governance issues, are there other areas you plan to prioritize?
Megawati: The main priority is to maintain the integrity of the country to prevent disintegration. This republic was founded with the objective of unifying all of the regions into the Republic of Indonesia. We need to implement programs of stability and security to quickly settle our problems. Much is still in progress. Many of the problems and conflicts are violent in nature but we have learned that it will be impossible to settle them with more violence. The fact that the special session concluded without violence is a sign that our democracy is maturing.
TIME: There is an impression that you will be more inclined to use the military and more repressive means to settle conflicts in restive regions such as Aceh and Irian Jaya. Is this your plan?
Megawati: (Laughs) The media may say this but as PDIP chairman I have had a bitter experience with violence. My whole family experienced it (Megawati is the daughter of Indonesia`s first President, Sukarno, who was overthrown in a shadowy coup in 1966 by Suharto). We first need to follow the rules of the game. We have laws and the 1945 Constitution which makes it obligatory for me to preserve the unity of this country.
TIME: Does this mean you`ll send more troops to these regions or will you look to take a different approach?
Megawati: This is a problem of transition. The problems of Aceh and Irian Jaya are being processed and addressed by government regulations and presidential instructions. These regulations will apply to the people of Aceh, Irian Jaya and all of the provinces.
TIME: How will your administration differ from former President Wahid`s?
Megawati: We could see that it was Abdurrahman Wahid (Gus Dur) that was more inclined to causing problems than the government itself. The government should function with a solid working mechanism.
TIME: Will you delegate authority to your Vice President under an arrangement similar to when you were Vice President?
Megawati: There are already regulations which state that the Vice President is supposed to be the President`s assistant. But there will be a difference. The last yearly session of the People`s Consultative Assembly resulted in a presidential decree that handed more responsibility to the Vice President because of Gus Dur`s shortcomings. However, as agreed to in the Special Session, that decree is going to revoked and those tasks are going to be returned to the hands of the President.
TIME: Your Vice President once said that a woman should not be President and also helped block your bid for the presidency in 1999. How well do you think you can work with Hamzah Haz?
Megawati: I`m always optimistic and always look to the future. That was a story from the past, and Vice President Hamzah Haz said in his inauguration speech that he wanted to work together with me as President. I am sure that the processes we undertake to get this country out of its many crises will work. As I said in my inauguration speech, what is needed in the future is the cooperation of all the nation`s components to maintain the unity of the country, handle the crises and move this nation forward.
TIME: Which sectors of the economy do you feel need immediate attention?
Megawati: The problems are multidimensional and I am concerned with all sectors. The problems cannot be solved one by one but through a comprehensive solution. While I was still Vice President I presided over a number of working meetings with a focus on finding efficient ways of solving the problems we face. As a result I can see in a more clear and detailed way the problems we have in the areas of banking, industry, farming and many others.
TIME: Do you feel that the corruption case against former President Suharto should be continued?
Megawati: I have been monitoring the legal proceedings but cannot yet give an answer. There are still many aspects I have to evaluate and take a closer look at. It is not that easy, as the solution will have to be one that helps this country move towards a better future.
TIME: What teachings of your father will you employ to lead the country?
Megawati: Do not look at me as the daughter of Bung Karno (first President Sukarno). Let us position Bung Karno as the founder of the country. Much of his thinking is still very relevant to this day. His philosophy of Pancasila (the five philosophical principles of the Indonesian state, including unity, democracy and social justice) can still be adhered to as the foundation of this country.
TIME: Have you been in contact with Gus Dur?
Megawati: As of today, no. Through the head of his team of doctors, which includes his younger brother, and (former Minister) Alwi Shihab, I was informed that he planned to go abroad.
TIME: Any word from Gus Dur himself?
Megawati: Not yet.
TIME: Is there a message you would like to convey to Gus Dur who is currently in the United States?
Megawati: I hope you`re healthy and that you can continue to serve the nation.
Write to TIME at mail@web.timeasia
"Our Problems Can`t Be Solved by Violence"
Indonesia`s new President Megawati Sukarnoputri speaks exclusively to TIME
Monday, July 30, 2001
During a two-day trip to West Java, Central Sulawesi and South Sulawesi, Megawati Sukarnoputri granted TIME her first interview as the country`s newly elected President. Following are extended Web-only excerpts of her conversation over a breakfast of omelets and toast with reporter Jason Tedjasukmana on July 28 in the South Sulawesi capital of Makassar.
TIME: Were you surprised that the process of Abdurrahman Wahid`s impeachment and your ascent to the presidency went so smoothly and without any reaction in the streets from his supporters or your own?
Megawati: As the chairman of the Indonesian Democratic Party of Struggle (PDIP) I have a standing instruction not to use violence. I always stress three points: the democratic mechanism, constitutional process and non-violence. The party has experienced extremely bitter times and violence such as the incident of July 27, 1996 (when riots in Jakarta emanating from an internal party struggle brought thousands of protesters to the streets, leaving 3 dead).
TIME: Then why was it more important for you to make this trip and not join the fifth anniversary commemoration of the July 27 incident in Jakarta?
Megawati: That was a critical moment for PDIP but now I have to look at all aspects of this country and its future. I`m still the party chairman but now my obligation and job is to serve, process and prioritize the tasks of running this country.
TIME: What priorities will top your agenda in the first 100 days of your presidency?
Megawati: It is important to manage this transition smoothly. I have already been part of the government as Vice President. After I was given more responsibility for the handling of daily affairs through last year`s Presidential Decree 212, I feel that I have gained much experience in administrative affairs. It became clear that as a nation we face an enormous scope of problems inherited from (Suharto`s) New Order regime. After a year-and-a-half it is difficult to make an evaluation of our progress because much of our work is still in progress. We have done a lot of positive things but we cannot yet say that we have succeeded. We need to continue our development through projects such as the ones I am going to inaugurate on this trip.
TIME: Apart from governance issues, are there other areas you plan to prioritize?
Megawati: The main priority is to maintain the integrity of the country to prevent disintegration. This republic was founded with the objective of unifying all of the regions into the Republic of Indonesia. We need to implement programs of stability and security to quickly settle our problems. Much is still in progress. Many of the problems and conflicts are violent in nature but we have learned that it will be impossible to settle them with more violence. The fact that the special session concluded without violence is a sign that our democracy is maturing.
TIME: There is an impression that you will be more inclined to use the military and more repressive means to settle conflicts in restive regions such as Aceh and Irian Jaya. Is this your plan?
Megawati: (Laughs) The media may say this but as PDIP chairman I have had a bitter experience with violence. My whole family experienced it (Megawati is the daughter of Indonesia`s first President, Sukarno, who was overthrown in a shadowy coup in 1966 by Suharto). We first need to follow the rules of the game. We have laws and the 1945 Constitution which makes it obligatory for me to preserve the unity of this country.
TIME: Does this mean you`ll send more troops to these regions or will you look to take a different approach?
Megawati: This is a problem of transition. The problems of Aceh and Irian Jaya are being processed and addressed by government regulations and presidential instructions. These regulations will apply to the people of Aceh, Irian Jaya and all of the provinces.
TIME: How will your administration differ from former President Wahid`s?
Megawati: We could see that it was Abdurrahman Wahid (Gus Dur) that was more inclined to causing problems than the government itself. The government should function with a solid working mechanism.
TIME: Will you delegate authority to your Vice President under an arrangement similar to when you were Vice President?
Megawati: There are already regulations which state that the Vice President is supposed to be the President`s assistant. But there will be a difference. The last yearly session of the People`s Consultative Assembly resulted in a presidential decree that handed more responsibility to the Vice President because of Gus Dur`s shortcomings. However, as agreed to in the Special Session, that decree is going to revoked and those tasks are going to be returned to the hands of the President.
TIME: Your Vice President once said that a woman should not be President and also helped block your bid for the presidency in 1999. How well do you think you can work with Hamzah Haz?
Megawati: I`m always optimistic and always look to the future. That was a story from the past, and Vice President Hamzah Haz said in his inauguration speech that he wanted to work together with me as President. I am sure that the processes we undertake to get this country out of its many crises will work. As I said in my inauguration speech, what is needed in the future is the cooperation of all the nation`s components to maintain the unity of the country, handle the crises and move this nation forward.
TIME: Which sectors of the economy do you feel need immediate attention?
Megawati: The problems are multidimensional and I am concerned with all sectors. The problems cannot be solved one by one but through a comprehensive solution. While I was still Vice President I presided over a number of working meetings with a focus on finding efficient ways of solving the problems we face. As a result I can see in a more clear and detailed way the problems we have in the areas of banking, industry, farming and many others.
TIME: Do you feel that the corruption case against former President Suharto should be continued?
Megawati: I have been monitoring the legal proceedings but cannot yet give an answer. There are still many aspects I have to evaluate and take a closer look at. It is not that easy, as the solution will have to be one that helps this country move towards a better future.
TIME: What teachings of your father will you employ to lead the country?
Megawati: Do not look at me as the daughter of Bung Karno (first President Sukarno). Let us position Bung Karno as the founder of the country. Much of his thinking is still very relevant to this day. His philosophy of Pancasila (the five philosophical principles of the Indonesian state, including unity, democracy and social justice) can still be adhered to as the foundation of this country.
TIME: Have you been in contact with Gus Dur?
Megawati: As of today, no. Through the head of his team of doctors, which includes his younger brother, and (former Minister) Alwi Shihab, I was informed that he planned to go abroad.
TIME: Any word from Gus Dur himself?
Megawati: Not yet.
TIME: Is there a message you would like to convey to Gus Dur who is currently in the United States?
Megawati: I hope you`re healthy and that you can continue to serve the nation.
Write to TIME at mail@web.timeasia
Gerade aus dem EM-Forum von SARGE gefischt !
Betreff: was war und was wird in indonesien mkt+q
Geschrieben von: farang am Dienstag, 31 Juli 2001, um 9:07 a.m.
der präsidenschaftswechsel und die erwartungen, hier wird relativ gut zusammengefasst, welche makroökonomischen probleme zu lösen sind. zinssenkung und stärkung der währung schließen sich nach der klassischen theorie ja aus. aber wer weiß, ob vielleicht auch hier die klassische theorie versagt, diesmal positiv?
nach dem friedlichen wechsel ist man nun allseits gespannt, ob man sich wieder zu weit aus dem fenster lehnen wird oder ob nun wirklich schritte in die richtige richtung erfolgen.
gruß
farang
jakarta post heute:
New team told to regain market trust
JAKARTA (JP): Economists have urged the upcoming Cabinet economic team to focus on regaining market confidence immediately through credible economic policies while optimism still remains after the peaceful appointment of President Megawati Soekarnoputri, which ended months of political instability.
Senior economist at Danareksa Research Institute Raden Pardede said credibility was the key to winning back market trust.
"The government often makes promises it cannot deliver," Raden told The Jakarta Post.
Examples, he said, could be found in abundance in the government`s track record in meeting its own economic reform targets.
"You see them (the targets) on the LoI (Letter of Intent) even though we can`t deliver; here we put our credibility at risk," he said.
Raden was referring to the economic reform targets contained under the LoI signed with the International Monetary Fund (IMF).
The IMF`s stance toward Indonesia is seen as a benchmark by the international finance community in dealing with Indonesia.
Lagging behind on a number of targets, the previous government had pushed the IMF into suspending its loan program in December.
Raden said the new Cabinet team should be more prepared in setting the LoI targets.
To boost market confidence, he continued, it must also show more consistent fiscal and monetary policies.
The government and the central bank were often at odds when it comes to monetary policy, he explained.
Experts have warned that if Bank Indonesia continues to keep interest rates high, the government may not be able to meet its fiscal targets.
The government has pegged a large portion of its bonds` coupon rates on the interest rate of Bank Indonesia`s SBI promissory notes.
"For every 1 percent increase in the SBI rate, we must spend Rp 2.5 trillion (about US$250 million) on interest rates to service the bonds," Raden explained.
He also said the new economic team`s priorities should involve the stabilization of prices, as they directly affect the budget.
These, he said, should cover the prices of the rupiah exchange rate, commodities and private assets under government control.
The new economic team must further secure financing to plug the hole in the budget, he added.
At present, proceeds from privatized state enterprises, asset sales and foreign loans are used to finance the deficit.
But several experts have questioned the government`s ability to keep the budget deficit at the targeted 3.7 percent of gross domestic product (GDP).
They pointed out that so far two main indicators, the rupiah and interest rates, had missed their budget targets by a long way.
The rupiah started this year at around 9,500 against the U.S dollar, but quickly lost ground to hover at 11,000. This compares to the average 9,600 required by the budget.
Instead of the targeted 15 percent, interest rates have been steadily rising to 17.17 percent from 14 percent earlier this year.
"The team`s performance will show by the end of this year, based on its achievement to stabilize the state budget deficit," Raden said.
Economist Umar Juoro said the new economic team should seize the current positive momentum to push ahead with its privatization and asset sales program.
"They should sell off one or two state firms and get done with the BCA sales in less than two to three months time," Umar said.
The delayed divestment of government stakes in Bank Central Asia (BCA) was one of the reasons the IMF retained its loans.
Umar said pressing ahead with sales and privatization after months of inaction would stimulate the market into buying more.
"The government must act quickly, or else this honeymoon (with the market) will be over as quickly as Gus Dur`s did," he said, referring to former president Abdurrahman Wahid.
Economist Hadi Soesastro said the market now wanted to hear convincing statements that reflected a government that knows its job.
"It`s all about explanations," he said, adding:" what the market doesn`t want to hear is that we are doing something just because the IMF tells us to do it." (bkm)
Betreff: was war und was wird in indonesien mkt+q
Geschrieben von: farang am Dienstag, 31 Juli 2001, um 9:07 a.m.
der präsidenschaftswechsel und die erwartungen, hier wird relativ gut zusammengefasst, welche makroökonomischen probleme zu lösen sind. zinssenkung und stärkung der währung schließen sich nach der klassischen theorie ja aus. aber wer weiß, ob vielleicht auch hier die klassische theorie versagt, diesmal positiv?
nach dem friedlichen wechsel ist man nun allseits gespannt, ob man sich wieder zu weit aus dem fenster lehnen wird oder ob nun wirklich schritte in die richtige richtung erfolgen.
gruß
farang
jakarta post heute:
New team told to regain market trust
JAKARTA (JP): Economists have urged the upcoming Cabinet economic team to focus on regaining market confidence immediately through credible economic policies while optimism still remains after the peaceful appointment of President Megawati Soekarnoputri, which ended months of political instability.
Senior economist at Danareksa Research Institute Raden Pardede said credibility was the key to winning back market trust.
"The government often makes promises it cannot deliver," Raden told The Jakarta Post.
Examples, he said, could be found in abundance in the government`s track record in meeting its own economic reform targets.
"You see them (the targets) on the LoI (Letter of Intent) even though we can`t deliver; here we put our credibility at risk," he said.
Raden was referring to the economic reform targets contained under the LoI signed with the International Monetary Fund (IMF).
The IMF`s stance toward Indonesia is seen as a benchmark by the international finance community in dealing with Indonesia.
Lagging behind on a number of targets, the previous government had pushed the IMF into suspending its loan program in December.
Raden said the new Cabinet team should be more prepared in setting the LoI targets.
To boost market confidence, he continued, it must also show more consistent fiscal and monetary policies.
The government and the central bank were often at odds when it comes to monetary policy, he explained.
Experts have warned that if Bank Indonesia continues to keep interest rates high, the government may not be able to meet its fiscal targets.
The government has pegged a large portion of its bonds` coupon rates on the interest rate of Bank Indonesia`s SBI promissory notes.
"For every 1 percent increase in the SBI rate, we must spend Rp 2.5 trillion (about US$250 million) on interest rates to service the bonds," Raden explained.
He also said the new economic team`s priorities should involve the stabilization of prices, as they directly affect the budget.
These, he said, should cover the prices of the rupiah exchange rate, commodities and private assets under government control.
The new economic team must further secure financing to plug the hole in the budget, he added.
At present, proceeds from privatized state enterprises, asset sales and foreign loans are used to finance the deficit.
But several experts have questioned the government`s ability to keep the budget deficit at the targeted 3.7 percent of gross domestic product (GDP).
They pointed out that so far two main indicators, the rupiah and interest rates, had missed their budget targets by a long way.
The rupiah started this year at around 9,500 against the U.S dollar, but quickly lost ground to hover at 11,000. This compares to the average 9,600 required by the budget.
Instead of the targeted 15 percent, interest rates have been steadily rising to 17.17 percent from 14 percent earlier this year.
"The team`s performance will show by the end of this year, based on its achievement to stabilize the state budget deficit," Raden said.
Economist Umar Juoro said the new economic team should seize the current positive momentum to push ahead with its privatization and asset sales program.
"They should sell off one or two state firms and get done with the BCA sales in less than two to three months time," Umar said.
The delayed divestment of government stakes in Bank Central Asia (BCA) was one of the reasons the IMF retained its loans.
Umar said pressing ahead with sales and privatization after months of inaction would stimulate the market into buying more.
"The government must act quickly, or else this honeymoon (with the market) will be over as quickly as Gus Dur`s did," he said, referring to former president Abdurrahman Wahid.
Economist Hadi Soesastro said the market now wanted to hear convincing statements that reflected a government that knows its job.
"It`s all about explanations," he said, adding:" what the market doesn`t want to hear is that we are doing something just because the IMF tells us to do it." (bkm)
!
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Die Ruphia erreicht bald die 9000 Marke !
Weiter so :-)
Rupiah strengthens on back of Cabinet
JAKARTA (JP): The announcement of the country`s new gotong royong (mutual help) Cabinet has received a positive initial response from the money market with the rupiah trading at about 9,100 at noon.
Reactions to the economic team, to be headed by coordinating minister Dorotdjatun Kuntjoro-Jakti, have generally been good.
Brokers expressed confidence that the rupiah can strengthen further, possibly closing in at 8,500.
Antara, however, reported that the Jakarta Stock Exchange (JSX) was slightly down during the morning session.
The JSX composite index closed at 438.529, decreasing by 3.997 (0.9 percent). The LQ45 index was 89.240.
Weiter so :-)
Rupiah strengthens on back of Cabinet
JAKARTA (JP): The announcement of the country`s new gotong royong (mutual help) Cabinet has received a positive initial response from the money market with the rupiah trading at about 9,100 at noon.
Reactions to the economic team, to be headed by coordinating minister Dorotdjatun Kuntjoro-Jakti, have generally been good.
Brokers expressed confidence that the rupiah can strengthen further, possibly closing in at 8,500.
Antara, however, reported that the Jakarta Stock Exchange (JSX) was slightly down during the morning session.
The JSX composite index closed at 438.529, decreasing by 3.997 (0.9 percent). The LQ45 index was 89.240.
Dann legt mal los !!!#
Thursday August 9 4:48 PM ET
Indonesian Leader Unveils Cabinet
By SLOBODAN LEKIC, Associated Press Writer
JAKARTA, Indonesia (AP) - Newly elected President Megawati Sukarnoputri unveiled a Cabinet of specialists hailed as an economic ``dream team.`` But her selection of a general accused of human rights abuses drew criticism.
Thursday`s announcement of the lineup ended three weeks of political horse-trading since her election July 23 when former leader Abdurrahman Wahid was impeached and dismissed by the national assembly.
In selecting the ministers, Megawati sought to reconcile the need to reassure Indonesia`s international creditors with demands for portfolios from politicians who helped elect her after Wahid`s ouster.
The long delay in replacing the caretaker Cabinet sent jitters through financial markets and raised concerns about Megawati`s ability to restore investor confidence in the crisis-ridden economy.
Megawati said the 32-member body will be dominated by nonpartisan technocrats who she said will try to pull Indonesia out of its deepest economic and social crisis in decades.
``National unity will be the first priority of my Cabinet,`` Megawati said in a nationally televised speech. ``We are facing the threat of territorial and social disintegration.``
Dorodjatun Kuntjoro-Jakti, a former economics professor and the outgoing ambassador to the United States, was named senior minister for economics. His job will be to coordinate the work of the ministries of finance, trade, state enterprises and all other government agencies dealing with the economy.
``The economic team looks very credible,`` said Didik Rachbini, an economics professor at Jakarta`s Mertju Buana University. He said Megawati`s choices of experts would reassure the International Monetary Fund (news - web sites), which is holding back on a desperately needed $5 billion lending program to Indonesia.
The new Cabinet will have to restructure Indonesia`s moribund banking system and deal with a crushing $150 billion domestic and foreign debt.
``The economic team could be described as a dream team ... and the legislature will support this Cabinet,`` declared parliamentary speaker Akbar Tandjung.
Hasan Wirayuda, an envoy engaged in peace talks with separatist rebels from war-torn Aceh province, was named foreign minister.
Susilo Bambang Yudhoyono, a former general who served in Wahid`s 21-month administration, will again take over as senior security minister, coordinating the work of the defense and interior ministries.
An appointment that sparked immediate controversy was that of A.M. Hendropriyono, a retired lieutenant general, as the new intelligence chief.
He has been accused of ordering the slaughter of more than 100 unarmed civilians in southern Sumatra in 1989, when villagers resisted the seizure of their land by cronies of former dictator Suharto (news - web sites).
Hendropriyono also served as minister for transmigration and resettlement in 1999 when some 250,000 East Timorese were forced at gunpoint to move to refugee camps.
``By choosing him as intelligence chief, this government is trying to forget the human rights abuses committed by the state apparatus,`` said Hendardi, chairman of the Indonesian Human Rights Association.
Megawati was to name a new attorney general Friday, an appointment that will be crucial in determining her government`s commitment to prosecuting human rights cases.
Thursday August 9 4:48 PM ET
Indonesian Leader Unveils Cabinet
By SLOBODAN LEKIC, Associated Press Writer
JAKARTA, Indonesia (AP) - Newly elected President Megawati Sukarnoputri unveiled a Cabinet of specialists hailed as an economic ``dream team.`` But her selection of a general accused of human rights abuses drew criticism.
Thursday`s announcement of the lineup ended three weeks of political horse-trading since her election July 23 when former leader Abdurrahman Wahid was impeached and dismissed by the national assembly.
In selecting the ministers, Megawati sought to reconcile the need to reassure Indonesia`s international creditors with demands for portfolios from politicians who helped elect her after Wahid`s ouster.
The long delay in replacing the caretaker Cabinet sent jitters through financial markets and raised concerns about Megawati`s ability to restore investor confidence in the crisis-ridden economy.
Megawati said the 32-member body will be dominated by nonpartisan technocrats who she said will try to pull Indonesia out of its deepest economic and social crisis in decades.
``National unity will be the first priority of my Cabinet,`` Megawati said in a nationally televised speech. ``We are facing the threat of territorial and social disintegration.``
Dorodjatun Kuntjoro-Jakti, a former economics professor and the outgoing ambassador to the United States, was named senior minister for economics. His job will be to coordinate the work of the ministries of finance, trade, state enterprises and all other government agencies dealing with the economy.
``The economic team looks very credible,`` said Didik Rachbini, an economics professor at Jakarta`s Mertju Buana University. He said Megawati`s choices of experts would reassure the International Monetary Fund (news - web sites), which is holding back on a desperately needed $5 billion lending program to Indonesia.
The new Cabinet will have to restructure Indonesia`s moribund banking system and deal with a crushing $150 billion domestic and foreign debt.
``The economic team could be described as a dream team ... and the legislature will support this Cabinet,`` declared parliamentary speaker Akbar Tandjung.
Hasan Wirayuda, an envoy engaged in peace talks with separatist rebels from war-torn Aceh province, was named foreign minister.
Susilo Bambang Yudhoyono, a former general who served in Wahid`s 21-month administration, will again take over as senior security minister, coordinating the work of the defense and interior ministries.
An appointment that sparked immediate controversy was that of A.M. Hendropriyono, a retired lieutenant general, as the new intelligence chief.
He has been accused of ordering the slaughter of more than 100 unarmed civilians in southern Sumatra in 1989, when villagers resisted the seizure of their land by cronies of former dictator Suharto (news - web sites).
Hendropriyono also served as minister for transmigration and resettlement in 1999 when some 250,000 East Timorese were forced at gunpoint to move to refugee camps.
``By choosing him as intelligence chief, this government is trying to forget the human rights abuses committed by the state apparatus,`` said Hendardi, chairman of the Indonesian Human Rights Association.
Megawati was to name a new attorney general Friday, an appointment that will be crucial in determining her government`s commitment to prosecuting human rights cases.
Interessanter wäre der Handel in USA, da bekannterweise
nur ca. 3-4 mio€ auf Europa fallen und USA ca. 100-400 mio$.
Hat vielleicht jemand 1 Adresse amerikanische Charts zu sichten - kann meine leider nicht mehr finden - bitte posten.
Danke
nur ca. 3-4 mio€ auf Europa fallen und USA ca. 100-400 mio$.
Hat vielleicht jemand 1 Adresse amerikanische Charts zu sichten - kann meine leider nicht mehr finden - bitte posten.
Danke
!
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Hoffentlich wird der Zerfall noch gestoppt !
Indonesia risks losing provinces: Ramos-Horta
August 12, 2001 Posted: 8:04 PM HKT (1204 GMT)
By staff and wires
SYDNEY, Australia -- Indonesia risks losing more provinces because of violence committed by its army against their people, East Timorese Foreign Minister Jose Ramos-Horta has warned.
Ramos-Horta, winner of the 1996 Nobel Peace Prize, on Sunday told Australia`s Nine Network the provinces of Aceh and Irian Jaya were particularly unstable and may finally decide the only option is secession.
"It is incumbent upon Jakarta to address very seriously, and with compassion and with vision, the claims, the suffering of the people of West Papua (Irian Jaya) and Aceh," Ramos-Horta said
"If they do not give up on violence against the legitimate claims of these people then the problem will drag on and maybe they will reach a point of no return where the only option left (is) secession by these regions.
"However, I believe that Jakarta has now a golden opportunity to really make serious efforts in meeting halfway the Acehnese and the Irianese."
Ramos-Horta`s comments came as Australian Prime Minister John Howard arrived in Jakarta for an historic first meeting with newly installed Indonesian Prime Minister Megawati Sukarnoputri,
Rebels in the Aceh province, in the north of Sumatra Island, have been fighting for an independent Islamic state for more than two decades. The fighting has intensified this year, with more than 1000 people killed since January.
Militia in the remote jungle province of Irian Jaya, or West Papua, have been fighting for independence since the Dutch left their former colony in 1961.
A group of Papuans declared independence on December 1 of that year, but Indonesian troops began moving in over the following two years.
Indonesia took sovereignty over Irian Jaya by means of a UN plebiscite in 1969, but the West Papuans have long argued the method was flawed.
New president, new hope
Ramos-Horta said it would be `unwise` for Australia to ignore the emerging conflicts in Aceh and West Papua, but was confident Howard would raise the issue of violence and human rights abuses in the two provinces during his current visit with Megawati.
"Of course I would agree that Australia shouldn`t too publicly lecture the new president.
"We must give her the benefit of the doubt, give her time to consolidate her administration, to pursue the dialogue that she has promised with the regions, so I would caution against any public lecturing, any public criticism for the time being."
Ramos-Horta was open-minded about the future of Indonesia under Megawati, the popular daughter of Indonesia`s founder Sukarno.
"There is a new president who`s just announced a new cabinet ... new policies will be announced. So I think we all should refrain from any posturing or criticism, let`s give her the benefit of the doubt," he said.
Indonesia risks losing provinces: Ramos-Horta
August 12, 2001 Posted: 8:04 PM HKT (1204 GMT)
By staff and wires
SYDNEY, Australia -- Indonesia risks losing more provinces because of violence committed by its army against their people, East Timorese Foreign Minister Jose Ramos-Horta has warned.
Ramos-Horta, winner of the 1996 Nobel Peace Prize, on Sunday told Australia`s Nine Network the provinces of Aceh and Irian Jaya were particularly unstable and may finally decide the only option is secession.
"It is incumbent upon Jakarta to address very seriously, and with compassion and with vision, the claims, the suffering of the people of West Papua (Irian Jaya) and Aceh," Ramos-Horta said
"If they do not give up on violence against the legitimate claims of these people then the problem will drag on and maybe they will reach a point of no return where the only option left (is) secession by these regions.
"However, I believe that Jakarta has now a golden opportunity to really make serious efforts in meeting halfway the Acehnese and the Irianese."
Ramos-Horta`s comments came as Australian Prime Minister John Howard arrived in Jakarta for an historic first meeting with newly installed Indonesian Prime Minister Megawati Sukarnoputri,
Rebels in the Aceh province, in the north of Sumatra Island, have been fighting for an independent Islamic state for more than two decades. The fighting has intensified this year, with more than 1000 people killed since January.
Militia in the remote jungle province of Irian Jaya, or West Papua, have been fighting for independence since the Dutch left their former colony in 1961.
A group of Papuans declared independence on December 1 of that year, but Indonesian troops began moving in over the following two years.
Indonesia took sovereignty over Irian Jaya by means of a UN plebiscite in 1969, but the West Papuans have long argued the method was flawed.
New president, new hope
Ramos-Horta said it would be `unwise` for Australia to ignore the emerging conflicts in Aceh and West Papua, but was confident Howard would raise the issue of violence and human rights abuses in the two provinces during his current visit with Megawati.
"Of course I would agree that Australia shouldn`t too publicly lecture the new president.
"We must give her the benefit of the doubt, give her time to consolidate her administration, to pursue the dialogue that she has promised with the regions, so I would caution against any public lecturing, any public criticism for the time being."
Ramos-Horta was open-minded about the future of Indonesia under Megawati, the popular daughter of Indonesia`s founder Sukarno.
"There is a new president who`s just announced a new cabinet ... new policies will be announced. So I think we all should refrain from any posturing or criticism, let`s give her the benefit of the doubt," he said.
Die Ruphia mausert sich.
Stabiler Aktienmarkt steigende Währung, was will Man(n) mehr :-)
MONDAY, AUGUST 13, 2001 9:38:43 AM
For further information and firm prices, please contact :
Treasury Sales and Marketing Standard Chartered Bank
Tel. (021) 571-9710 Fax. (021) 571-9720
INTERNATIONAL MARKET ROUNDUP
The dollar slightly firmer against yen after Japan’s current account surplus fell 40 percent in June. Yen was also hurt by slide in Japanese stock market, where Nikkei share average was down about 1.5 percent. But dollar little changed against other major currencies, with market liquidity drying up due to summer holiday.
The euro at 0.8933-34 cents, little changed from 89.31 cents at end of last week and stone’s throw from three-month high around 89.60 cents hit on Friday.
LOCAL MARKET ROUNDUP
IDR open at 9080-9180 in a dollar-bearish sentiment. Expected to test 9000 psychological level intraday, if failed the IDR could back to 9150 level area. Technically, the IDR could go to 8920 level before bounce back to 9000 level again.
On Sunday, Australia’s prime minister became the first foreign leader to visit new Indonesian President Megawati Sukarnoputri, vowing to be a good mate as his troubled neighbor moves towards democracy. On Saturday, a senior U.S. official said that President Megawati Sukarnoputri will visit the United States next month for talks with President George W. Bush. He said she had accepted Bush’s invitation for an official visit to Washington on September 19.
President Megawati Sukarnoputri on Friday swore in a widely-praised cabinet of technocrats and politicians who were given an immediate reminder of the problems facing the country. She urged her ministers to return Indonesia to the rapid growth that made it an economic success story for decades until the Asian financial storm began wreaking havoc in late 1997.
Jakarta stocks posted modest gains on Friday on rising confidence in the new cabinet, but the market is still waiting for proof the team has what it takes to revive the shattered economy. The composite index reversed some of Thursday’s slide, closing at 435.67 points, up 4.98, or 1.16%.
IBRA said it had increased its revenue target for asset sales in 2001 to 29.56 trillion rupiah from 27 trillion rupiah. They said it expected to raise 10.5 trillion rupiah in the third quarter of 2001 and another 7.9 trillion rupiah in the fourth quarter.
Stabiler Aktienmarkt steigende Währung, was will Man(n) mehr :-)
MONDAY, AUGUST 13, 2001 9:38:43 AM
For further information and firm prices, please contact :
Treasury Sales and Marketing Standard Chartered Bank
Tel. (021) 571-9710 Fax. (021) 571-9720
INTERNATIONAL MARKET ROUNDUP
The dollar slightly firmer against yen after Japan’s current account surplus fell 40 percent in June. Yen was also hurt by slide in Japanese stock market, where Nikkei share average was down about 1.5 percent. But dollar little changed against other major currencies, with market liquidity drying up due to summer holiday.
The euro at 0.8933-34 cents, little changed from 89.31 cents at end of last week and stone’s throw from three-month high around 89.60 cents hit on Friday.
LOCAL MARKET ROUNDUP
IDR open at 9080-9180 in a dollar-bearish sentiment. Expected to test 9000 psychological level intraday, if failed the IDR could back to 9150 level area. Technically, the IDR could go to 8920 level before bounce back to 9000 level again.
On Sunday, Australia’s prime minister became the first foreign leader to visit new Indonesian President Megawati Sukarnoputri, vowing to be a good mate as his troubled neighbor moves towards democracy. On Saturday, a senior U.S. official said that President Megawati Sukarnoputri will visit the United States next month for talks with President George W. Bush. He said she had accepted Bush’s invitation for an official visit to Washington on September 19.
President Megawati Sukarnoputri on Friday swore in a widely-praised cabinet of technocrats and politicians who were given an immediate reminder of the problems facing the country. She urged her ministers to return Indonesia to the rapid growth that made it an economic success story for decades until the Asian financial storm began wreaking havoc in late 1997.
Jakarta stocks posted modest gains on Friday on rising confidence in the new cabinet, but the market is still waiting for proof the team has what it takes to revive the shattered economy. The composite index reversed some of Thursday’s slide, closing at 435.67 points, up 4.98, or 1.16%.
IBRA said it had increased its revenue target for asset sales in 2001 to 29.56 trillion rupiah from 27 trillion rupiah. They said it expected to raise 10.5 trillion rupiah in the third quarter of 2001 and another 7.9 trillion rupiah in the fourth quarter.
Bald gibt es einen mächtigen Schub nach vorne !!!
Monday August 13 8:20 AM ET
Indonesia Expects IMF Visit
JAKARTA, Indonesia (AP) - Indonesia`s new top economics minister said Monday he expects the International Monetary Fund (news - web sites) to dispatch a mission to Jakarta soon to get a stalled $5 billion program back on track.
Senior Economics Minister Dorodjatun Kuntjoro-Jakti said he held talks with Stanley Fischer, a deputy managing director at the fund, and that both sides concluded that only ``formalities`` needed to be resolved before a new mission arrived.
``I expect them to come after August 17,`` Dorodjatun told Dow Jones Newswires.
Currency markets cheered the news. The rupiah ended 6 percent higher at 8,605 rupiah per dollar, its strongest finish since last September.
The IMF suspended its program to Indonesia in December after former President Abdurrahman Wahid`s government fell behind on a number of economic reforms it had promised.
Hopes that Indonesia may soon resolve its differences with the IMF got a boost last week when new President Megawati Sukarnoputri chose nonpolitical experts, including Dorodjatun, to head her economic team.
But markets also fear the Parliament may continue to block IMF-sponsored reforms, including plans to sell nationalized PT Bank Central Asia to foreign investors. Delays in selling the bank last year were a major reason the IMF suspended further lending.
Dorodjatun, a former Indonesian ambassador to the United States, has close ties with the Washington-based fund. Last week he said the IMF program was needed to restore foreign investor confidence in the battered economy.
The IMF loans are also crucial to Indonesia`s talks with the Paris Club next month. The Paris Club - an informal group of creditor governments from major industrialized countries - has set a condition that it won`t reschedule Indonesia`s $5.8 billion debt to the grouping unless the IMF program remains in place.
Indonesia relies on foreign donor loans to fill its budget deficit, which is set to reach 3.8 percent of GDP (news - web sites) this year due to the cost of bailing out the banking sector following the 1997 financial crash.
Monday August 13 8:20 AM ET
Indonesia Expects IMF Visit
JAKARTA, Indonesia (AP) - Indonesia`s new top economics minister said Monday he expects the International Monetary Fund (news - web sites) to dispatch a mission to Jakarta soon to get a stalled $5 billion program back on track.
Senior Economics Minister Dorodjatun Kuntjoro-Jakti said he held talks with Stanley Fischer, a deputy managing director at the fund, and that both sides concluded that only ``formalities`` needed to be resolved before a new mission arrived.
``I expect them to come after August 17,`` Dorodjatun told Dow Jones Newswires.
Currency markets cheered the news. The rupiah ended 6 percent higher at 8,605 rupiah per dollar, its strongest finish since last September.
The IMF suspended its program to Indonesia in December after former President Abdurrahman Wahid`s government fell behind on a number of economic reforms it had promised.
Hopes that Indonesia may soon resolve its differences with the IMF got a boost last week when new President Megawati Sukarnoputri chose nonpolitical experts, including Dorodjatun, to head her economic team.
But markets also fear the Parliament may continue to block IMF-sponsored reforms, including plans to sell nationalized PT Bank Central Asia to foreign investors. Delays in selling the bank last year were a major reason the IMF suspended further lending.
Dorodjatun, a former Indonesian ambassador to the United States, has close ties with the Washington-based fund. Last week he said the IMF program was needed to restore foreign investor confidence in the battered economy.
The IMF loans are also crucial to Indonesia`s talks with the Paris Club next month. The Paris Club - an informal group of creditor governments from major industrialized countries - has set a condition that it won`t reschedule Indonesia`s $5.8 billion debt to the grouping unless the IMF program remains in place.
Indonesia relies on foreign donor loans to fill its budget deficit, which is set to reach 3.8 percent of GDP (news - web sites) this year due to the cost of bailing out the banking sector following the 1997 financial crash.
Unglaublich gute Nachrichten !!!
Monday, 13 August, 2001, 01:35 GMT 02:35 UK
Indonesia expects IMF talks `soon`
Indonesian markets await the outcome of IMF talks
Indonesia`s new economics chief said he had high hopes of repairing the country`s relations with the International Monetary Fund (IMF).
Senior economics minister Dorodjatun Kuntjoro-Jakti, installed last week in the new cabinet of President Megawati Sukarnoputri, said he expected the IMF to despatch a mission to Jakarta as early as the end of this week.
The IMF suspended its $5bn (£3.5bn) Indonesian programme at the end of last year, claiming that the government of Abdurrahman Wahid had failed to meet its economic reform targets.
Mr Dorodjatun said he had been holding talks with Stanley Fischer, the IMF`s deputy managing director.
He has warm personal relations with the IMF, after serving as Indonesia`s ambassador to the United States under a previous administration.
Friends again
Indonesia`s hopes of achieving a reconciliation with the global community have improved significantly over the last week.
The new cabinet, appointed on Thursday, pleased most observers because of its high proportion of non-political "technocrats".
Dorodjatun Kuntoro-Jakti: Hopeful on IMF relations
And Jakarta has already played host to a stream of influential foreign visitors, including US trade representative Robert Zoellick, and Australian premier John Howard.
Mr Howard, the first foreign leader to visit Indonesia since Mrs Megawati took office, said he backed the country`s efforts to build bridges with international financial institutions.
In a statement at the end of his two-day visit, Mr Howard said he hoped Indonesia would reach "agreement with those institutions on programmes of economic reforms and management of Indonesian debt."
Talks with the IMF are crucial to Indonesia`s relationship with the Paris Club of creditor governments.
Monday, 13 August, 2001, 01:35 GMT 02:35 UK
Indonesia expects IMF talks `soon`
Indonesian markets await the outcome of IMF talks
Indonesia`s new economics chief said he had high hopes of repairing the country`s relations with the International Monetary Fund (IMF).
Senior economics minister Dorodjatun Kuntjoro-Jakti, installed last week in the new cabinet of President Megawati Sukarnoputri, said he expected the IMF to despatch a mission to Jakarta as early as the end of this week.
The IMF suspended its $5bn (£3.5bn) Indonesian programme at the end of last year, claiming that the government of Abdurrahman Wahid had failed to meet its economic reform targets.
Mr Dorodjatun said he had been holding talks with Stanley Fischer, the IMF`s deputy managing director.
He has warm personal relations with the IMF, after serving as Indonesia`s ambassador to the United States under a previous administration.
Friends again
Indonesia`s hopes of achieving a reconciliation with the global community have improved significantly over the last week.
The new cabinet, appointed on Thursday, pleased most observers because of its high proportion of non-political "technocrats".
Dorodjatun Kuntoro-Jakti: Hopeful on IMF relations
And Jakarta has already played host to a stream of influential foreign visitors, including US trade representative Robert Zoellick, and Australian premier John Howard.
Mr Howard, the first foreign leader to visit Indonesia since Mrs Megawati took office, said he backed the country`s efforts to build bridges with international financial institutions.
In a statement at the end of his two-day visit, Mr Howard said he hoped Indonesia would reach "agreement with those institutions on programmes of economic reforms and management of Indonesian debt."
Talks with the IMF are crucial to Indonesia`s relationship with the Paris Club of creditor governments.
Die Nachrichten sprudeln nur so !
IMF optimistic LoI discussion to go on smoothly
Monday, August/20/2001 14:19:38 GMT+7.
The team from International Monetary Fund (IMF) stated its optimistic about the discussion of the new Letter of Intent (LoI) with the new government that started today.
"We are optimistic with this discussion and I expect to announce the result on Monday," said IMF`s deputy director for Asia Pacific, Anoop Singh, after meeting President Megawati Soekarnoputri in State Palace today.
The IMF team led by Anoop Singh had started discussion with government`s economic team in the finance ministry this morning.
After meeting with the economic team, Anoop with other members of the IMF team met with the president in Merdeka Palace for an official visit. The president was accompanied with Coordinating Minister for Economic Affairs, Dorodjatun Kuntjoro-Jakti.
Anoop added that IMF`s optimism was based on the Fund`s confidence on the economic team`s committment under Mega`s administration to accelerate the economic reforms programs, and to fully implement the agreements with the IMF.
In the same occasion, Coordinating Minister for Economic Affairs Dorodjatun Kuntjoro-Jakti said that the IMF team, arrived in Jakarta on Sunday evening, would be in town for a week.
"Hopefully within a week we can finish the talk with IMF," he said.
Dorodjatun said that the result of the talk would then be submitted to the IMF`s executive board in Washington DC for approval.
However, Dorodjatun did not reveal the result of the meeting between the IMF team and President Megawati.
"That was only courtesy call. It`s too early to tell the substance of the talk," he said.
Previously, State Minister for State-Owned Enterprises Laksamana Sukardi said that likely, the new LoI between the government and IMF would be done on Thursday.
"This Thursday, the new LoI will be done and they will send (it) to Washington. So hopefully it will be approved immediately," said Laksamana after meeting with the IMF review team this morning.
Furthermore, Laksamana said that the government would try to settle the 6 prior actions requested by the IMF as the stipulations for LoI.
The 6 prior actions requested by the IMF were namely: privatization of state-owned enterprises, the base money target, review of IBRA`s debtors by oversight committee, allocation of fuel compensation of Rp2.2tr, rescue of BII scheme, and filling of banking guarantee fund account (account 502).
Reported by : Mansyur Alkatiri/ Chusnul Chotimah
IMF optimistic LoI discussion to go on smoothly
Monday, August/20/2001 14:19:38 GMT+7.
The team from International Monetary Fund (IMF) stated its optimistic about the discussion of the new Letter of Intent (LoI) with the new government that started today.
"We are optimistic with this discussion and I expect to announce the result on Monday," said IMF`s deputy director for Asia Pacific, Anoop Singh, after meeting President Megawati Soekarnoputri in State Palace today.
The IMF team led by Anoop Singh had started discussion with government`s economic team in the finance ministry this morning.
After meeting with the economic team, Anoop with other members of the IMF team met with the president in Merdeka Palace for an official visit. The president was accompanied with Coordinating Minister for Economic Affairs, Dorodjatun Kuntjoro-Jakti.
Anoop added that IMF`s optimism was based on the Fund`s confidence on the economic team`s committment under Mega`s administration to accelerate the economic reforms programs, and to fully implement the agreements with the IMF.
In the same occasion, Coordinating Minister for Economic Affairs Dorodjatun Kuntjoro-Jakti said that the IMF team, arrived in Jakarta on Sunday evening, would be in town for a week.
"Hopefully within a week we can finish the talk with IMF," he said.
Dorodjatun said that the result of the talk would then be submitted to the IMF`s executive board in Washington DC for approval.
However, Dorodjatun did not reveal the result of the meeting between the IMF team and President Megawati.
"That was only courtesy call. It`s too early to tell the substance of the talk," he said.
Previously, State Minister for State-Owned Enterprises Laksamana Sukardi said that likely, the new LoI between the government and IMF would be done on Thursday.
"This Thursday, the new LoI will be done and they will send (it) to Washington. So hopefully it will be approved immediately," said Laksamana after meeting with the IMF review team this morning.
Furthermore, Laksamana said that the government would try to settle the 6 prior actions requested by the IMF as the stipulations for LoI.
The 6 prior actions requested by the IMF were namely: privatization of state-owned enterprises, the base money target, review of IBRA`s debtors by oversight committee, allocation of fuel compensation of Rp2.2tr, rescue of BII scheme, and filling of banking guarantee fund account (account 502).
Reported by : Mansyur Alkatiri/ Chusnul Chotimah
!
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Auch ein netter Zug !
IMF supports Indonesian economics team: Hamzah Haz
JAKARTA (JP): Vice President Hamzah Haz expressed guarded optimism on Friday that everything would go as planned with the letter of intent (LoI) being worked out by the IMF team and the Indonesian economics team.
Speaking to the media after receiving both teams, led by IMF delegation chief Anoop Singh and Coordinating Minister for the Economy Dorojatun Kuntjoro-Jakti at the vice presidential palace,Hamzah said that there were no obstacles to finalizing the LoI.
"They said they have no problems and that both teams are already tuning in to each other," Hamzah said.
The LoI is slated to be signed on Monday and delivered to Washington, Dorojatun said.
A high-level IMF mission arrived in Jakarta on Sunday to draw up a new LoI that would pave the way for the resumption of the stalled US5 billion bailout program for Indonesia.
IMF supports Indonesian economics team: Hamzah Haz
JAKARTA (JP): Vice President Hamzah Haz expressed guarded optimism on Friday that everything would go as planned with the letter of intent (LoI) being worked out by the IMF team and the Indonesian economics team.
Speaking to the media after receiving both teams, led by IMF delegation chief Anoop Singh and Coordinating Minister for the Economy Dorojatun Kuntjoro-Jakti at the vice presidential palace,Hamzah said that there were no obstacles to finalizing the LoI.
"They said they have no problems and that both teams are already tuning in to each other," Hamzah said.
The LoI is slated to be signed on Monday and delivered to Washington, Dorojatun said.
A high-level IMF mission arrived in Jakarta on Sunday to draw up a new LoI that would pave the way for the resumption of the stalled US5 billion bailout program for Indonesia.
Das Kleinzeugs wird jetzt schon mal an den Mann gebracht, wann kommen endlich die grossen Banken (BCA, LIPPO, BALI, NIAGA, ect.) dran ???
24 August 2001
IBRA To Sell 8 Assets of Holdiko
To expedite the achievement of revenue target for the State Budget, the Indonesian Bank Restructuring Agency (IBRA) today announced the launch of sales process of 8 assets under PT Holdiko Perkasa (Holdiko), a holding company established pursuant to the Shareholding Settlement Agreement between IBRA and the Salim Group.
The sales launch shows that no halt is put on asset sales, even IBRA continues to try its utmost in ensuring the realization of its asset disposal programs.
The eight assets on sales consist of:
NO COMPANY INDUSTRY SECTOR
1. Indosiar Visual Mandiri Tbk. TV Broadcasting Station
2. Sugar Group Sugar
3. PT Poli Contindo Nusa Steel Drum
4. PT Herwido Rintis/PT Bintan Inti Industrial Estate Industrial Estate & Shipyard
5. PT Yakult Indonesia Persada Health Drink
6. PT Salim Rengo Containers Corrugated Carton Box
7. PT Gumindo Perkasa Industri Semi Refined Carrageenan
8. Guangdong Jiangmen ISN Float Glass Float Glass
PT Indosiar Visual Mandiri Tbk. (Indosiar)
At present, Holdiko intends to sell up to 49% of its total 56% shareholding in PT Indosiar Visual Mandiri Tbk (Indosiar). Listed in the Jakarta Stock Exchange in March 2001, Indosiar is a leading television station in Indonesia that has won several national and regional awards in its industry. Headquartered in Jakarta, Indosiar’s broadcast coverage area exceeds more than 106 cities in Indonesia or approximately 82% of the total television viewers in Indonesia.
As announced in today’s newspapers (Bisnis Indonesia and The Jakarta Post), expressions of interest should be submitted to Holdiko’s appointed financial advisor for the sale of Indosiar, PT Trimegah Securities Tbk and PT PricewaterhouseCoopers FAS, at the latest by 10 September 2001. This two-tier selection process is expected to close by December 2001.
Sugar Group
Holdiko plans to sell its entire shareholdings in PT Inti Petala Bumi and PT Eka Primaguna Perkasa, structured as the “Sugar Group”, that control three sugar plantation and manufacturing companies and one ethanol distillery. Located in the Lampung province of South Sumatra, together the companies form an integrated (upstream and downstream) sugar manufacturer. Its combined planted area of approximately 61,000 hectares yield a high level of productivity of 7.42 tons sugar per hectare of cane harvested, compared to the national average level of approximately 5.01 tons.
In this two-stage selection process, interested parties are requested to submit their expression of interest to the appointed financial advisor for the sale of the Sugar Group, PT PricewaterhouseCoopers FAS, at the latest by 3 September 2001 as announced in the newspapers. Directed mainly towards investors who are expected to enhance the national sugar industry and support the local community development, this tender sale process is expected to close by December this year.
PT Poli Contindo Nusa (PCN)
Holdiko intends to sell its entire shareholdings in PT Poli Contindo Nusa (PCN), which is the largest of the eight major steel drum manufacturers in Indonesia. The first steel drum manufacturer in Indonesia that received an international accreditation of ISO 9002 by BVQI, PCN produces among others 55 gallon steel drums with a variety of thickness from 0.8 mm up to 1.2 mm. Occupying a site of 30,175sqm in Cilincing, Jakarta, PCN’s factory has a production capacity of 1,500,000 drum per annum.
Expressions of interest should be submitted to Holdiko’s appointed financial advisor for the sale of PCN, PT AAJ Batavia / RSM, at the latest by 7 September 2001. This two-tier selection process is expected to close by December 2001.
PT Batamindo Investment Corporation / PT Bintan Inti Industrial Estate / PT Karimun Sembawang Shipyard
Holdiko owns shareholdings of 60% in PT Batamindo Investment Corporation, 30% in PT Bintan Inti Industrial Estate and 35% in PT Karimun Sembawang Shipyard. The ownership in these 3 companies is being sold as a package mainly directed towards strategic investors that are committed to the continued development of this strategic investment. Together, the three companies form an integrated business in the lines of industrial estate development and ship repairs in the islands of Batam, Bintan and Karimun.
Holdiko has appointed JPMorgan Jones Lang LaSalle and PT Procon Indah, as advisors for the sale of the three companies. The sale process is expected to close by end of 2001 or early 2002.
PT Salim Rengo Containers (SRC)
Holdiko has a 60% ownership in PT Salim Rengo Containers (SRC), which it plans to entirely divest. SRC is presently Indonesia’s second largest company in the corrugated converting industry in terms of sales and market share. With plants in Jakarta, Surabaya and Semarang, SRC’s total production capacity is approximately 102,000 tonnes per annum of corrugated cartons box.
PT Triton Konsultan Indonesia/ Crosby Advisory (Singapore) Pte. Ltd. act as financial advisors to Holdiko for this sale which Holdiko expects to close by December 2001.
PT Gumindo Perkasa Industri (Gumindo)
Holdiko’s 43.20% shareholding in PT Gumindo Perkasa Industri (Gumindo), is also ready to be sold. Gumindo is the largest semi refined carrageenan producer in Indonesia, of which 90% of its product is exported. Gumindo’s plant in Merak, West Java, has a total production capacity of 3,000 metric tons of semi refined carrageenan per year.
Acting as financial advisor to Holdiko for this sale is PT Siddharta Consulting (KPMG). The sale process is predictable to also close by December 2001.
PT Yakult Indonesia Persada (Yakult)
Holdiko has 51% ownership in PT Yakult Indonesia Persada (Yakult), the market leader in skimmed milk-based health drinks in Indonesia. Currently Yakult sells its products mainly for the domestic market especially in the western part of Java. Yakult’s plant in Cicurug, West Java, uses the most advanced technology in health drink processing and produces 160,000,000 bottles per year, whereas its production capacity is 533,000,000 bottles per year.
PT Ernst & Young Consulting has been appointed to act as Holdiko’s financial advisor for this transaction, which is estimated to close by the end of this year.
Guangdong Jiangmen ISN Float Glass Co. Ltd. (JISN)
Holdiko holds 39.9% ownership in Guangdong Jiangmen ISN Float Glass Co. Ltd (“JISN”). JISN, a float glass manufacturing company located in Guangdong, China, is a joint venture company with the Chinese, Singaporean and Japanese partners.
Acting as Holdiko’s financial advisor for this sale, which Holdiko hopes to close by end of 2001 or early 2002, is HSBC (Hongkong and Shanghai Banking Corporation).
Holdiko Progress To-Date
“To date Holdiko has concluded 9 of the 25 asset disposals scheduled for this year. Eight more asset sales are being launched today and we expect to launch more asset sales within the near future,” said Scott Coffey, Director of Holdiko. “Additionally, the sale of our ownership in Sulfindo is at the final phase, and we expect to receive final bids by end of August 2001,” continued Coffey. Total gross proceeds raised to date this year have come from the following asset sales:
Closed in 2001 (sold in 2000)
Salim Plantations USD 368 mn
- Loan repayment to Holdiko IDR 357 bn
Mosquito Coil Group IDR 610 bn
Sold in 2001
First Pacific Co. Ltd. USD 8.55 mn
Indocoal USD 45.5 mn
Indomaret IDR 162 bn
Indocement(Tranche A) USD 43.8 mn
(Tranche B) IDR 250.4 bn
Kerismas IDR 297 bn
Indopoly USD 29.17 mn
Yunnan Kunlene USD 14.38 mn
PT Indosiar Visual Mandiri Tbk.
- Loan repayment to Holdiko IDR 400 bn
Total gross proceeds IDR 7,128 bn
*) IDR/USD exchange rate used as of date of sale
PT Holdiko Perkasa was established in relation to the settlement between the Salim Group and IBRA with regard to loans extended by PT Bank Central Asia (BCA) to companies affiliated to the Salim Group. As part of the settlement agreement with IBRA, the Salim Group transferred shares and assets in more than 100 operating companies to PT Holdiko Perkasa.
As direct and indirect shareholder of these companies, it is Holdiko’s responsibility to supervise each individual company with the aim of disposing of a sufficient amount of these shareholdings. Holdiko will subsequently direct the disposal proceeds to IBRA as part of the settlement agreement.
The Indonesian Bank Restructuring Agency (IBRA) is an agency of the government of Indonesia established at the beginning of 1998 as the primary agency to oversee the rehabilitation of the financial sector. IBRA is authorized to take over and control troubled banks and dispose of their assets and collateral.
24 August 2001
IBRA To Sell 8 Assets of Holdiko
To expedite the achievement of revenue target for the State Budget, the Indonesian Bank Restructuring Agency (IBRA) today announced the launch of sales process of 8 assets under PT Holdiko Perkasa (Holdiko), a holding company established pursuant to the Shareholding Settlement Agreement between IBRA and the Salim Group.
The sales launch shows that no halt is put on asset sales, even IBRA continues to try its utmost in ensuring the realization of its asset disposal programs.
The eight assets on sales consist of:
NO COMPANY INDUSTRY SECTOR
1. Indosiar Visual Mandiri Tbk. TV Broadcasting Station
2. Sugar Group Sugar
3. PT Poli Contindo Nusa Steel Drum
4. PT Herwido Rintis/PT Bintan Inti Industrial Estate Industrial Estate & Shipyard
5. PT Yakult Indonesia Persada Health Drink
6. PT Salim Rengo Containers Corrugated Carton Box
7. PT Gumindo Perkasa Industri Semi Refined Carrageenan
8. Guangdong Jiangmen ISN Float Glass Float Glass
PT Indosiar Visual Mandiri Tbk. (Indosiar)
At present, Holdiko intends to sell up to 49% of its total 56% shareholding in PT Indosiar Visual Mandiri Tbk (Indosiar). Listed in the Jakarta Stock Exchange in March 2001, Indosiar is a leading television station in Indonesia that has won several national and regional awards in its industry. Headquartered in Jakarta, Indosiar’s broadcast coverage area exceeds more than 106 cities in Indonesia or approximately 82% of the total television viewers in Indonesia.
As announced in today’s newspapers (Bisnis Indonesia and The Jakarta Post), expressions of interest should be submitted to Holdiko’s appointed financial advisor for the sale of Indosiar, PT Trimegah Securities Tbk and PT PricewaterhouseCoopers FAS, at the latest by 10 September 2001. This two-tier selection process is expected to close by December 2001.
Sugar Group
Holdiko plans to sell its entire shareholdings in PT Inti Petala Bumi and PT Eka Primaguna Perkasa, structured as the “Sugar Group”, that control three sugar plantation and manufacturing companies and one ethanol distillery. Located in the Lampung province of South Sumatra, together the companies form an integrated (upstream and downstream) sugar manufacturer. Its combined planted area of approximately 61,000 hectares yield a high level of productivity of 7.42 tons sugar per hectare of cane harvested, compared to the national average level of approximately 5.01 tons.
In this two-stage selection process, interested parties are requested to submit their expression of interest to the appointed financial advisor for the sale of the Sugar Group, PT PricewaterhouseCoopers FAS, at the latest by 3 September 2001 as announced in the newspapers. Directed mainly towards investors who are expected to enhance the national sugar industry and support the local community development, this tender sale process is expected to close by December this year.
PT Poli Contindo Nusa (PCN)
Holdiko intends to sell its entire shareholdings in PT Poli Contindo Nusa (PCN), which is the largest of the eight major steel drum manufacturers in Indonesia. The first steel drum manufacturer in Indonesia that received an international accreditation of ISO 9002 by BVQI, PCN produces among others 55 gallon steel drums with a variety of thickness from 0.8 mm up to 1.2 mm. Occupying a site of 30,175sqm in Cilincing, Jakarta, PCN’s factory has a production capacity of 1,500,000 drum per annum.
Expressions of interest should be submitted to Holdiko’s appointed financial advisor for the sale of PCN, PT AAJ Batavia / RSM, at the latest by 7 September 2001. This two-tier selection process is expected to close by December 2001.
PT Batamindo Investment Corporation / PT Bintan Inti Industrial Estate / PT Karimun Sembawang Shipyard
Holdiko owns shareholdings of 60% in PT Batamindo Investment Corporation, 30% in PT Bintan Inti Industrial Estate and 35% in PT Karimun Sembawang Shipyard. The ownership in these 3 companies is being sold as a package mainly directed towards strategic investors that are committed to the continued development of this strategic investment. Together, the three companies form an integrated business in the lines of industrial estate development and ship repairs in the islands of Batam, Bintan and Karimun.
Holdiko has appointed JPMorgan Jones Lang LaSalle and PT Procon Indah, as advisors for the sale of the three companies. The sale process is expected to close by end of 2001 or early 2002.
PT Salim Rengo Containers (SRC)
Holdiko has a 60% ownership in PT Salim Rengo Containers (SRC), which it plans to entirely divest. SRC is presently Indonesia’s second largest company in the corrugated converting industry in terms of sales and market share. With plants in Jakarta, Surabaya and Semarang, SRC’s total production capacity is approximately 102,000 tonnes per annum of corrugated cartons box.
PT Triton Konsultan Indonesia/ Crosby Advisory (Singapore) Pte. Ltd. act as financial advisors to Holdiko for this sale which Holdiko expects to close by December 2001.
PT Gumindo Perkasa Industri (Gumindo)
Holdiko’s 43.20% shareholding in PT Gumindo Perkasa Industri (Gumindo), is also ready to be sold. Gumindo is the largest semi refined carrageenan producer in Indonesia, of which 90% of its product is exported. Gumindo’s plant in Merak, West Java, has a total production capacity of 3,000 metric tons of semi refined carrageenan per year.
Acting as financial advisor to Holdiko for this sale is PT Siddharta Consulting (KPMG). The sale process is predictable to also close by December 2001.
PT Yakult Indonesia Persada (Yakult)
Holdiko has 51% ownership in PT Yakult Indonesia Persada (Yakult), the market leader in skimmed milk-based health drinks in Indonesia. Currently Yakult sells its products mainly for the domestic market especially in the western part of Java. Yakult’s plant in Cicurug, West Java, uses the most advanced technology in health drink processing and produces 160,000,000 bottles per year, whereas its production capacity is 533,000,000 bottles per year.
PT Ernst & Young Consulting has been appointed to act as Holdiko’s financial advisor for this transaction, which is estimated to close by the end of this year.
Guangdong Jiangmen ISN Float Glass Co. Ltd. (JISN)
Holdiko holds 39.9% ownership in Guangdong Jiangmen ISN Float Glass Co. Ltd (“JISN”). JISN, a float glass manufacturing company located in Guangdong, China, is a joint venture company with the Chinese, Singaporean and Japanese partners.
Acting as Holdiko’s financial advisor for this sale, which Holdiko hopes to close by end of 2001 or early 2002, is HSBC (Hongkong and Shanghai Banking Corporation).
Holdiko Progress To-Date
“To date Holdiko has concluded 9 of the 25 asset disposals scheduled for this year. Eight more asset sales are being launched today and we expect to launch more asset sales within the near future,” said Scott Coffey, Director of Holdiko. “Additionally, the sale of our ownership in Sulfindo is at the final phase, and we expect to receive final bids by end of August 2001,” continued Coffey. Total gross proceeds raised to date this year have come from the following asset sales:
Closed in 2001 (sold in 2000)
Salim Plantations USD 368 mn
- Loan repayment to Holdiko IDR 357 bn
Mosquito Coil Group IDR 610 bn
Sold in 2001
First Pacific Co. Ltd. USD 8.55 mn
Indocoal USD 45.5 mn
Indomaret IDR 162 bn
Indocement(Tranche A) USD 43.8 mn
(Tranche B) IDR 250.4 bn
Kerismas IDR 297 bn
Indopoly USD 29.17 mn
Yunnan Kunlene USD 14.38 mn
PT Indosiar Visual Mandiri Tbk.
- Loan repayment to Holdiko IDR 400 bn
Total gross proceeds IDR 7,128 bn
*) IDR/USD exchange rate used as of date of sale
PT Holdiko Perkasa was established in relation to the settlement between the Salim Group and IBRA with regard to loans extended by PT Bank Central Asia (BCA) to companies affiliated to the Salim Group. As part of the settlement agreement with IBRA, the Salim Group transferred shares and assets in more than 100 operating companies to PT Holdiko Perkasa.
As direct and indirect shareholder of these companies, it is Holdiko’s responsibility to supervise each individual company with the aim of disposing of a sufficient amount of these shareholdings. Holdiko will subsequently direct the disposal proceeds to IBRA as part of the settlement agreement.
The Indonesian Bank Restructuring Agency (IBRA) is an agency of the government of Indonesia established at the beginning of 1998 as the primary agency to oversee the rehabilitation of the financial sector. IBRA is authorized to take over and control troubled banks and dispose of their assets and collateral.
An Humankapital fehlt es dem Land auf jeden Fall nicht !
Gray creeping in to RI population
Still a country with one of the youngest populations in the world, Indonesia is now, inevitably, getting a bit grayer. The youth of the 1970s and 1980s will be reaching retirement age in the next 20 years. The Jakarta Post`s Maria Endah Hulupi, Hera Diani and Bruce Emond examine if we are ready for what lies in store.
JAKARTA (JP): Every day when "Jenny" drives to work in Central Jakarta, she passes her widowed mother-in-law`s home. She says she feels "guilty" when she does not stop in to visit the woman, "Betty", who, in her 80s, is physically fit but gradually going senile.
She is fond of her mother-in-law, and the provision of a trained nurse, plus daily catered meals, is not a financial burden on the family because both her and her husband work.
More of a problem is the emotional toll. "I have learned to pretend that every question she asks is the first time she has asked it. I might tell her the same story three times in 10 minutes because she forgets she has already asked it .... "
Jenny said the family would put Betty in a home if they believed she would be happy about it, but they know she would never accept it. She would see it as "abandonment".
Her experience may be common to many more of us in the coming years.
With the progress made in national development since Indonesia became a republic 56 years ago, people are living longer. Average life expectancy is now about 68 years for both sexes, compared to 45 for men and 48 for women in 1970. There are about 15 million over-60s in the country, about 8 percent of the more than 200 million population, according to Rozy Munir from the National Population Agency (Baknas).
That number is projected to jump to 11 percent in the next 20 years.
The implication, according to the former minister of investment and state enterprises development, is a greater burden on people of productive age.
He said that right now, every 100 Indonesians in the productive age group of 15 to 60 years are taking care of 59 others, meaning both the young and the aged.
As a comparison, the ratio in the United States is 100 to 33.
"If we want to reduce the burden on productive age people, we must have an integrated effort. Beside focusing on how to anticipate the increasing number of senior citizens, we also have to reduce the maternity rate," Rozy said.
He acknowledged the country`s attention to senior citizens was still poor.
"Public service facilities have yet to accommodate them, like public toilets, the streets, public transportation. Geriatricians are also still very few," Rozy said.
Senior citizens, he said, are the responsibility of both the state and the family, and the country must look to how other societies deal with their elderly.
"If we want to put them in a nursing home, we have to prepare the home so it won`t be a place just to eat and sleep. It should be near nature, because old people want some peace," he said.
Rozy noted that the increased number of senior citizens had already affected the workforce.
"Many families assign daughters to take care of their parents or grandparents. Many also hire young women or women relatives ... That means violating their rights to have careers, that`s discriminative," he said.
A continuing problem is that Indonesians, unlike people in countries like Japan, do not save for their old age.
Some communities already have initiatives to ensure that their elderly residents are not left abandoned, such as through fund gathering in religious and social activities.
Rozy advised the young to start planning ahead so that they can live to a ripe and comfortable old age.
Baby boomers
It`s the baby boomers born in the relative calm of Indonesia in the 1950s who will be losing their youth in the next few years. The problem is that traditional care-givers -- the family -- may not be around to take care of them as Indonesian society changes.
"Families have become smaller and more mobile to fit the modern era," said social psychologist Drajat Soemitro from the University of Indonesia.
Old people may well find themselves home alone, especially with the flight of young people from rural to urban areas. And in developed countries with their own increasing aging populations and declining population sizes, the UN predicts migrant workers from developing nations will be a hot commodity.
Sociologist Mayling Oey said the country must start anticipating the effects of the increasing aging population now.
The government, she added, must provide many services for senior citizens, and it will take enforcement of tax laws to ensure there is enough money in the budget for their needs.
As for the private sector, Mayling said it had yet to react to future needs, such as new health facilities and nursing homes.
"They can build more hospitals or produce equipment that will help senior citizens, like walkers which are now very expensive and still imported. Young people should start to make new inventions to help old people."
A geriatrician with the University of Indonesia, Czeresna H. Soejono, said that although welfare of the elderly is one of the government`s declared three top priorities, little has been done and no funds have been allocated to improve their welfare.
The first geriatric division was set up at the state-run University of Indonesia in 1996. It has slowly grown over the years even without government support. But there is still an acute lack of professionals; Soejono said there are only six geriatricians.
He stressed the importance of educational programs, focusing on health promotion and prevention for elderly people, for doctors and health practitioners at the community level and families. He said it was the cheapest and the most practical program for crisis-stricken Indonesia.
The process toward ideal geriatric services requires years of development. Britain and the U.S. needed 50 years, while Australia took 30 years to educate the public on the issue.
"Even now, demands for such services have soared significantly. We are running out of time and the well-being of millions of elderly is at stake. Being sick and weak is not a quality life and we certainly don`t want our aging parents to live that kind of life," he warned
Gray creeping in to RI population
Still a country with one of the youngest populations in the world, Indonesia is now, inevitably, getting a bit grayer. The youth of the 1970s and 1980s will be reaching retirement age in the next 20 years. The Jakarta Post`s Maria Endah Hulupi, Hera Diani and Bruce Emond examine if we are ready for what lies in store.
JAKARTA (JP): Every day when "Jenny" drives to work in Central Jakarta, she passes her widowed mother-in-law`s home. She says she feels "guilty" when she does not stop in to visit the woman, "Betty", who, in her 80s, is physically fit but gradually going senile.
She is fond of her mother-in-law, and the provision of a trained nurse, plus daily catered meals, is not a financial burden on the family because both her and her husband work.
More of a problem is the emotional toll. "I have learned to pretend that every question she asks is the first time she has asked it. I might tell her the same story three times in 10 minutes because she forgets she has already asked it .... "
Jenny said the family would put Betty in a home if they believed she would be happy about it, but they know she would never accept it. She would see it as "abandonment".
Her experience may be common to many more of us in the coming years.
With the progress made in national development since Indonesia became a republic 56 years ago, people are living longer. Average life expectancy is now about 68 years for both sexes, compared to 45 for men and 48 for women in 1970. There are about 15 million over-60s in the country, about 8 percent of the more than 200 million population, according to Rozy Munir from the National Population Agency (Baknas).
That number is projected to jump to 11 percent in the next 20 years.
The implication, according to the former minister of investment and state enterprises development, is a greater burden on people of productive age.
He said that right now, every 100 Indonesians in the productive age group of 15 to 60 years are taking care of 59 others, meaning both the young and the aged.
As a comparison, the ratio in the United States is 100 to 33.
"If we want to reduce the burden on productive age people, we must have an integrated effort. Beside focusing on how to anticipate the increasing number of senior citizens, we also have to reduce the maternity rate," Rozy said.
He acknowledged the country`s attention to senior citizens was still poor.
"Public service facilities have yet to accommodate them, like public toilets, the streets, public transportation. Geriatricians are also still very few," Rozy said.
Senior citizens, he said, are the responsibility of both the state and the family, and the country must look to how other societies deal with their elderly.
"If we want to put them in a nursing home, we have to prepare the home so it won`t be a place just to eat and sleep. It should be near nature, because old people want some peace," he said.
Rozy noted that the increased number of senior citizens had already affected the workforce.
"Many families assign daughters to take care of their parents or grandparents. Many also hire young women or women relatives ... That means violating their rights to have careers, that`s discriminative," he said.
A continuing problem is that Indonesians, unlike people in countries like Japan, do not save for their old age.
Some communities already have initiatives to ensure that their elderly residents are not left abandoned, such as through fund gathering in religious and social activities.
Rozy advised the young to start planning ahead so that they can live to a ripe and comfortable old age.
Baby boomers
It`s the baby boomers born in the relative calm of Indonesia in the 1950s who will be losing their youth in the next few years. The problem is that traditional care-givers -- the family -- may not be around to take care of them as Indonesian society changes.
"Families have become smaller and more mobile to fit the modern era," said social psychologist Drajat Soemitro from the University of Indonesia.
Old people may well find themselves home alone, especially with the flight of young people from rural to urban areas. And in developed countries with their own increasing aging populations and declining population sizes, the UN predicts migrant workers from developing nations will be a hot commodity.
Sociologist Mayling Oey said the country must start anticipating the effects of the increasing aging population now.
The government, she added, must provide many services for senior citizens, and it will take enforcement of tax laws to ensure there is enough money in the budget for their needs.
As for the private sector, Mayling said it had yet to react to future needs, such as new health facilities and nursing homes.
"They can build more hospitals or produce equipment that will help senior citizens, like walkers which are now very expensive and still imported. Young people should start to make new inventions to help old people."
A geriatrician with the University of Indonesia, Czeresna H. Soejono, said that although welfare of the elderly is one of the government`s declared three top priorities, little has been done and no funds have been allocated to improve their welfare.
The first geriatric division was set up at the state-run University of Indonesia in 1996. It has slowly grown over the years even without government support. But there is still an acute lack of professionals; Soejono said there are only six geriatricians.
He stressed the importance of educational programs, focusing on health promotion and prevention for elderly people, for doctors and health practitioners at the community level and families. He said it was the cheapest and the most practical program for crisis-stricken Indonesia.
The process toward ideal geriatric services requires years of development. Britain and the U.S. needed 50 years, while Australia took 30 years to educate the public on the issue.
"Even now, demands for such services have soared significantly. We are running out of time and the well-being of millions of elderly is at stake. Being sick and weak is not a quality life and we certainly don`t want our aging parents to live that kind of life," he warned
Die müssen ja fahren wie die Henker.
War ja bei uns vor ein paar Jahrzehnten auch nicht viel anders und da war bei uns das Wirtschaftswunder.
Webfiles: Life (and Death) in the Fast Lane
In Indonesia, it`s not the riots that will get you
By WARREN CARAGATA
Thursday, August 23, 2001
Web posted at 11:50 a.m. Hong Kong time, 11:50 p.m. GMT
My mom worries about me. Like most people on the outside looking in, she thinks Indonesia is a dangerous place, what with the riots and all, to say nothing of the odd guerrilla war. Truth be told, there aren`t as many riots as it may sometimes appear, and when there are big demonstrations, they are usually more of a nuisance than a risk. But what my mother doesn`t know (until she reads this) is that her concerns may well be justified. Not because of the politics, as messy as they are, but because of the traffic.
I remember someone from the World Health Organization telling me just after I arrived in Jakarta from Canada, full of vaccines, that most expats worry too much about getting exotic diseases when the greatest threat to life and limb involves road accidents. Touch wood, so far we have avoided, by luck or skill, any serious mishaps, though our car was sideswiped once by a Jakarta bus that swerved abruptly into what we thought was our lane. But we have occasion on some weekends to drive the Jakarta-Bogor toll road, and I must admit, it scares the livin` daylight out of me.
It`s not that I am some road virgin who`s never before seen a highway busier than the gravel road that led to my uncle`s farm in southern Saskatchewan, which is a place in Canada for those who do not know. I`ve handled rush-hour in Paris and Mexico City, picked my way through Manhattan gridlock and happily navigated Italian autostradas. I`ve driven through snowstorms where you can`t see the front of the car and driven along twisting mountain roads wondering if there`s a patch of unseen black ice on the next curve. I love driving, have done it since I was a kid, and hardly anything scares me -- except the Jakarta-Bogor toll road.
It`s not any particular thing, but the whole package. BMWs or Mercedes zip along at 140 or 150 kph, while impossibly overloaded trucks amble along at 30 kph. And though there are signs warning drivers of the risks of passing on the shoulders, driver use both shoulders as passing lanes. Woe to anyone whose car has broken down on the side of the road. (Traffic signs seem to be advisory only. My favorite is the one that says that in this particular area, traffic laws are actually enforced. It`s never true.) Then there is the matter of tailgating. Bus drivers especially are never happy unless they are a just few centimeters off your back bumper at speeds of 100 kph-plus. Drivers also like to make extra lanes, usually while passing, by squeezing between vehicles in the middle of their own lanes. Then, with all this going on, there are people running across the road, just to make everything that much more exciting.
Where are the police as this mayhem unfolds? Good question. The company that runs the toll road says 31 police officers are on duty every day. I don`t know where they`re hiding when I am on the road because in the two years I have lived in Indonesia, I can count the number of police cars I have seen on the roads (not counting the multitude of cars and motorcycles that escort the presidential motorcade).
But here`s the best bit. Most Indonesian drivers have never passed a driving exam. It`s the custom here to bribe the people who give out licenses. You see, it does away with the bother of having to learn the basics and then be tested on them. This means the folks behind the wheel performing these death-defying maneuvers don`t really know how to drive.
Death is not always defied. In the first six months of this year, 17 people were killed along the 48-km stretch of the Bogor-Jakarta toll road. And that doesn`t include those who died of fright.
War ja bei uns vor ein paar Jahrzehnten auch nicht viel anders und da war bei uns das Wirtschaftswunder.
Webfiles: Life (and Death) in the Fast Lane
In Indonesia, it`s not the riots that will get you
By WARREN CARAGATA
Thursday, August 23, 2001
Web posted at 11:50 a.m. Hong Kong time, 11:50 p.m. GMT
My mom worries about me. Like most people on the outside looking in, she thinks Indonesia is a dangerous place, what with the riots and all, to say nothing of the odd guerrilla war. Truth be told, there aren`t as many riots as it may sometimes appear, and when there are big demonstrations, they are usually more of a nuisance than a risk. But what my mother doesn`t know (until she reads this) is that her concerns may well be justified. Not because of the politics, as messy as they are, but because of the traffic.
I remember someone from the World Health Organization telling me just after I arrived in Jakarta from Canada, full of vaccines, that most expats worry too much about getting exotic diseases when the greatest threat to life and limb involves road accidents. Touch wood, so far we have avoided, by luck or skill, any serious mishaps, though our car was sideswiped once by a Jakarta bus that swerved abruptly into what we thought was our lane. But we have occasion on some weekends to drive the Jakarta-Bogor toll road, and I must admit, it scares the livin` daylight out of me.
It`s not that I am some road virgin who`s never before seen a highway busier than the gravel road that led to my uncle`s farm in southern Saskatchewan, which is a place in Canada for those who do not know. I`ve handled rush-hour in Paris and Mexico City, picked my way through Manhattan gridlock and happily navigated Italian autostradas. I`ve driven through snowstorms where you can`t see the front of the car and driven along twisting mountain roads wondering if there`s a patch of unseen black ice on the next curve. I love driving, have done it since I was a kid, and hardly anything scares me -- except the Jakarta-Bogor toll road.
It`s not any particular thing, but the whole package. BMWs or Mercedes zip along at 140 or 150 kph, while impossibly overloaded trucks amble along at 30 kph. And though there are signs warning drivers of the risks of passing on the shoulders, driver use both shoulders as passing lanes. Woe to anyone whose car has broken down on the side of the road. (Traffic signs seem to be advisory only. My favorite is the one that says that in this particular area, traffic laws are actually enforced. It`s never true.) Then there is the matter of tailgating. Bus drivers especially are never happy unless they are a just few centimeters off your back bumper at speeds of 100 kph-plus. Drivers also like to make extra lanes, usually while passing, by squeezing between vehicles in the middle of their own lanes. Then, with all this going on, there are people running across the road, just to make everything that much more exciting.
Where are the police as this mayhem unfolds? Good question. The company that runs the toll road says 31 police officers are on duty every day. I don`t know where they`re hiding when I am on the road because in the two years I have lived in Indonesia, I can count the number of police cars I have seen on the roads (not counting the multitude of cars and motorcycles that escort the presidential motorcade).
But here`s the best bit. Most Indonesian drivers have never passed a driving exam. It`s the custom here to bribe the people who give out licenses. You see, it does away with the bother of having to learn the basics and then be tested on them. This means the folks behind the wheel performing these death-defying maneuvers don`t really know how to drive.
Death is not always defied. In the first six months of this year, 17 people were killed along the 48-km stretch of the Bogor-Jakarta toll road. And that doesn`t include those who died of fright.
!
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Ein bisschen ausführlicher !
Indonesia signs new agreement with IMF for economic reforms
The Associated Press
8/27/01 5:47 AM
JAKARTA, Indonesia (AP) -- Indonesia signed a new set of promises on economic reform on Monday that paves the way for the resumption of a shelved $5 billion loan program by the International Monetary Fund.
The renewed lending would be a major victory for President Megawati Sukarnoputri, who came to power last month promising to fix the economy.
The IMF has repeatedly had difficulty working with Indonesia on reforms since the country was badly hit by Asia`s financial meltdown in 1997.
Government officials said the letter of intent to the IMF committed Indonesia to a timetable for change, including keeping a lid of the government`s budget deficit and a pledge to sell a majority stake in a big debt-ridden bank.
Visiting IMF deputy director for Asia-Pacific Anoop Singh said the fund`s board would consider the letter`s contents when it meets in Washington in two weeks.
He said if it is approved, the IMF will release $400 million in loans that had been previously held back because of a dispute with the government of former President Abdurrahman Wahid.
The IMF suspended its Indonesian program in December after Indonesia fell behind on a number of reforms, including promises to sell assets from the nation`s ailing banks.
Singh led a mission to Indonesia before Wahid`s ouster last month, but left without an agreement. The national assembly replaced the ineffectual Wahid with Megawati on July 23.
The new head of state has raised expectations of better management of the economy by appointing respected professionals to key Cabinet posts.
In the latest letter of intent, Indonesia has vowed to keep its budget deficit at 3.7 percent of gross domestic product, said Finance Minister Boediono.
Monday`s agreement also laid out a timetable for the sale of assets taken over by the state from the failed banking system and partial privatization of state-owned companies to raise cash for the budget.
Indonesia must sell a 51 percent stake in PT Bank Central Asia to a strategic partner by the end of the year to raise cash, the letter said.
Failure to sell a stake in the bank, the country`s largest, by the end of last year was a major reason the IMF stopped lending to Indonesia.
Indonesia has previously agreed to sell only a 30 percent to a partner, but many foreign banks were unwilling to take a minority stake.
Copyright 2001 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Indonesia signs new agreement with IMF for economic reforms
The Associated Press
8/27/01 5:47 AM
JAKARTA, Indonesia (AP) -- Indonesia signed a new set of promises on economic reform on Monday that paves the way for the resumption of a shelved $5 billion loan program by the International Monetary Fund.
The renewed lending would be a major victory for President Megawati Sukarnoputri, who came to power last month promising to fix the economy.
The IMF has repeatedly had difficulty working with Indonesia on reforms since the country was badly hit by Asia`s financial meltdown in 1997.
Government officials said the letter of intent to the IMF committed Indonesia to a timetable for change, including keeping a lid of the government`s budget deficit and a pledge to sell a majority stake in a big debt-ridden bank.
Visiting IMF deputy director for Asia-Pacific Anoop Singh said the fund`s board would consider the letter`s contents when it meets in Washington in two weeks.
He said if it is approved, the IMF will release $400 million in loans that had been previously held back because of a dispute with the government of former President Abdurrahman Wahid.
The IMF suspended its Indonesian program in December after Indonesia fell behind on a number of reforms, including promises to sell assets from the nation`s ailing banks.
Singh led a mission to Indonesia before Wahid`s ouster last month, but left without an agreement. The national assembly replaced the ineffectual Wahid with Megawati on July 23.
The new head of state has raised expectations of better management of the economy by appointing respected professionals to key Cabinet posts.
In the latest letter of intent, Indonesia has vowed to keep its budget deficit at 3.7 percent of gross domestic product, said Finance Minister Boediono.
Monday`s agreement also laid out a timetable for the sale of assets taken over by the state from the failed banking system and partial privatization of state-owned companies to raise cash for the budget.
Indonesia must sell a 51 percent stake in PT Bank Central Asia to a strategic partner by the end of the year to raise cash, the letter said.
Failure to sell a stake in the bank, the country`s largest, by the end of last year was a major reason the IMF stopped lending to Indonesia.
Indonesia has previously agreed to sell only a 30 percent to a partner, but many foreign banks were unwilling to take a minority stake.
Copyright 2001 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Wohin steuert die Region ?
Ein schlechter Zug
Von Britta Petersen
31.08.2001
Die Illustratoren/Klaus Bergner
Nur demokratische und rechtsstaatliche Spielregeln können den einstigen Boom in die Region zurückbringen Ein schlechter ZugVon Britta Petersen
Wenn ich ein Vogel Strauß wäre, würde ich vor Scham meinen Kopf in den Sand stecken.“ Um ein Land, dessen Staatsoberhaupt solche Sätze sagt, kann es nicht gut bestellt sein.
Am Ende ihrer ersten Auslandsreise, die Indonesiens Präsidentin Megawati Sukarnoputri zu Antrittsbesuchen bei neun südostasiatischen Ländern führte, quälte sie die Scham über ihr kriselndes Heimatreich – das immer instabiler wird und jetzt als größter Staat der Region seine Nachbarn um Hilfe bitten muss. Als hätten die nicht schon Sorgen genug: Die politischen und wirtschaftlichen Aussichten der gesamten Region sind unsicherer denn je.
Das exportgetriebene Wirtschaftswachstum ist wegen dem weltweiten Nachfragerückgang überall eingebrochen. Gleichzeitig hat es in Ländern wie den Philippinen, Thailand und ebenIndonesien jüngst politische Umbrüche und Machtwechsel gegeben, die ernsthafte Zweifel aufkommen lassen, ob die Demokratie in der Region tatsächlich Wurzeln geschlagen hat. Dabei hatten sich diese drei Länder doch zu Vorreitern der Demokratisierung in der Region erklärt – und Transparenz und Rechtssicherheit sollten Investoren nach der Asienkrise endlich wieder anlocken.
Demokratie bringt WohlstandStattdessen traf Megawati auf ihrer Reise nun auf Gesprächspartner, in deren Heimat es genauso zweifelhaft zugeht wie bei ihr: Ihr erste Gastgeberin, die philippinische Präsidentin Gloria Macapagal Arroyo kam Anfang des Jahres durch einen verdeckten Militärputsch an die Macht. Thailands Premier Thaksin Shinawatra, kaum länger im Amt, erhielt jüngst vom Obersten Gericht einen höchst zweifelhaften Freispruch – andernfalls hätte er sich für fünf Jahre von der Politik verabschieden müssen. Und Megawati selbst hat ihren Job durch ein Amtsenthebungsverfahren gegen Vorgänger Wahid zugeschanzt bekommen, das erhebliche Zweifel an seiner Legalität lässt.
„Die Demokratisierung in Südostasien steht an einem Scheideweg“, sagt Jürgen Rüland, Politikprofessor an der Uni Freiburg. Statt der nach der Asienkrise erhofften Welle der Demokratisierung, die Wohlstand und Sicherheit an die Strände der Region spülen sollte, erheben die Unholde, die 1997 zum Zusammenbruch beigetragen hatten, wieder mächtig ihr Haupt: Patronage, Vetternwirtschaft und autoritäre Herrschaft. Selbst das Militär ist nicht völlig gezähmt.
Dabei droht vor allem in Thailand ein Rückfall in autoritäre Strukturen. Schuld ist der Premier höchstpersönlich, der sich, wie Bangkoks Intellektuelle gern spotten, erfolgreich zum „Ritter auf dem weißen Pferd“ und „Super-Chef“ stilisiert hat. Doch was ursprünglich wie harmloser Populismus aussah, trägt inzwischen deutliche Züge eines Personenkults, der darauf zielt, mehr und mehr Macht in den Händen des Premiers zu konzentrieren.
Thaksins Versuche, kleine Parteien mit der von ihm gegründeten Thai-Rak-Thai-Partei zu verschmelzen und missliebige Journalisten bei den zu seinem Firmenimperium gehörigen Fernsehsendern kalt zu stellen, belegen dies. „Thailand ist kein Unternehmen und das Volk besteht nicht aus Angestellten“, beklagte sich jüngst die „Bangkok Post“. Doch sie steht damit ziemlich allein. Inzwischen hat sich Thaksin ein Netzwerk von persönlichen Kontakten und Loyalitäten aufgebaut, mit dem es ihm sogar gelang, das als unbestechlich geltende Oberste Gericht unter Druck zu setzen. Tatsächlich lag den Verfassungsrichtern eine Fülle von Beweisen vor, dass Thaksin gesetzwidrig Teile seines immensen Vermögens verschleiert hat.
Der Freispruch aber zeigt, dass mit Thaksin die für Thailands Politik bis zur Asienkrise charakteristische Intransparenz und Patronage zurückgekehrt ist. „Das Urteil bringt den von seinem Vorgänger Chuan Leekpai eingeleiteten Reformprozess zum Stillstand“, sagt Rüland.
Doch damit nicht genug. Dem Telekom-Tycoon, der angetreten war, das Land wie ein Unternehmen zu führen, ist es mit einer Mischung aus Werbung und Propaganda gelungen, das eigene Schicksal mit dem der Nation zu verschmelzen. „Wo alle Hoffnungen auf einer Person ruhen, wird das höchste Gesetz zum Hindernis auf dem Weg zu Glück und Wohlstand interpretiert“, sagt Michael H. Nelson vom „Center for the Study of Thai Politics and Democracy“ in Bangkok. Dass Thaksin von Rechtsstaatlichkeit nicht viel hält, gibt er sogar selbst zu. Findet er es doch „seltsam, dass sich ein von elf Millionen Menschen gewählter politischer Führer dem Urteil eines Gerichts unterwerfen muss, das nicht gewählt wurde“.
Doch auch in den beiden anderen südostasiatischen Demokratien mangelt es an Bewusstsein für den Wert der Rechtsstaatlichkeit, wie die zweifelhaften Amtsenthebungsverfahren gegen den philippinischen Präsidenten Joseph Estrada und Megawatis Vorgänger Wahid zeigen.
IWF wird ausgebremstZwar bemühte sich das Parlament in Indonesien, seine einzelnen Schritte gegen Wahid mehr oder weniger verfassungskonform zu begründen. Bedenklich ist jedoch, dass er letztlich schlicht als einzelne Person dafür haftbar gemacht wurde, dass es ökonomisch und politisch nicht vorangeht – dabei tragen jene Kräfte, die das Amtsenthebungsverfahren betrieben haben, daran maßgeblich Mitschuld.
Vor allem die Parteigänger von Golkar, der Partei des Ex-Diktators Suharto, zeigen weiter wenig Interesse daran, Korruption und Vetternwirtschaft zu bekämpfen. So drohte Golkar-Sprecher Akbar Tandjung diese Woche bereits, das gerade mit dem Internationalen Währungsfonds (IWF) erzielte Abkommen, in dem unter anderem die Privatisierung verschuldeter Banken festgeschrieben wurde, müsse „überprüft werden“.
Experten rechnen damit, dass „höchstens 50 Prozent“ der Abmachung umgesetzt werden. Ob der IWF, der die Auszahlung eines Kredits über 400 Mio. $ daran geknüpft hat, das mit sich machen lässt, ist fraglich. Wenn nicht, droht Megawati derselbe ökonomische Reformstau, der schon ihren Vorgänger zu Fall gebracht hat. Und in einer dauerhaften Wirtschaftskrise liegt nach Ansicht von Dana R. Dillon, Indonesienexperte beim konservativen Thinktank Heritage Foundation in Washington, denn auch „die größte Gefahr für die Demokratie“.
Rattenfänger allerortenSie könnte vor allem das verarmte Volk autoritären Rattenfängern weiter in die Arme treiben. Wozu das führen kann, erlebt längst auf den Philippinen Gloria Macapagal Arroyo: Ihr mangelt es schon heute an Akzeptanz unter den Armen im Land, während ihr Vorgänger Estrada noch immer als eine Art Robin Hood gilt. Da hilft es wenig, dass die neue Präsidentin eine vernünftigere Wirtschaftspolitik betreibt.
Wenn Asien künftig eine Chance haben will, braucht es beides: Wirtschaftsreformen, von denen nicht nur eine kleine Elite profitiert, sowie demokratische Spielregeln und Rechtsstaatlichkeit, die auch Investoren dringend benötigen. Sonst kommt die Region nie aus der Krise.
Ein schlechter Zug
Von Britta Petersen
31.08.2001
Die Illustratoren/Klaus Bergner
Nur demokratische und rechtsstaatliche Spielregeln können den einstigen Boom in die Region zurückbringen Ein schlechter ZugVon Britta Petersen
Wenn ich ein Vogel Strauß wäre, würde ich vor Scham meinen Kopf in den Sand stecken.“ Um ein Land, dessen Staatsoberhaupt solche Sätze sagt, kann es nicht gut bestellt sein.
Am Ende ihrer ersten Auslandsreise, die Indonesiens Präsidentin Megawati Sukarnoputri zu Antrittsbesuchen bei neun südostasiatischen Ländern führte, quälte sie die Scham über ihr kriselndes Heimatreich – das immer instabiler wird und jetzt als größter Staat der Region seine Nachbarn um Hilfe bitten muss. Als hätten die nicht schon Sorgen genug: Die politischen und wirtschaftlichen Aussichten der gesamten Region sind unsicherer denn je.
Das exportgetriebene Wirtschaftswachstum ist wegen dem weltweiten Nachfragerückgang überall eingebrochen. Gleichzeitig hat es in Ländern wie den Philippinen, Thailand und ebenIndonesien jüngst politische Umbrüche und Machtwechsel gegeben, die ernsthafte Zweifel aufkommen lassen, ob die Demokratie in der Region tatsächlich Wurzeln geschlagen hat. Dabei hatten sich diese drei Länder doch zu Vorreitern der Demokratisierung in der Region erklärt – und Transparenz und Rechtssicherheit sollten Investoren nach der Asienkrise endlich wieder anlocken.
Demokratie bringt WohlstandStattdessen traf Megawati auf ihrer Reise nun auf Gesprächspartner, in deren Heimat es genauso zweifelhaft zugeht wie bei ihr: Ihr erste Gastgeberin, die philippinische Präsidentin Gloria Macapagal Arroyo kam Anfang des Jahres durch einen verdeckten Militärputsch an die Macht. Thailands Premier Thaksin Shinawatra, kaum länger im Amt, erhielt jüngst vom Obersten Gericht einen höchst zweifelhaften Freispruch – andernfalls hätte er sich für fünf Jahre von der Politik verabschieden müssen. Und Megawati selbst hat ihren Job durch ein Amtsenthebungsverfahren gegen Vorgänger Wahid zugeschanzt bekommen, das erhebliche Zweifel an seiner Legalität lässt.
„Die Demokratisierung in Südostasien steht an einem Scheideweg“, sagt Jürgen Rüland, Politikprofessor an der Uni Freiburg. Statt der nach der Asienkrise erhofften Welle der Demokratisierung, die Wohlstand und Sicherheit an die Strände der Region spülen sollte, erheben die Unholde, die 1997 zum Zusammenbruch beigetragen hatten, wieder mächtig ihr Haupt: Patronage, Vetternwirtschaft und autoritäre Herrschaft. Selbst das Militär ist nicht völlig gezähmt.
Dabei droht vor allem in Thailand ein Rückfall in autoritäre Strukturen. Schuld ist der Premier höchstpersönlich, der sich, wie Bangkoks Intellektuelle gern spotten, erfolgreich zum „Ritter auf dem weißen Pferd“ und „Super-Chef“ stilisiert hat. Doch was ursprünglich wie harmloser Populismus aussah, trägt inzwischen deutliche Züge eines Personenkults, der darauf zielt, mehr und mehr Macht in den Händen des Premiers zu konzentrieren.
Thaksins Versuche, kleine Parteien mit der von ihm gegründeten Thai-Rak-Thai-Partei zu verschmelzen und missliebige Journalisten bei den zu seinem Firmenimperium gehörigen Fernsehsendern kalt zu stellen, belegen dies. „Thailand ist kein Unternehmen und das Volk besteht nicht aus Angestellten“, beklagte sich jüngst die „Bangkok Post“. Doch sie steht damit ziemlich allein. Inzwischen hat sich Thaksin ein Netzwerk von persönlichen Kontakten und Loyalitäten aufgebaut, mit dem es ihm sogar gelang, das als unbestechlich geltende Oberste Gericht unter Druck zu setzen. Tatsächlich lag den Verfassungsrichtern eine Fülle von Beweisen vor, dass Thaksin gesetzwidrig Teile seines immensen Vermögens verschleiert hat.
Der Freispruch aber zeigt, dass mit Thaksin die für Thailands Politik bis zur Asienkrise charakteristische Intransparenz und Patronage zurückgekehrt ist. „Das Urteil bringt den von seinem Vorgänger Chuan Leekpai eingeleiteten Reformprozess zum Stillstand“, sagt Rüland.
Doch damit nicht genug. Dem Telekom-Tycoon, der angetreten war, das Land wie ein Unternehmen zu führen, ist es mit einer Mischung aus Werbung und Propaganda gelungen, das eigene Schicksal mit dem der Nation zu verschmelzen. „Wo alle Hoffnungen auf einer Person ruhen, wird das höchste Gesetz zum Hindernis auf dem Weg zu Glück und Wohlstand interpretiert“, sagt Michael H. Nelson vom „Center for the Study of Thai Politics and Democracy“ in Bangkok. Dass Thaksin von Rechtsstaatlichkeit nicht viel hält, gibt er sogar selbst zu. Findet er es doch „seltsam, dass sich ein von elf Millionen Menschen gewählter politischer Führer dem Urteil eines Gerichts unterwerfen muss, das nicht gewählt wurde“.
Doch auch in den beiden anderen südostasiatischen Demokratien mangelt es an Bewusstsein für den Wert der Rechtsstaatlichkeit, wie die zweifelhaften Amtsenthebungsverfahren gegen den philippinischen Präsidenten Joseph Estrada und Megawatis Vorgänger Wahid zeigen.
IWF wird ausgebremstZwar bemühte sich das Parlament in Indonesien, seine einzelnen Schritte gegen Wahid mehr oder weniger verfassungskonform zu begründen. Bedenklich ist jedoch, dass er letztlich schlicht als einzelne Person dafür haftbar gemacht wurde, dass es ökonomisch und politisch nicht vorangeht – dabei tragen jene Kräfte, die das Amtsenthebungsverfahren betrieben haben, daran maßgeblich Mitschuld.
Vor allem die Parteigänger von Golkar, der Partei des Ex-Diktators Suharto, zeigen weiter wenig Interesse daran, Korruption und Vetternwirtschaft zu bekämpfen. So drohte Golkar-Sprecher Akbar Tandjung diese Woche bereits, das gerade mit dem Internationalen Währungsfonds (IWF) erzielte Abkommen, in dem unter anderem die Privatisierung verschuldeter Banken festgeschrieben wurde, müsse „überprüft werden“.
Experten rechnen damit, dass „höchstens 50 Prozent“ der Abmachung umgesetzt werden. Ob der IWF, der die Auszahlung eines Kredits über 400 Mio. $ daran geknüpft hat, das mit sich machen lässt, ist fraglich. Wenn nicht, droht Megawati derselbe ökonomische Reformstau, der schon ihren Vorgänger zu Fall gebracht hat. Und in einer dauerhaften Wirtschaftskrise liegt nach Ansicht von Dana R. Dillon, Indonesienexperte beim konservativen Thinktank Heritage Foundation in Washington, denn auch „die größte Gefahr für die Demokratie“.
Rattenfänger allerortenSie könnte vor allem das verarmte Volk autoritären Rattenfängern weiter in die Arme treiben. Wozu das führen kann, erlebt längst auf den Philippinen Gloria Macapagal Arroyo: Ihr mangelt es schon heute an Akzeptanz unter den Armen im Land, während ihr Vorgänger Estrada noch immer als eine Art Robin Hood gilt. Da hilft es wenig, dass die neue Präsidentin eine vernünftigere Wirtschaftspolitik betreibt.
Wenn Asien künftig eine Chance haben will, braucht es beides: Wirtschaftsreformen, von denen nicht nur eine kleine Elite profitiert, sowie demokratische Spielregeln und Rechtsstaatlichkeit, die auch Investoren dringend benötigen. Sonst kommt die Region nie aus der Krise.
Re: Wohin steuert die Region?
„Demokratie bringt Wohlstand.“::: „Weiß ist besser als schwarz.“. „Männer sind klüger als Frauen.“.
Nicht die Staatsform ist entscheidend für das Wohlergehen eines Staates und somit des ganzen Volkes, sondern wie damit umgegangen wird.
Sehr gut ablesen lässt sich das an den letzten hundert Jahren in Deutschland. Dem Kaiserreich folgte eine schlecht funktionierende Demokratie, der eine zunächst gut funktionierende Diktatur folgte, die wiederum, nach dem totalen Zusammenbruch, von einer gut funktionierenden Demokratie abgelöst wurde.
An diesem Beispiel kann man doch ziemlich genau die Vorteile und Gefahren der jeweiligen politischen Systeme erkennen.
Oder nehmen wir die arabischen Staaten. Fast alle haben die gleichen – nicht demokratischen – Herrschaftsstrukturen. Einige zählen zu den reichsten Ländern der Welt. Bei anderen sieht es nicht so rosig aus, trotz nahezu identischer Ausgangslage (Ölreichtum).
Hieraus wird doch zweifelsfrei ersichtlich, das die Staatsform nicht das entscheidende Kriterium für Wohlstand sein kann. Die Behauptung: „Demokratie bringt Wohlstand.“, ist einfach absurd.
Entscheidend ist etwas ganz anderes, nämlich Investitionssicherheit.
Nur da wo die Saat auch Früchte trägt, wo geerntet werden kann, mehrt sich der Wohlstand. Nur dort, wo ein kompletter Investitionszyklus gesichert ist, geht es nachhaltig bergauf. Es liegt an den Regierenden dieses sicher zu stellen, auch zum eigenen Vorteil. Und es geht nur aus den eigenen Traditionen heraus. Demokratie ist gut für Europa. In Schwarzafrika funktioniert sie nicht. Asien könnte damit zurecht kommen. Nur, wenn man dabei die eigenen traditionellen Strukturen außer acht lässt, wird es schwierig. Was für Deutschland gut ist lässt sich nicht auf Thailand oder Indonesien übertragen. Kriege unterbrechen einen Zyklus. Und im Sozialismus hat man vergessen, das erst gesät werden muss, also vor dem Abkassieren noch etwas anderes kommt.
In China wird schon mal einer öffentlich aufgehängt, der eine Firma gründet und die Versprechungen nicht erfüllt. Das erscheint uns barbarisch. Doch die chinesische Führung weiß um die schädlichen Nebenwirkungen von Revolutionen, hat sie selbst miterlebt. So baut sie umsichtig, Schritt für Schritt, Substanz auf. Schaumschläger und Betrüger werden aussortiert. 10% aus jedem IPO werden in einen staatlichen Pensionsfond zwangsabgeführt. Egal wie wir dazu stehen, aus chinesischer Sicht sind diese Handlungsweisen i.O. Auf ihre Weise und aus ihrer Tradition heraus, sorgen die chinesischen Bosse für Investitionssicherheit und somit für den zukünftigen Wohlstand des Landes.
Betrachtet man nun die gen. demokratischen Länder Südostasiens nach dem Gesichtspunkt der Investitionssicherheit, so dürfte sich Thailand auf einem guten Weg befinden. Auf den Phillippinen herrscht zumindest eine leicht positive Grundtendenz. In Indonesien ist alles noch völlig offen.
Somit bin ich mir auch sicher, das der SET in den nächsten Jahren mit am besten performen wird, wahrscheinlich am nachhaltigsten von allen Börsen Asiens, da er von einer sehr tiefen und mittlerweile auch soliden Basis aus startet.
Zusammenfassend: Nicht Demokratie bringt Wohlstand, sondern Investitionssicherheit!
„Demokratie bringt Wohlstand.“::: „Weiß ist besser als schwarz.“. „Männer sind klüger als Frauen.“.
Nicht die Staatsform ist entscheidend für das Wohlergehen eines Staates und somit des ganzen Volkes, sondern wie damit umgegangen wird.
Sehr gut ablesen lässt sich das an den letzten hundert Jahren in Deutschland. Dem Kaiserreich folgte eine schlecht funktionierende Demokratie, der eine zunächst gut funktionierende Diktatur folgte, die wiederum, nach dem totalen Zusammenbruch, von einer gut funktionierenden Demokratie abgelöst wurde.
An diesem Beispiel kann man doch ziemlich genau die Vorteile und Gefahren der jeweiligen politischen Systeme erkennen.
Oder nehmen wir die arabischen Staaten. Fast alle haben die gleichen – nicht demokratischen – Herrschaftsstrukturen. Einige zählen zu den reichsten Ländern der Welt. Bei anderen sieht es nicht so rosig aus, trotz nahezu identischer Ausgangslage (Ölreichtum).
Hieraus wird doch zweifelsfrei ersichtlich, das die Staatsform nicht das entscheidende Kriterium für Wohlstand sein kann. Die Behauptung: „Demokratie bringt Wohlstand.“, ist einfach absurd.
Entscheidend ist etwas ganz anderes, nämlich Investitionssicherheit.
Nur da wo die Saat auch Früchte trägt, wo geerntet werden kann, mehrt sich der Wohlstand. Nur dort, wo ein kompletter Investitionszyklus gesichert ist, geht es nachhaltig bergauf. Es liegt an den Regierenden dieses sicher zu stellen, auch zum eigenen Vorteil. Und es geht nur aus den eigenen Traditionen heraus. Demokratie ist gut für Europa. In Schwarzafrika funktioniert sie nicht. Asien könnte damit zurecht kommen. Nur, wenn man dabei die eigenen traditionellen Strukturen außer acht lässt, wird es schwierig. Was für Deutschland gut ist lässt sich nicht auf Thailand oder Indonesien übertragen. Kriege unterbrechen einen Zyklus. Und im Sozialismus hat man vergessen, das erst gesät werden muss, also vor dem Abkassieren noch etwas anderes kommt.
In China wird schon mal einer öffentlich aufgehängt, der eine Firma gründet und die Versprechungen nicht erfüllt. Das erscheint uns barbarisch. Doch die chinesische Führung weiß um die schädlichen Nebenwirkungen von Revolutionen, hat sie selbst miterlebt. So baut sie umsichtig, Schritt für Schritt, Substanz auf. Schaumschläger und Betrüger werden aussortiert. 10% aus jedem IPO werden in einen staatlichen Pensionsfond zwangsabgeführt. Egal wie wir dazu stehen, aus chinesischer Sicht sind diese Handlungsweisen i.O. Auf ihre Weise und aus ihrer Tradition heraus, sorgen die chinesischen Bosse für Investitionssicherheit und somit für den zukünftigen Wohlstand des Landes.
Betrachtet man nun die gen. demokratischen Länder Südostasiens nach dem Gesichtspunkt der Investitionssicherheit, so dürfte sich Thailand auf einem guten Weg befinden. Auf den Phillippinen herrscht zumindest eine leicht positive Grundtendenz. In Indonesien ist alles noch völlig offen.
Somit bin ich mir auch sicher, das der SET in den nächsten Jahren mit am besten performen wird, wahrscheinlich am nachhaltigsten von allen Börsen Asiens, da er von einer sehr tiefen und mittlerweile auch soliden Basis aus startet.
Zusammenfassend: Nicht Demokratie bringt Wohlstand, sondern Investitionssicherheit!
@offLimitsLtd.
Sehr guter Beitrag!
Oft werden die Dinge in ein falsches Licht gesetzt, ja
sklavisch an unsere Demokratiestrukturen geknüpft. Dabei
wird die Mentalität der Länder vergessen. So manch ein
Investor westlicher Herkunft kam deshalb nicht zum Erfolg.
(Siehe VW in China, die sich nun mit Plagiaten rumschlagen)
In sofern sollte man auch das Geschehen um Shinawatra nicht
überbewerten.Pressefreiheit?Kann er die überhaupt heute noch
bekämpfen?Ich sag nein.Aber unnötige Unruhe zu ersticken,um
Vorhaben umsetzen zu können, halte ich doch für legitim.
Das Gericht beugt sich?????Was steht über JEDEM Urteil?
"Im Namen des Volkes.."Und was heißt das,wenn der betroffene
trotz weltweiter Kenntnis der Vermögensschummelei von der
breiten Mehrheit seines Volkes gewählt wurde,um Gesetze zu
gestalten?Etwa,das alte Gesetze gegen die Mehrheitsentscheidung
des Volkes angewendet werden sollen?
Nein,auch hier bin ich der Auffassung,daß ein oberstes
Gericht bei seiner Entscheidung die politischen Folgen
sehen,und berücksichtigen muß.Schließlich war den Wählern
Taksins sein tun bekannt.Sie wählten in trotzdem,weil sie
nicht mehr an die alten Politstrukturen glaubten.
Sein tun war und ist in dem Land Gang und Gebe,bei uns doch
auch(Kiep).
so long
Sehr guter Beitrag!
Oft werden die Dinge in ein falsches Licht gesetzt, ja
sklavisch an unsere Demokratiestrukturen geknüpft. Dabei
wird die Mentalität der Länder vergessen. So manch ein
Investor westlicher Herkunft kam deshalb nicht zum Erfolg.
(Siehe VW in China, die sich nun mit Plagiaten rumschlagen)
In sofern sollte man auch das Geschehen um Shinawatra nicht
überbewerten.Pressefreiheit?Kann er die überhaupt heute noch
bekämpfen?Ich sag nein.Aber unnötige Unruhe zu ersticken,um
Vorhaben umsetzen zu können, halte ich doch für legitim.
Das Gericht beugt sich?????Was steht über JEDEM Urteil?
"Im Namen des Volkes.."Und was heißt das,wenn der betroffene
trotz weltweiter Kenntnis der Vermögensschummelei von der
breiten Mehrheit seines Volkes gewählt wurde,um Gesetze zu
gestalten?Etwa,das alte Gesetze gegen die Mehrheitsentscheidung
des Volkes angewendet werden sollen?
Nein,auch hier bin ich der Auffassung,daß ein oberstes
Gericht bei seiner Entscheidung die politischen Folgen
sehen,und berücksichtigen muß.Schließlich war den Wählern
Taksins sein tun bekannt.Sie wählten in trotzdem,weil sie
nicht mehr an die alten Politstrukturen glaubten.
Sein tun war und ist in dem Land Gang und Gebe,bei uns doch
auch(Kiep).
so long
Und immer wieder heisst es warten ....
Vielleicht kommen dann die 400 Mio`s vom IMF ?
World leaders, U.S. businessmen expect to meet with Megawati
JAKARTA (JP): A number of world leaders and U.S. businessmen have expressed their wish to meet with President Megawati Soekarnoputri during the latter`s visit to the United States from Sept. 19 through Sept. 25, an embassy official said in New York on Friday (Saturday in Indonesia).
"At least three heads of state -- those of South Korea, India and Bulgaria -- have made such a request to the embassy here," a spokesman for the Office of the Permanent Representative to the United Nations, Tatang B. Razak, said as quoted by Antara.
He said that UN Secretary-General Kofi Annan would also host a luncheon for Megawati at the UN headquarters, to be followed by bilateral talks.
The meetings between Megawati and the three leaders are slated to be held on Sept. 24.
Former US secretary of state Henry Kissinger has also requested a meeting with the Indonesian leader.
"A meeting with him (Kissinger) might also be scheduled on Sept. 24," he added.
Megawati will be the fourth speaker at a UN General Assembly, after the presidents of Lebanon, Zambia and Venezuela.
A meeting with businessmen grouped in the US-Indonesia Chamber of Commerce is also included in the agenda of her visit, Tatang said.
In Washington DC, Megawati will hold bilateral talks with U.S. President George W. Bush and meet with Indonesians there, he said.
In Houston, Texas, the President will deliver a speech before an international oil forum, he added.
Vielleicht kommen dann die 400 Mio`s vom IMF ?
World leaders, U.S. businessmen expect to meet with Megawati
JAKARTA (JP): A number of world leaders and U.S. businessmen have expressed their wish to meet with President Megawati Soekarnoputri during the latter`s visit to the United States from Sept. 19 through Sept. 25, an embassy official said in New York on Friday (Saturday in Indonesia).
"At least three heads of state -- those of South Korea, India and Bulgaria -- have made such a request to the embassy here," a spokesman for the Office of the Permanent Representative to the United Nations, Tatang B. Razak, said as quoted by Antara.
He said that UN Secretary-General Kofi Annan would also host a luncheon for Megawati at the UN headquarters, to be followed by bilateral talks.
The meetings between Megawati and the three leaders are slated to be held on Sept. 24.
Former US secretary of state Henry Kissinger has also requested a meeting with the Indonesian leader.
"A meeting with him (Kissinger) might also be scheduled on Sept. 24," he added.
Megawati will be the fourth speaker at a UN General Assembly, after the presidents of Lebanon, Zambia and Venezuela.
A meeting with businessmen grouped in the US-Indonesia Chamber of Commerce is also included in the agenda of her visit, Tatang said.
In Washington DC, Megawati will hold bilateral talks with U.S. President George W. Bush and meet with Indonesians there, he said.
In Houston, Texas, the President will deliver a speech before an international oil forum, he added.
der letzte absatz ist musik in meinen ohren
www.welt.de
"Das Kurs-Gewitter ist noch nicht vorüber"
Crash-Propheten halten Fall des Dow bis auf 6000 Punkte für möglich - Anleger sind noch zu optimistisch
Von Thomas Exner
Berlin - Keine Entwarnung für die internationalen Börsen geben die als "Crash-Propheten" zu Bekanntheit gelangten Aktienexperten Roland Leuschel und Marc Faber. Im Gegenteil: Sie halten weitere drastische Kursrückgänge, insbesondere bei den Standardwerten in den USA und Europa, für wahrscheinlich. "Das Kurs-Gewitter ist noch nicht vorüber", sagte Leuschel, der im Sommer 1987 den Oktober-Crash im selben Jahr exakt vorausgesagt hatte, der WELT. Selbst wenn eine Verkaufspanik ausbleibe, sei ein Absturz des Dow Jones auf rund 8000 Punkte und des Dax auf etwa 4000 Zähler wahrscheinlich. Noch skeptischer ist der in Hongkong ansässige Fondsmanager Faber, der den Dow auf Sicht von 18 bis 24 Monaten nur noch bei 6000 bis 7000 Punkten stehen sieht.
"Immer noch sind viel zu viele Markteilnehmer viel zu optimistisch", erklärt Leuschel. "Die Anleger haben mehr Angst, die nächste Hausse zu verpassen, als vor dem Bärenmarkt", konstatiert Faber. Verantwortung tragen hierfür nach ihrer Meinung auch die Analysten der internationalen Investmentbanken, die für das Jahr 2002 bei den im S & P-500 zusammengefassten US-Aktien bereits wieder kräftige Gewinnsteigerungen erwarten. "Prognosen, wie die von Abby Joseph Cohen, die für die S & P-500-Unternehmen Gewinne von 61 Dollar erwartet, scheinen mir völlig unrealistisch", so Faber. Schließlich habe dieser Wert selbst im Rekordjahr 2000 nur bei 56 Dollar gelegen. Trotz der zurückliegenden Kurseinbrüche seien die meisten Aktien noch immer sehr hoch bewertet.
"Ich kann mir kaum vorstellen, dass die Märkte nach der Vernichtung von rund 5000 Milliarden Dollar einfach wieder zur Tagesordnung übergehen werden", begründet Leuschel seine Skepsis. Ebenso wie Faber fürchtet er, dass die Realwirtschaft in den USA, aber auch in Europa, die Talsohle längst noch nicht erreicht hat. Fraglich sei vor allem, wie lange der private Konsum der Amerikaner, der bisher ein Abgleiten in die Rezession verhindert habe, noch als Stütze wirken könne. Zudem seien die Handlungsmöglichkeiten der US-Notenbank beschränkt: "Es ist nicht auszuschließen, dass Fed-Chef Alan Greenspan sein Pulver bereits zu früh verschossen hat. Auf wirklich schlechte Wirtschaftsdaten kann er dann nicht mehr reagieren."
Signale für eine Stabilisierung der US-Konjunktur erwartet Leuschel frühestens im Verlauf des Jahres 2002. Allerdings sei die Gefahr, dass die wirtschaftliche Erholung dann auf tönernen Füßen stehe, groß, warnt Faber. Angesichts der expansiven Geldpolitik der vergangenen Monate könne die Fed gezwungen sein, bereits sehr frühzeitig die Zinsschraube wieder anzuziehen. "Die Folge wäre eine zweite Rezession, die noch viel schwerer ausfällt als die jetzige", warnt der Fondsmanager.
Drastische Kursverluste erwarten die Auguren angesichts dieses Szenarios vor allem bei den bisher noch relativ stabilen Standardwerten der Old Economy. Im Technologie- und Telekommunikationssektor dürfte nach ihrer Einschätzuung dagegen das Schlimmste überstanden sein. "Den finalen Ausverkauf haben wir allerdings selbst am Neuen Markt noch nicht gesehen", dämpft Leuschel überzogene Hoffnungen.
Anlegern raten die beiden Börsen-Skeptiker vorläufig zu starker Zurückhaltung bei Aktienengagements. Allenfalls bei einigen stark gefallenen Qualitätswerten könnten Investoren mit einem langfristigen Anlagehorizont beginnen, erste Positionen aufzubauen, so Leuschel. Hierzu zählt er selbst beispielsweise die Aktien von Daimler-Chrysler, Deutsche Telekom oder IBM. Ansonsten sonst setzt er wie Faber vornehmlich auf (Euro-)Bonds und eine hohe Cash-Position. Eine Ausnahme von seiner weitgehenden Aktien-Abstinenz macht allerdings auch der Hongkonger Fondsmanager: "Die Aktienmärkte in Thailand, Indonesien, Malaysia und den Philippinen sind nicht nur noch immer absolut niedrig bewertet, sondern auch durch eine florierende Binnenkonjunktur abgesichert."
www.welt.de
"Das Kurs-Gewitter ist noch nicht vorüber"
Crash-Propheten halten Fall des Dow bis auf 6000 Punkte für möglich - Anleger sind noch zu optimistisch
Von Thomas Exner
Berlin - Keine Entwarnung für die internationalen Börsen geben die als "Crash-Propheten" zu Bekanntheit gelangten Aktienexperten Roland Leuschel und Marc Faber. Im Gegenteil: Sie halten weitere drastische Kursrückgänge, insbesondere bei den Standardwerten in den USA und Europa, für wahrscheinlich. "Das Kurs-Gewitter ist noch nicht vorüber", sagte Leuschel, der im Sommer 1987 den Oktober-Crash im selben Jahr exakt vorausgesagt hatte, der WELT. Selbst wenn eine Verkaufspanik ausbleibe, sei ein Absturz des Dow Jones auf rund 8000 Punkte und des Dax auf etwa 4000 Zähler wahrscheinlich. Noch skeptischer ist der in Hongkong ansässige Fondsmanager Faber, der den Dow auf Sicht von 18 bis 24 Monaten nur noch bei 6000 bis 7000 Punkten stehen sieht.
"Immer noch sind viel zu viele Markteilnehmer viel zu optimistisch", erklärt Leuschel. "Die Anleger haben mehr Angst, die nächste Hausse zu verpassen, als vor dem Bärenmarkt", konstatiert Faber. Verantwortung tragen hierfür nach ihrer Meinung auch die Analysten der internationalen Investmentbanken, die für das Jahr 2002 bei den im S & P-500 zusammengefassten US-Aktien bereits wieder kräftige Gewinnsteigerungen erwarten. "Prognosen, wie die von Abby Joseph Cohen, die für die S & P-500-Unternehmen Gewinne von 61 Dollar erwartet, scheinen mir völlig unrealistisch", so Faber. Schließlich habe dieser Wert selbst im Rekordjahr 2000 nur bei 56 Dollar gelegen. Trotz der zurückliegenden Kurseinbrüche seien die meisten Aktien noch immer sehr hoch bewertet.
"Ich kann mir kaum vorstellen, dass die Märkte nach der Vernichtung von rund 5000 Milliarden Dollar einfach wieder zur Tagesordnung übergehen werden", begründet Leuschel seine Skepsis. Ebenso wie Faber fürchtet er, dass die Realwirtschaft in den USA, aber auch in Europa, die Talsohle längst noch nicht erreicht hat. Fraglich sei vor allem, wie lange der private Konsum der Amerikaner, der bisher ein Abgleiten in die Rezession verhindert habe, noch als Stütze wirken könne. Zudem seien die Handlungsmöglichkeiten der US-Notenbank beschränkt: "Es ist nicht auszuschließen, dass Fed-Chef Alan Greenspan sein Pulver bereits zu früh verschossen hat. Auf wirklich schlechte Wirtschaftsdaten kann er dann nicht mehr reagieren."
Signale für eine Stabilisierung der US-Konjunktur erwartet Leuschel frühestens im Verlauf des Jahres 2002. Allerdings sei die Gefahr, dass die wirtschaftliche Erholung dann auf tönernen Füßen stehe, groß, warnt Faber. Angesichts der expansiven Geldpolitik der vergangenen Monate könne die Fed gezwungen sein, bereits sehr frühzeitig die Zinsschraube wieder anzuziehen. "Die Folge wäre eine zweite Rezession, die noch viel schwerer ausfällt als die jetzige", warnt der Fondsmanager.
Drastische Kursverluste erwarten die Auguren angesichts dieses Szenarios vor allem bei den bisher noch relativ stabilen Standardwerten der Old Economy. Im Technologie- und Telekommunikationssektor dürfte nach ihrer Einschätzuung dagegen das Schlimmste überstanden sein. "Den finalen Ausverkauf haben wir allerdings selbst am Neuen Markt noch nicht gesehen", dämpft Leuschel überzogene Hoffnungen.
Anlegern raten die beiden Börsen-Skeptiker vorläufig zu starker Zurückhaltung bei Aktienengagements. Allenfalls bei einigen stark gefallenen Qualitätswerten könnten Investoren mit einem langfristigen Anlagehorizont beginnen, erste Positionen aufzubauen, so Leuschel. Hierzu zählt er selbst beispielsweise die Aktien von Daimler-Chrysler, Deutsche Telekom oder IBM. Ansonsten sonst setzt er wie Faber vornehmlich auf (Euro-)Bonds und eine hohe Cash-Position. Eine Ausnahme von seiner weitgehenden Aktien-Abstinenz macht allerdings auch der Hongkonger Fondsmanager: "Die Aktienmärkte in Thailand, Indonesien, Malaysia und den Philippinen sind nicht nur noch immer absolut niedrig bewertet, sondern auch durch eine florierende Binnenkonjunktur abgesichert."
Trauer und Mitgefühl für die opfern und den hinterblieben ,es ist unfassbar
Mr looser
Mr looser
!
Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an feedback@wallstreet-online.de
Es tut sich immer noch was !
24 September 2001
IBRA Announces Restructuring Process On Corporate Debtors Worth IDR 33,18 Trillion
*242 debtors signed MOU for IDR 23.1 Trillion and 94 debtors reached Loan Agreement for IDR 10.08 Trillion*
The Indonesian Bank Restructuring Agency (IBRA) has announced today the restructuring process of corporate debtors -- those with outstanding debt under IDR 1 trillion. As many as 242 debtors have agreed to signed the Memorandum of Understanding (MoU) with total outstanding debt IDR 23.1 trillion. In addition, 94 debtors have reached the Loan Agreement (PK) with total outstanding IDR 10.08 trillion.
The total outstanding debt of the aforementioned debtors which has been restructured by IBRA to is IDR 33.18 trillion. Operational in a variety of industries, most of the 334 deal with property / infrastructure, basic industry / petrochemical and multi-various industries.
With the completion of this restructuring, IBRA shows that it is not focused only on restructuring the big debtors categorized as the Top 21 obligor or Top 50. IBRA’s restructuring frame works always run simultaneously among Retail/SME debtors, Corporate and Commercial debtors with outstanding debt under IDR 1 trillion. To smooth out the whole process, IBRA has commissioned a special group which handles SME debtors under Loan Work Out division. To further accelerate the process, IBRA also appoints outsourcing agents.
In restructuring the debtors with outstanding debt above IDR 1 trillion, IBRA is not obliged to request for an approval from the Financial Sector Policy Committee (FSPC). With several of the aforementioned said debtors, IBRA has reached MoU signing which represents a bilateral agreement between IBRA and Debtors after examining the Commercial Technical Guidance principles.
The debtors announced today are not classified as SME retail debtors which have outstanding debt under IDR 5 billion. SME retail debtors are under special treatment scheme as stipulated by an FSPC decision.
To enhance transparency to the public, IBRA, especially the AMC unit IBRA is committed to announcing the debtors status updates in all debtor categories in line with IBRA`s program of debt restructuring acceleration.
See attachment
24 September 2001
IBRA Announces Restructuring Process On Corporate Debtors Worth IDR 33,18 Trillion
*242 debtors signed MOU for IDR 23.1 Trillion and 94 debtors reached Loan Agreement for IDR 10.08 Trillion*
The Indonesian Bank Restructuring Agency (IBRA) has announced today the restructuring process of corporate debtors -- those with outstanding debt under IDR 1 trillion. As many as 242 debtors have agreed to signed the Memorandum of Understanding (MoU) with total outstanding debt IDR 23.1 trillion. In addition, 94 debtors have reached the Loan Agreement (PK) with total outstanding IDR 10.08 trillion.
The total outstanding debt of the aforementioned debtors which has been restructured by IBRA to is IDR 33.18 trillion. Operational in a variety of industries, most of the 334 deal with property / infrastructure, basic industry / petrochemical and multi-various industries.
With the completion of this restructuring, IBRA shows that it is not focused only on restructuring the big debtors categorized as the Top 21 obligor or Top 50. IBRA’s restructuring frame works always run simultaneously among Retail/SME debtors, Corporate and Commercial debtors with outstanding debt under IDR 1 trillion. To smooth out the whole process, IBRA has commissioned a special group which handles SME debtors under Loan Work Out division. To further accelerate the process, IBRA also appoints outsourcing agents.
In restructuring the debtors with outstanding debt above IDR 1 trillion, IBRA is not obliged to request for an approval from the Financial Sector Policy Committee (FSPC). With several of the aforementioned said debtors, IBRA has reached MoU signing which represents a bilateral agreement between IBRA and Debtors after examining the Commercial Technical Guidance principles.
The debtors announced today are not classified as SME retail debtors which have outstanding debt under IDR 5 billion. SME retail debtors are under special treatment scheme as stipulated by an FSPC decision.
To enhance transparency to the public, IBRA, especially the AMC unit IBRA is committed to announcing the debtors status updates in all debtor categories in line with IBRA`s program of debt restructuring acceleration.
See attachment
ich glaube nicht das das den markt auftrieb gibt!!
Indonesiens höchster Moslemrat droht USA mit «Heiligem Krieg»Jakarta (dpa) - Der höchste Rat moslemischer Gelehrter in Indonesien hat sich im Falle von Militäraktionen gegen Afghanistan für einen «Heiligen Krieg» gegen die USA und ihre Verbündeten ausgesprochen. Dies geht aus einer Erklärung des Rats hervor. Islamistische Jugendgruppen begannen nach Medienberichten mit der Registrierung hunderter Freiwilliger, die sich an einem Heiligen Krieg beteiligen wollen. Am Sonntag hatten radikale Moslems auf der Insel Java Hotels nach US-Bürgern und westlichen Reisenden durchsucht.
Donnerstag 20. September 2001, 12:32 Uhr
Montag 24. September 2001, 08:28 Uhr
Radikale Moslems durchsuchen indonesische Hotels nach US-BürgernJakarta (dpa) - In Indonesien haben radikale Moslems angesichts drohender Militärschläge der USA gegen Afghanistan Hotels nach US- Bürgern durchsucht. An den Aktionen auf der Insel Java seien nach Polizeiangaben 100 Mitglieder verschiedener islamistischer Organisationen beteiligt gewesen. Deren Ziel sei es, Amerikaner und westliche Touristen aus dem Land zu jagen. Aus Furcht vor Übergriffen wurden in der Hauptstadt Jakarta bereits hunderte Polizisten vor US- Einrichtungen postiert.
Bin Laden soll Afghanistan freiwillig verlassenPeschawar (dpa) - Der mutmaßliche Drahtzieher der Terroranschläge in den USA, Osama bin Laden, soll Afghanistan freiwillig verlassen. Das wollen die mehr als 1000 Islamgelehrten des Landes, die sich in der Hauptstadt Kabul versammelt haben. Sie forderten die Taliban- Regierung auf, bin Laden zu diesem Schritt zu drängen, berichtet die afghanische Nachrichtenagentur AIP. Bin Laden solle sich ein anderes Land suchen, heißt es in einem religiösen Rechtsgutachten. Gerüchten aus Moskau zufolge soll er sich bereits nach Indonesien abgesetzt haben.
www.yahoo.de
Indonesiens höchster Moslemrat droht USA mit «Heiligem Krieg»Jakarta (dpa) - Der höchste Rat moslemischer Gelehrter in Indonesien hat sich im Falle von Militäraktionen gegen Afghanistan für einen «Heiligen Krieg» gegen die USA und ihre Verbündeten ausgesprochen. Dies geht aus einer Erklärung des Rats hervor. Islamistische Jugendgruppen begannen nach Medienberichten mit der Registrierung hunderter Freiwilliger, die sich an einem Heiligen Krieg beteiligen wollen. Am Sonntag hatten radikale Moslems auf der Insel Java Hotels nach US-Bürgern und westlichen Reisenden durchsucht.
Donnerstag 20. September 2001, 12:32 Uhr
Montag 24. September 2001, 08:28 Uhr
Radikale Moslems durchsuchen indonesische Hotels nach US-BürgernJakarta (dpa) - In Indonesien haben radikale Moslems angesichts drohender Militärschläge der USA gegen Afghanistan Hotels nach US- Bürgern durchsucht. An den Aktionen auf der Insel Java seien nach Polizeiangaben 100 Mitglieder verschiedener islamistischer Organisationen beteiligt gewesen. Deren Ziel sei es, Amerikaner und westliche Touristen aus dem Land zu jagen. Aus Furcht vor Übergriffen wurden in der Hauptstadt Jakarta bereits hunderte Polizisten vor US- Einrichtungen postiert.
Bin Laden soll Afghanistan freiwillig verlassenPeschawar (dpa) - Der mutmaßliche Drahtzieher der Terroranschläge in den USA, Osama bin Laden, soll Afghanistan freiwillig verlassen. Das wollen die mehr als 1000 Islamgelehrten des Landes, die sich in der Hauptstadt Kabul versammelt haben. Sie forderten die Taliban- Regierung auf, bin Laden zu diesem Schritt zu drängen, berichtet die afghanische Nachrichtenagentur AIP. Bin Laden solle sich ein anderes Land suchen, heißt es in einem religiösen Rechtsgutachten. Gerüchten aus Moskau zufolge soll er sich bereits nach Indonesien abgesetzt haben.
www.yahoo.de
Market Today`s
Prices of stocks at the JSX again weakened during yesterday’s trading session which resulted in the JCI index losing as much as 8.07 points (1.97%) to close at 401.018.
The weakening of stock prices was mainly triggered by aggressive selling activities in TLKM and ISAT due to the postponement of these companies privatization plan which has been scheduled to be finalized by the end of this year.
It is very likely that selling pressure would continue today especially since US markets overnight and early regional markets are not showing conducive movements which might boost sentiment in the market.
There are also concerns of “Jihad War” by local Moslem fundamentalists in response to US attacks on Afghanistan might trigger security worries towards foreigners residing in Indonesia.
Based on observation above, we believe that JCI index should weaken further today due to continuous uncertainties in both domestic and global markets.
Market Commentator: Indoexchange Commentary Team (September 27, 2001)
Prices of stocks at the JSX again weakened during yesterday’s trading session which resulted in the JCI index losing as much as 8.07 points (1.97%) to close at 401.018.
The weakening of stock prices was mainly triggered by aggressive selling activities in TLKM and ISAT due to the postponement of these companies privatization plan which has been scheduled to be finalized by the end of this year.
It is very likely that selling pressure would continue today especially since US markets overnight and early regional markets are not showing conducive movements which might boost sentiment in the market.
There are also concerns of “Jihad War” by local Moslem fundamentalists in response to US attacks on Afghanistan might trigger security worries towards foreigners residing in Indonesia.
Based on observation above, we believe that JCI index should weaken further today due to continuous uncertainties in both domestic and global markets.
Market Commentator: Indoexchange Commentary Team (September 27, 2001)
IBRA weiter so !
28 September 2001
IBRA Finalizes Sale of PT Salim Rengo Containers
The Indonesian Bank Restructuring Agency (IBRA), today announced that the sale of the entire 60% ownership of PT Holdiko Perkasa (Holdiko) in PT Salim Rengo Containers has been finalized and sold to Rengo Co. Ltd., of Japan for IDR 204 billion.
Rengo Co. Ltd. of Japan is the joint venture partner, who in almost 10 years has substantially contributed to SRC’s business development. In this sale process IBRA / Holdiko initially offered its ownership of SRC to, Rengo Co. Ltd., Japan.
Acting as financial advisors to Holdiko’s 9th asset sale is PT Triton Konsultan Indonesia / Crosby Advisory (Singapore) Pte. Ltd.
PT Salim Rengo Containers (SRC) is presently Indonesia’s second largest company in the corrugated converting industry in terms of sales and market share. With plants in Jakarta, Surabaya and Semarang, SRC’s total production capacity is approximately 102,000 tonnes per annum of corrugated carton boxes.
The sale of SRC to Rengo Co. Ltd. Japan will hopefully not only strengthens the corrugated converting industry in Indonesia, but also the future Indonesian economic prospects.
28 September 2001
IBRA Finalizes Sale of PT Salim Rengo Containers
The Indonesian Bank Restructuring Agency (IBRA), today announced that the sale of the entire 60% ownership of PT Holdiko Perkasa (Holdiko) in PT Salim Rengo Containers has been finalized and sold to Rengo Co. Ltd., of Japan for IDR 204 billion.
Rengo Co. Ltd. of Japan is the joint venture partner, who in almost 10 years has substantially contributed to SRC’s business development. In this sale process IBRA / Holdiko initially offered its ownership of SRC to, Rengo Co. Ltd., Japan.
Acting as financial advisors to Holdiko’s 9th asset sale is PT Triton Konsultan Indonesia / Crosby Advisory (Singapore) Pte. Ltd.
PT Salim Rengo Containers (SRC) is presently Indonesia’s second largest company in the corrugated converting industry in terms of sales and market share. With plants in Jakarta, Surabaya and Semarang, SRC’s total production capacity is approximately 102,000 tonnes per annum of corrugated carton boxes.
The sale of SRC to Rengo Co. Ltd. Japan will hopefully not only strengthens the corrugated converting industry in Indonesia, but also the future Indonesian economic prospects.
FOCUS: Indonesia faces black-outs within 2 yrs due to slow restructure process
---- by Marian Carroll ----
JAKARTA (AFX-ASIA) - Indonesia faces power black-outs within the next 2-3
years because of the government`s slow progress in restructuring the local
market and state-owned power company PT Perusahaan Listrik Negara (PLN),
government and industry officials said.
Speaking at the `Lights On, Lights Out` energy conference, they said that
despite the political risks, further increases to electricity prices are
urgently needed to attract private investment to the sector, which is
currently heavily subsidised by the government.
Energy and Resources Minister Purnomo Yusgiantoro said the Java-Bali
power system will require new generating capacity of around 1,700-2,600
megawatts per year from 2004 to meet increasing demand.
Some regions are already experiencing a supply-demand imbalance, he said.
Unocal Indonesia head David Newell said without urgent action on
restoring PLN to financial health, increasing the tariffs and renegotiating
independent po wer producer (IPP) agreements, the Java-Bali system faces the
prospect of falling short of power supply as early as next year.
"All indicators are telling us there is a potential critical generation
shortfall in late 2002 or 2003.
"Action needs to be taken now, and even then, time may be too short to
avoid a significant chance of `lights out`," he said.
Unocal is one of 27 IPPs to sign power purchase agreements with PLN
during the mid-1990s to help meet Indonesia`s energy demand, which continued
to rise even through the 1997-98 financial crisis.
Asian Development Bank (ADB) Indonesian resident mission director Jan P.
M. Van Heeswijk concurred with Newell, saying the government is unlikely to
meet its goal of introducing competition in Java-Bali by 2003.
"The question is very much if it`s realistic that it can be done in that
time frame.
"Looking at the very little time available, it may not be realistic," he
told AFX-ASIA on the sidelines of the conference.
He said it could actually take another 5-7 years before the necessary
conditions are in place for a competitive environment.
He said these conditions include the initial move to a single-buyer
market before the move to a multi-buyer, multi-seller market; the urgent need
for further increases to the electricity tariff; PLN`s financial recovery;
negotiating resolutions to PLN`s disputes with IPPs; and strengthening the
regulatory environment to protect stakeholders, including investors and
consumers.
"Overall the progress has been slow in establishing a competitive market,
" Van Heeswijk told the conference. "Even with the increased tariff (of 17.47
pct, to come into effect July 1), we still have a long way to go if we look
at the financial viability of the power sector."
He said there has been no new investment in the Indonesian power
generation market in the last four years and it is unlikely that the country
will attract the multi-billion dollar investments required from the private
sector to fund its expansion.
The government is in no position to provide this funding as it already
faces the prospect of a ballooning budget deficit, prompting it to take
politically unpopular actions such as cutting subsidies for electricity and
fuel, leading to price rises.
Van Heeswijk said increasing the electricity tariff is "absolutely
necessary and urgent" to attract private capital, with the very real prospect
of black-outs within the next two to three years.
The ADB will continue to provide financing for the power sector`s reform,
largely for transmission projects in Java and Bali, he said.
Electricity Director-General Luluk Sumiarso said private financing may be
slow coming given that the electricity tariff is still quite low and is
currently not high enough to cover PLN`s production costs, estimated at more
than 0.05 usd/KwH.
The government aims to increase the tariff to cover production costs by
2003 and to "commercially viable" levels by 2007, although no decision has
been made on the annual increase.
A special fund will be set up to provide a subsidy for low-income earners
who cannot pay the higher prices as the subsidy provided through the tariff
system is eventually eliminated, he said.
PT Paiton Energy president Ronald Landry told the conference the
government appears to realise that power rates of 0.05-0.06 usd/KwH "are
reasonable" and in line with other prices in the Southeast Asian region.
Paiton is currently operating under Phase 1 of a long-term contract at a
tariff rate of around 0.036 usd/KwH, a rate Landry described as "crazy".
He said it is critical for PLN to attract new investment in the near term
for generation as well as transmission and distribution projects, as
countries such as the Phillipines and Brazil have shown that a lack of power
supply is "devastating to GDP."
Citibank Indonesia`s Michael Zink said the major deterrent to private
investment in Indonesia is the weak legal system.
He said investors have lost confidence in the country due to a string of
bad loans and inadequate legal protection, and Citibank no longer provides
unsecured loans because its experience is that it will lose the money.
"Without the confidence in loan contracts, (Indonesia) won`t raise the
money needed (for investment in the power industry)," he said.
He said PLN`s renegotiations for contracts with IPPs must be resolved as
soon as possible in a way that divides the risk between the investors and the
lenders.
Unocal`s Newell said PLN`s credibility has received a huge blow from its
failure to honour contractual payment obligations and international
arbitration.
"PLN must establish a track record of honouring its current contractual
obligations before investors will be convinced of its intentions," he said.
This will require strong leadership by the government, particularly in
completing its existing energy sales contracts and power purchase agreements
with IPPs.
"After more than two years, PLN has completed negotiations with a few
investors. The rest of us are anxious to complete the process as well," he
said.
mtc/bmm
---- by Marian Carroll ----
JAKARTA (AFX-ASIA) - Indonesia faces power black-outs within the next 2-3
years because of the government`s slow progress in restructuring the local
market and state-owned power company PT Perusahaan Listrik Negara (PLN),
government and industry officials said.
Speaking at the `Lights On, Lights Out` energy conference, they said that
despite the political risks, further increases to electricity prices are
urgently needed to attract private investment to the sector, which is
currently heavily subsidised by the government.
Energy and Resources Minister Purnomo Yusgiantoro said the Java-Bali
power system will require new generating capacity of around 1,700-2,600
megawatts per year from 2004 to meet increasing demand.
Some regions are already experiencing a supply-demand imbalance, he said.
Unocal Indonesia head David Newell said without urgent action on
restoring PLN to financial health, increasing the tariffs and renegotiating
independent po wer producer (IPP) agreements, the Java-Bali system faces the
prospect of falling short of power supply as early as next year.
"All indicators are telling us there is a potential critical generation
shortfall in late 2002 or 2003.
"Action needs to be taken now, and even then, time may be too short to
avoid a significant chance of `lights out`," he said.
Unocal is one of 27 IPPs to sign power purchase agreements with PLN
during the mid-1990s to help meet Indonesia`s energy demand, which continued
to rise even through the 1997-98 financial crisis.
Asian Development Bank (ADB) Indonesian resident mission director Jan P.
M. Van Heeswijk concurred with Newell, saying the government is unlikely to
meet its goal of introducing competition in Java-Bali by 2003.
"The question is very much if it`s realistic that it can be done in that
time frame.
"Looking at the very little time available, it may not be realistic," he
told AFX-ASIA on the sidelines of the conference.
He said it could actually take another 5-7 years before the necessary
conditions are in place for a competitive environment.
He said these conditions include the initial move to a single-buyer
market before the move to a multi-buyer, multi-seller market; the urgent need
for further increases to the electricity tariff; PLN`s financial recovery;
negotiating resolutions to PLN`s disputes with IPPs; and strengthening the
regulatory environment to protect stakeholders, including investors and
consumers.
"Overall the progress has been slow in establishing a competitive market,
" Van Heeswijk told the conference. "Even with the increased tariff (of 17.47
pct, to come into effect July 1), we still have a long way to go if we look
at the financial viability of the power sector."
He said there has been no new investment in the Indonesian power
generation market in the last four years and it is unlikely that the country
will attract the multi-billion dollar investments required from the private
sector to fund its expansion.
The government is in no position to provide this funding as it already
faces the prospect of a ballooning budget deficit, prompting it to take
politically unpopular actions such as cutting subsidies for electricity and
fuel, leading to price rises.
Van Heeswijk said increasing the electricity tariff is "absolutely
necessary and urgent" to attract private capital, with the very real prospect
of black-outs within the next two to three years.
The ADB will continue to provide financing for the power sector`s reform,
largely for transmission projects in Java and Bali, he said.
Electricity Director-General Luluk Sumiarso said private financing may be
slow coming given that the electricity tariff is still quite low and is
currently not high enough to cover PLN`s production costs, estimated at more
than 0.05 usd/KwH.
The government aims to increase the tariff to cover production costs by
2003 and to "commercially viable" levels by 2007, although no decision has
been made on the annual increase.
A special fund will be set up to provide a subsidy for low-income earners
who cannot pay the higher prices as the subsidy provided through the tariff
system is eventually eliminated, he said.
PT Paiton Energy president Ronald Landry told the conference the
government appears to realise that power rates of 0.05-0.06 usd/KwH "are
reasonable" and in line with other prices in the Southeast Asian region.
Paiton is currently operating under Phase 1 of a long-term contract at a
tariff rate of around 0.036 usd/KwH, a rate Landry described as "crazy".
He said it is critical for PLN to attract new investment in the near term
for generation as well as transmission and distribution projects, as
countries such as the Phillipines and Brazil have shown that a lack of power
supply is "devastating to GDP."
Citibank Indonesia`s Michael Zink said the major deterrent to private
investment in Indonesia is the weak legal system.
He said investors have lost confidence in the country due to a string of
bad loans and inadequate legal protection, and Citibank no longer provides
unsecured loans because its experience is that it will lose the money.
"Without the confidence in loan contracts, (Indonesia) won`t raise the
money needed (for investment in the power industry)," he said.
He said PLN`s renegotiations for contracts with IPPs must be resolved as
soon as possible in a way that divides the risk between the investors and the
lenders.
Unocal`s Newell said PLN`s credibility has received a huge blow from its
failure to honour contractual payment obligations and international
arbitration.
"PLN must establish a track record of honouring its current contractual
obligations before investors will be convinced of its intentions," he said.
This will require strong leadership by the government, particularly in
completing its existing energy sales contracts and power purchase agreements
with IPPs.
"After more than two years, PLN has completed negotiations with a few
investors. The rest of us are anxious to complete the process as well," he
said.
mtc/bmm
!
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Im Hintergrund bewegt sich doch noch was !
18 Strategic Investors Express Interests in BCA Shares
23/10/2001
The Indonesian Bank Restructuring Agency (IBRA) has since early October 2001 offered its 51% stake at Bank Central Asia (BCA) consisting of 30% with an 21% option. Further, on 8 October 2001 teaser letter and confidentiality agreement were sent to 98 (ninety eight) prospective strategic investors.
Until recently, IBRA has received expression of interest in BCA shares from 18 strategic investors, consisting of 7 foreign investors and 11 local investors. The prospective strategic investors represent both banks and financial institutions including :
JP Morgan Partners
JP Morgan Securities
PT Makindo Tbk
PT Madani Securities
PT Trimegah Securities
PT Bhakti Investama/PT Bhakti Asset Management
PT Jakarta Aset Manajemen
PT Rifan Financindo Advisory
PT Indonesian Recovery Company Limited
PT BNI Tbk
PT Andalan Artha Advisindo Sekuritas
PT Bhakti Capital Indonesia Tbk
PT TDM Asset Manajemen
Apart from the strategic 18 investors who have showed their interest and signed up confidentiality agreement, IBRA is expecting finalization of the document signing from several foreign strategic investors.
For the next round, IBRA will send information memorandum (more detailed information) about the BCA shares divestment plan as well as performance of publicly-listed PT Bank Central Asia Tbk to the prospective strategic investors who have submitted their expression of interest and signed up the confidentiality agreement.
IBRA expects the initial non binding bid has been received by early November 2001. Concerning the non-binding preliminary bid, an evaluation will be conducted to decide the shorlisted investors who will be qualified for the next round.
Road show Report
In the meantime, on 17 and 18 October 2001, Laksamana Sukardi (State Minister for State Enterprises), I Putu Gede Ary Suta (IBRA Chairman), I Nyoman Sender (IBRA Asset Sales Coordinator), and Soebowo Musa (Bank Restructuring Division Head) conducted a series of meeting with several prospective strategic investors in Singapore and Hong Kong.
The meeting is aimed at expressing the Indonesian Government commitment to the prospective strategic investors in conducting the strategic divestment of BCA shares. The meeting is also designed to explore how serious the interest of prospective strategic investors in BCA shares.
The divestment is expected to represent a landmark transaction as a reference for divestment of other government shares including the privatizationb efforts of state owned enterprises. Prospective strategic investors` interest in BCA shares has so far quite encouraging in term of the number of expression of interest from prospective investors.
SURYO SUSILO
Communications Division Head - IBRA
18 Strategic Investors Express Interests in BCA Shares
23/10/2001
The Indonesian Bank Restructuring Agency (IBRA) has since early October 2001 offered its 51% stake at Bank Central Asia (BCA) consisting of 30% with an 21% option. Further, on 8 October 2001 teaser letter and confidentiality agreement were sent to 98 (ninety eight) prospective strategic investors.
Until recently, IBRA has received expression of interest in BCA shares from 18 strategic investors, consisting of 7 foreign investors and 11 local investors. The prospective strategic investors represent both banks and financial institutions including :
JP Morgan Partners
JP Morgan Securities
PT Makindo Tbk
PT Madani Securities
PT Trimegah Securities
PT Bhakti Investama/PT Bhakti Asset Management
PT Jakarta Aset Manajemen
PT Rifan Financindo Advisory
PT Indonesian Recovery Company Limited
PT BNI Tbk
PT Andalan Artha Advisindo Sekuritas
PT Bhakti Capital Indonesia Tbk
PT TDM Asset Manajemen
Apart from the strategic 18 investors who have showed their interest and signed up confidentiality agreement, IBRA is expecting finalization of the document signing from several foreign strategic investors.
For the next round, IBRA will send information memorandum (more detailed information) about the BCA shares divestment plan as well as performance of publicly-listed PT Bank Central Asia Tbk to the prospective strategic investors who have submitted their expression of interest and signed up the confidentiality agreement.
IBRA expects the initial non binding bid has been received by early November 2001. Concerning the non-binding preliminary bid, an evaluation will be conducted to decide the shorlisted investors who will be qualified for the next round.
Road show Report
In the meantime, on 17 and 18 October 2001, Laksamana Sukardi (State Minister for State Enterprises), I Putu Gede Ary Suta (IBRA Chairman), I Nyoman Sender (IBRA Asset Sales Coordinator), and Soebowo Musa (Bank Restructuring Division Head) conducted a series of meeting with several prospective strategic investors in Singapore and Hong Kong.
The meeting is aimed at expressing the Indonesian Government commitment to the prospective strategic investors in conducting the strategic divestment of BCA shares. The meeting is also designed to explore how serious the interest of prospective strategic investors in BCA shares.
The divestment is expected to represent a landmark transaction as a reference for divestment of other government shares including the privatizationb efforts of state owned enterprises. Prospective strategic investors` interest in BCA shares has so far quite encouraging in term of the number of expression of interest from prospective investors.
SURYO SUSILO
Communications Division Head - IBRA
Der Megawati-Effekt ist " so glaube ich" schon wieder total flöten !!!
Das LAND hat die Seuche :-(
Indonesia`s Economy Reportedly Weak
By CHRIS BRUMMITT, Associated Press Writer
JAKARTA, Indonesia (AP) - The World Bank (news - web sites) painted a bleak picture of the Indonesian economy on Monday, saying its government was muddling through a crisis that has scared investors and allowed poverty to rise.
In a report prepared ahead of a crucial international lenders meeting later this week, it warned that global uncertainties from terrorist attacks in the United States would only add to Indonesia`s woes, including massive debt, endemic corruption and violent unrest in outlying regions.
Hours after the report was released Indonesia`s currency, the rupiah, sank to 10,940 against the U.S dollar - its lowest point since President Megawati Sukarnoputri was appointed head of state three months ago.
``Indonesia`s recovery was already slowing several months before the events of Sept 11. Political instability had raised social tensions and slowed reforms - fueling capital flight, alarming investors, and delaying official external finance for development,`` the report said.
Echoing criticism already leveled by some Indonesian legislators, the bank said Megawati`s administration has made ``little progress on structural and governance reforms`` during its first 100 days in office.
``The bank therefore places Indonesia squarely in the `muddle through` scenario,`` said the report, entitled ``Indonesia: Imperative For Reform.``
``In this scenario, Indonesia maintains a modicum of macroeconomic stability, but implements structural reform in fits and starts with some policy reversal.``
The report forecast Indonesia`s growth for 2001 at 3.3 percent and 3.5 percent for 2002.
Although growth would be higher than other Asian countries, it would be down from 2000`s 4.8 percent growth rate.
Moreover, Indonesia`s growth is from a far lower base than its neighbors, which have enjoyed stronger recovery from the financial meltdown that hit Asia in 1997.
In an address to the national assembly last week, Megawati admitted progress toward reovery had been slow and warned that no shortcuts could be found to the problems that predated her ascencion to the presidency in July.
On Monday, Vice President Hamzah Haz added to the gloom and admitted that the economy was in a perilous state.
``We can only be grateful that the ship has not sunk in the first 100 days of the government,`` he said, state news agency Antara reported.
The World Bank said the slow progress of restructuring of the floundering banking system, a central factor in the crisis, was concerning.
Huge debts owed by financially strapped corporations also remained largely unresolved as foreign investors stay away from Indonesia, the world`s fourth-most populous nation.
``Corruption flourished unchecked by a justice system that itself was corroded,`` the report said. ``Regional tensions increased even as the country embarked upon an ambitious decentralization program.``
Poverty reduction ``had ground to a halt.``
``The interaction between the external risks and internal risks makes for a very worrying set of circumstances that Indonesia is going to be entering in the coming year,`` Vikram Nehru, one of the report`s authors, told a news conference.
He said imports and exports were declining and inflation was rising.
The report will be used to brief lenders grouped under the Consultative Group on Indonesia, which will meet later this week in Jakarta.
The group, which is headed by the World Bank, will decide whether to approve Indonesia`s request for around $3 billion in loans for 2002.
The report criticized Indonesia for failing to fully implement key economic restructuring policies promised to the International Monetary Fund (news - web sites), which has caused creditors to be increasingly wary about pledging financial support.
Das LAND hat die Seuche :-(
Indonesia`s Economy Reportedly Weak
By CHRIS BRUMMITT, Associated Press Writer
JAKARTA, Indonesia (AP) - The World Bank (news - web sites) painted a bleak picture of the Indonesian economy on Monday, saying its government was muddling through a crisis that has scared investors and allowed poverty to rise.
In a report prepared ahead of a crucial international lenders meeting later this week, it warned that global uncertainties from terrorist attacks in the United States would only add to Indonesia`s woes, including massive debt, endemic corruption and violent unrest in outlying regions.
Hours after the report was released Indonesia`s currency, the rupiah, sank to 10,940 against the U.S dollar - its lowest point since President Megawati Sukarnoputri was appointed head of state three months ago.
``Indonesia`s recovery was already slowing several months before the events of Sept 11. Political instability had raised social tensions and slowed reforms - fueling capital flight, alarming investors, and delaying official external finance for development,`` the report said.
Echoing criticism already leveled by some Indonesian legislators, the bank said Megawati`s administration has made ``little progress on structural and governance reforms`` during its first 100 days in office.
``The bank therefore places Indonesia squarely in the `muddle through` scenario,`` said the report, entitled ``Indonesia: Imperative For Reform.``
``In this scenario, Indonesia maintains a modicum of macroeconomic stability, but implements structural reform in fits and starts with some policy reversal.``
The report forecast Indonesia`s growth for 2001 at 3.3 percent and 3.5 percent for 2002.
Although growth would be higher than other Asian countries, it would be down from 2000`s 4.8 percent growth rate.
Moreover, Indonesia`s growth is from a far lower base than its neighbors, which have enjoyed stronger recovery from the financial meltdown that hit Asia in 1997.
In an address to the national assembly last week, Megawati admitted progress toward reovery had been slow and warned that no shortcuts could be found to the problems that predated her ascencion to the presidency in July.
On Monday, Vice President Hamzah Haz added to the gloom and admitted that the economy was in a perilous state.
``We can only be grateful that the ship has not sunk in the first 100 days of the government,`` he said, state news agency Antara reported.
The World Bank said the slow progress of restructuring of the floundering banking system, a central factor in the crisis, was concerning.
Huge debts owed by financially strapped corporations also remained largely unresolved as foreign investors stay away from Indonesia, the world`s fourth-most populous nation.
``Corruption flourished unchecked by a justice system that itself was corroded,`` the report said. ``Regional tensions increased even as the country embarked upon an ambitious decentralization program.``
Poverty reduction ``had ground to a halt.``
``The interaction between the external risks and internal risks makes for a very worrying set of circumstances that Indonesia is going to be entering in the coming year,`` Vikram Nehru, one of the report`s authors, told a news conference.
He said imports and exports were declining and inflation was rising.
The report will be used to brief lenders grouped under the Consultative Group on Indonesia, which will meet later this week in Jakarta.
The group, which is headed by the World Bank, will decide whether to approve Indonesia`s request for around $3 billion in loans for 2002.
The report criticized Indonesia for failing to fully implement key economic restructuring policies promised to the International Monetary Fund (news - web sites), which has caused creditors to be increasingly wary about pledging financial support.
Umfangreicher Bericht des IMF, was meint Ihr dazu ?
IMF Statements at Donor Meetings 2001 | 2000
For more information, see Indonesia and the IMF
Consultative Group Meeting for Indonesia
Jakarta, November 7-8, 2001
Statement by Mr. Daniel Citrin, Assistant Director, Asia & Pacific Department, IMF
1. Ladies and Gentlemen, thank you very much for the opportunity to be here today and to report to you on the status of the Government of Indonesia`s economic program, supported by the IMF`s extended arrangement. As all of you are aware, in September, the IMF`s Executive Board approved the third review of the extended arrangement with Indonesia. The review was based on the government`s adoption of early confidence-building measures, as well as its resolve to maintain macroeconomic stability and reinvigorate reforms. An IMF team is beginning discussions this week with Coordinating Minister Dorodjatun and the government`s economic team on the fourth review under the IMF program.
2. The economic context for the implementation of the program is perhaps uniquely challenging at this juncture. The new government inherited a fragile economic situation that called for greater progress in critically needed structural reforms that lagged significantly behind schedule. The need to accelerate these reforms, and provide a firm basis for future growth, job creation, and poverty reduction, has been made ever more urgent by the aftermath of the events of September 11 and the evident global slowdown. I would like to note three aspects of the current economic context that warrant particular attention in that regard:
· Market sentiment has weakened significantly since September 11. Although conditions improved substantially in August on hopes of a return to political stability and early initiatives on economic policy, this optimism has been eroded by concerns related to events following the U.S. military action abroad as well as the effects of the global slowdown. The market has also taken note of delays in certain key reforms. The rupiah has weakened significantly more than other regional currencies, to once again breach the Rp 10,000 per dollar level, and the stock market also has been under downward pressure.
· The depreciation of the rupiah comes at a time when the risk of inflation has re-emerged, with the rate of price increase now in the 12-13 percent range. As a result, it has become more difficult to make the macroeconomic policy mix more supportive of growth. With a weak rupiah putting direct upward pressure on prices, and risk premia high, there has been no scope so far for reducing interest rates. Weakness in the rupiah also adds to pressures on the budget and creates a less conducive environment for progress in corporate restructuring.
· All this occurs at a time when Indonesia`s economic recovery is slowing. With weakening domestic and external conditions, real GDP growth for 2001 is now expected to slow to 3 percent, well below the 5 percent assumed in the original 2001 budget.
3. The latest developments highlight the vulnerability of the Indonesian economy and expose the distance that Indonesia still needs to travel to return to a path of sustained growth. The full impact of the global downturn on Indonesia`s economic recovery is still uncertain. However, it is clear that the government must press ahead with its macroeconomic and structural reform program. Particularly in a world where markets are increasingly differentiating among emerging market borrowers, the priority must be to reassure domestic and international investors that the strategy for economic recovery remains intact. Any other approach will risk a prolonged and even further weakening in the investment climate, and added delays to Indonesia`s recovery from the 1997-98 crisis.
4. The main policy requirements in such an approach lie in the following key areas, which are by now familiar to all of you:
· Making decisive progress towards fiscal sustainability and a reduction of Indonesia`s large public debt burden;
· Making headway in restructuring and privatizing assets held by the public sector;
· Implementing a monetary policy aimed at bringing inflation back to single digits over the course of next year;
· Strengthening efforts to reduce vulnerabilities in the banking system and restore a functioning credit mechanism; and
· Accelerating efforts to improve the investment climate through governance and legal reforms.
Let me now turn to discussing each of these important areas in some further detail.
Fiscal Sustainability and the Macroeconomic Framework
5. The government is making a strong effort to re-establish a sustainable fiscal position. Through adherence to a conservative medium-term budget consolidation path, the government plans to reduce its debt to a manageable level.
6. In 2001, Indonesia`s fiscal outlook was significantly affected by the costs of decentralization and servicing the domestic debt that stemmed from the recapitalization of the banking system, as well as a weakening in the macroeconomic environment early in the year. The government and Parliament moved together in June to pass a revised budget aimed at containing the deficit in 2001 to 3.7 percent of GDP, the original budget target. We recently had the opportunity to review with the government the 2001 budget situation. The review indicated that revenues and expenditures appear to be evolving in line with the budget targets. There was a concern, however, that financing could fall short of the levels assumed in the budget. In order to avoid undue spending compression, the government is putting into place a comprehensive plan to address the financing problem, including steps related to asset sales, privatization, and reforms linked to external donor support.
7. Turning now to fiscal policy in the period ahead, let me start with the macroeconomic framework that underpins the 2002 budget. The budget is based on economic growth of 4 percent next year, and inflation of 9 percent. Despite the difficult external environment confronting Indonesia, we believe that these targets, while ambitious, are still achievable, provided policies are both strengthened and implemented consistently.
8. The current account surplus is projected to narrow in 2002, possibly sharply. Given the weak outlook for oil prices, the trade surplus is likely to narrow. Also, the prospects for income from tourism have clearly weakened. To maintain an adequate level of reserves amid this outlook, the persistent deficit on capital flows will have to be reduced. Clearly the priority must be on reducing private capital outflows, which will require strengthened policy implementation to boost investor confidence. However, continued inflows of official capital will also be needed.
9. This macroeconomic framework is clearly subject to significant downside risks and an immediate priority of our joint work with the authorities is to identify measures to mitigate these risks. Early measures in the key structural reform areas to improve market confidence in the program and ensure access to official financing will be critical in this regard.
10. With that as background, we welcome the passage by Parliament of the budget for 2002. The budget clearly signals the government`s commitment to restoring fiscal sustainability under difficult economic conditions. It targets a substantially lower deficit of 2.5 percent of GDP, based on conservative assumptions for key economic variables such as the exchange rate and interest rates.
11. To achieve the deficit target, Parliament has approved a package of measures-equivalent to about 2 percent of GDP-to increase non-oil revenues and reduce untargeted subsidies. The budget thus includes new tax policy initiatives to strengthen the income tax and broaden the base of the VAT, as well as measures to improve tax administration, particularly for large taxpayers. A technical assistance team from the IMF`s Fiscal Affairs Department is currently in Jakarta to assist with the detailed design of the proposed programs to strengthen large taxpayer compliance and arrears collection.
12. The budget also includes further increases in fuel and electricity prices to reduce energy subsidies. Before these price increases are effected, it is critical that adequate compensation mechanisms are in place to protect the poor. Efforts are also being made to secure savings in the wage bill. Such improvements in the structure of the budget provide scope for an overdue increase in outlays on programs to improve the delivery of basic social services such as education, health and social welfare.
13. The government has set ambitious targets for receipts from IBRA asset recoveries and the privatization of state-owned enterprises. Of these receipts, those assumed to finance the budget deficit have been set conservatively, at around 1½ percent of GDP, with any additional receipts earmarked for domestic debt reduction. We support this approach, which is fiscally prudent and hopefully will help create the necessary political consensus for moving ahead more forcefully with asset sales and privatization. The budget therefore assumes net external financing of about 1 percent of GDP, or about $2 billion, significantly lower than in 2001. With scheduled amortization payments of around $5 billion estimated to fall due in 2002 (after taking into account the Paris Club rescheduling through March 2002), this implies a residual gross financing need of $7 billion.
14. We believe this is an appropriately ambitious budget, which is worthy of the continued support from the international community. While a large portion of the external financing need can be filled through disbursements of project financing, there is likely to remain a significant additional external financing need. This will require new exceptional financing either in the form of new program aid commitments or from a possible successor Paris Club rescheduling.
15. Another aspect of fiscal policy I should mention here is the process of fiscal decentralization. In consultation with Parliament, the government is reviewing the decentralization framework to improve its implementation in 2002. General areas where work is ongoing include possible refinements to the formula for allocating the general allocation grant across regions, regional taxation, and expenditure assignments between the center and the regions. Meanwhile, a key priority is to ensure that the immediate risks to macroeconomic stability from the decentralization process are well contained. In that regard, efforts need to be intensified to establish an effective financial reporting system at the regional level. Also, adequate safeguards need to be in place to control local government borrowing. All in all, our view is that the implementation of the 2002 budgetary framework will make an important contribution toward setting the stage for a sustained recovery over the medium term.
Other Key Policies
16. Let me now review what we regard as the other main policy priorities over the coming 12 months.
Monetary Policy
17. One of the key tasks will be for Bank Indonesia to arrest the upward trend in inflation, with the aim of bringing inflation back to single digits in the course of 2002. In the period since July as a whole, monetary conditions have tightened, with a rise in interest rates and a partial recovery of the rupiah. However, this tightening will only have an impact on base money growth and inflation with a lag, and the recent weakness in the rupiah risks putting renewed upward pressure on prices. It will be crucial for Bank Indonesia to maintain a firm monetary stance until inflation risks have been firmly contained.
Asset Recovery and Privatization
18. Indonesia must accelerate the restructuring and privatization of assets held by the public sector. This is an imperative for two reasons. First, to raise resources for the budget and help the government reduce its debt burden. Second, and perhaps more fundamentally, to put the assets back to work in the private sector in order to strengthen the investment environment and boost growth. We therefore support the ambitious targets that the government has set for 2002. But they clearly pose a considerable challenge, and the government will need to take measures on a wide front to achieve the planned acceleration in recoveries. For IBRA, key steps that need to be taken include: reaching legal closure on loan restructurings related to IBRA`s largest obligors that are in line with the government`s restructuring principles, accelerating already planned initiatives to sell off IBRA`s stock of both unrestructured and restructured loans, setting concrete deadlines for the resolution of problems of non-cooperative bank owners, and selling IBRA`s banks.
19. Progress to date with the privatization of state-owned enterprises has been disappointing. To restore business confidence and sustain the economic recovery, it is vital that the government overcome obstacles in this area. The extent of government involvement in the productive sectors of the economy not only hinders efficiency, but is also difficult to justify given the large public debt burden. The government should make every effort to succeed in its approach of focusing on a few key sales to launch the process and demonstrate a clear break from the disappointing track record of the past.
Banking System
20. Reducing remaining vulnerabilities in the banking system and bringing it back to profitability remains a major challenge. Following the initial phases of stabilization and recapitalization the focus has turned increasingly to the process of consolidation and restructuring, with a view to revitalizing the credit process, entrenching sound governance, and returning banks to private ownership. The IMF-along with the World Bank, AsDB and others-is assisting in efforts to improve bank supervision and strengthen governance in the state banks. While some progress has been made in these areas, considerable challenges remain and further impetus needs to be given to such reforms to place the banking system on a sounder footing.
21. The government has, until recently, been unable to make a concrete start on returning the recapitalized banks to the private sector, a long-standing priority under the program. We therefore attach considerable importance to the successful majority sale of Bank BCA, as this would send a strong signal that Indonesia is firmly committed to return banking assets to the private sector. We therefore welcome the government`s plan to conclude this sale by the end of the year.
Institution Building and Governance
22. The economic program must continue to accord high priority to institution-building and improved governance, especially in the key economic institutions, without which a stable environment for investment cannot be established.
· As you know, agreement on the principles governing IBRA`s largest debt restructurings was an important initiative of the third review. Much now depends on the quality of the reviews conducted by IBRA`s oversight committee and the responses of the FSPC.
· Equally important for confidence in the reform process are legal and judicial reforms. Immediate priorities in that regard are reform of the insolvency system, a strengthening in court system governance and anti-corruption efforts more generally, and improvements in the functioning of the commercial court.
· Improved fiscal transparency, through the audit of off-budget funds and public enterprises and agencies remains an important objective of the program.
Progress is under way in all these areas, but it will require continued support, to enable these historic institutional changes to take root.
* * * *
23. I have outlined what we believe constitute the critical elements of Indonesia`s reform agenda at this juncture. Adhering to it will require a determined commitment by the government and by Parliament to the economic reform process. Notwithstanding the current difficult environment, we are encouraged that all parties agree on the imperatives of preserving economic stability, as evidenced by the agreement on a prudent budget supported by bold measures for 2002. Early confidence building steps are needed to solidify the process of structural reform. With strong implementation in these areas, we believe the Indonesian program deserves the continued support of the international community.
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs: 202-623-7300 - Fax: 202-623-6278
Media Relations: 202-623-7100 - Fax: 202-623-6772
IMF Statements at Donor Meetings 2001 | 2000
For more information, see Indonesia and the IMF
Consultative Group Meeting for Indonesia
Jakarta, November 7-8, 2001
Statement by Mr. Daniel Citrin, Assistant Director, Asia & Pacific Department, IMF
1. Ladies and Gentlemen, thank you very much for the opportunity to be here today and to report to you on the status of the Government of Indonesia`s economic program, supported by the IMF`s extended arrangement. As all of you are aware, in September, the IMF`s Executive Board approved the third review of the extended arrangement with Indonesia. The review was based on the government`s adoption of early confidence-building measures, as well as its resolve to maintain macroeconomic stability and reinvigorate reforms. An IMF team is beginning discussions this week with Coordinating Minister Dorodjatun and the government`s economic team on the fourth review under the IMF program.
2. The economic context for the implementation of the program is perhaps uniquely challenging at this juncture. The new government inherited a fragile economic situation that called for greater progress in critically needed structural reforms that lagged significantly behind schedule. The need to accelerate these reforms, and provide a firm basis for future growth, job creation, and poverty reduction, has been made ever more urgent by the aftermath of the events of September 11 and the evident global slowdown. I would like to note three aspects of the current economic context that warrant particular attention in that regard:
· Market sentiment has weakened significantly since September 11. Although conditions improved substantially in August on hopes of a return to political stability and early initiatives on economic policy, this optimism has been eroded by concerns related to events following the U.S. military action abroad as well as the effects of the global slowdown. The market has also taken note of delays in certain key reforms. The rupiah has weakened significantly more than other regional currencies, to once again breach the Rp 10,000 per dollar level, and the stock market also has been under downward pressure.
· The depreciation of the rupiah comes at a time when the risk of inflation has re-emerged, with the rate of price increase now in the 12-13 percent range. As a result, it has become more difficult to make the macroeconomic policy mix more supportive of growth. With a weak rupiah putting direct upward pressure on prices, and risk premia high, there has been no scope so far for reducing interest rates. Weakness in the rupiah also adds to pressures on the budget and creates a less conducive environment for progress in corporate restructuring.
· All this occurs at a time when Indonesia`s economic recovery is slowing. With weakening domestic and external conditions, real GDP growth for 2001 is now expected to slow to 3 percent, well below the 5 percent assumed in the original 2001 budget.
3. The latest developments highlight the vulnerability of the Indonesian economy and expose the distance that Indonesia still needs to travel to return to a path of sustained growth. The full impact of the global downturn on Indonesia`s economic recovery is still uncertain. However, it is clear that the government must press ahead with its macroeconomic and structural reform program. Particularly in a world where markets are increasingly differentiating among emerging market borrowers, the priority must be to reassure domestic and international investors that the strategy for economic recovery remains intact. Any other approach will risk a prolonged and even further weakening in the investment climate, and added delays to Indonesia`s recovery from the 1997-98 crisis.
4. The main policy requirements in such an approach lie in the following key areas, which are by now familiar to all of you:
· Making decisive progress towards fiscal sustainability and a reduction of Indonesia`s large public debt burden;
· Making headway in restructuring and privatizing assets held by the public sector;
· Implementing a monetary policy aimed at bringing inflation back to single digits over the course of next year;
· Strengthening efforts to reduce vulnerabilities in the banking system and restore a functioning credit mechanism; and
· Accelerating efforts to improve the investment climate through governance and legal reforms.
Let me now turn to discussing each of these important areas in some further detail.
Fiscal Sustainability and the Macroeconomic Framework
5. The government is making a strong effort to re-establish a sustainable fiscal position. Through adherence to a conservative medium-term budget consolidation path, the government plans to reduce its debt to a manageable level.
6. In 2001, Indonesia`s fiscal outlook was significantly affected by the costs of decentralization and servicing the domestic debt that stemmed from the recapitalization of the banking system, as well as a weakening in the macroeconomic environment early in the year. The government and Parliament moved together in June to pass a revised budget aimed at containing the deficit in 2001 to 3.7 percent of GDP, the original budget target. We recently had the opportunity to review with the government the 2001 budget situation. The review indicated that revenues and expenditures appear to be evolving in line with the budget targets. There was a concern, however, that financing could fall short of the levels assumed in the budget. In order to avoid undue spending compression, the government is putting into place a comprehensive plan to address the financing problem, including steps related to asset sales, privatization, and reforms linked to external donor support.
7. Turning now to fiscal policy in the period ahead, let me start with the macroeconomic framework that underpins the 2002 budget. The budget is based on economic growth of 4 percent next year, and inflation of 9 percent. Despite the difficult external environment confronting Indonesia, we believe that these targets, while ambitious, are still achievable, provided policies are both strengthened and implemented consistently.
8. The current account surplus is projected to narrow in 2002, possibly sharply. Given the weak outlook for oil prices, the trade surplus is likely to narrow. Also, the prospects for income from tourism have clearly weakened. To maintain an adequate level of reserves amid this outlook, the persistent deficit on capital flows will have to be reduced. Clearly the priority must be on reducing private capital outflows, which will require strengthened policy implementation to boost investor confidence. However, continued inflows of official capital will also be needed.
9. This macroeconomic framework is clearly subject to significant downside risks and an immediate priority of our joint work with the authorities is to identify measures to mitigate these risks. Early measures in the key structural reform areas to improve market confidence in the program and ensure access to official financing will be critical in this regard.
10. With that as background, we welcome the passage by Parliament of the budget for 2002. The budget clearly signals the government`s commitment to restoring fiscal sustainability under difficult economic conditions. It targets a substantially lower deficit of 2.5 percent of GDP, based on conservative assumptions for key economic variables such as the exchange rate and interest rates.
11. To achieve the deficit target, Parliament has approved a package of measures-equivalent to about 2 percent of GDP-to increase non-oil revenues and reduce untargeted subsidies. The budget thus includes new tax policy initiatives to strengthen the income tax and broaden the base of the VAT, as well as measures to improve tax administration, particularly for large taxpayers. A technical assistance team from the IMF`s Fiscal Affairs Department is currently in Jakarta to assist with the detailed design of the proposed programs to strengthen large taxpayer compliance and arrears collection.
12. The budget also includes further increases in fuel and electricity prices to reduce energy subsidies. Before these price increases are effected, it is critical that adequate compensation mechanisms are in place to protect the poor. Efforts are also being made to secure savings in the wage bill. Such improvements in the structure of the budget provide scope for an overdue increase in outlays on programs to improve the delivery of basic social services such as education, health and social welfare.
13. The government has set ambitious targets for receipts from IBRA asset recoveries and the privatization of state-owned enterprises. Of these receipts, those assumed to finance the budget deficit have been set conservatively, at around 1½ percent of GDP, with any additional receipts earmarked for domestic debt reduction. We support this approach, which is fiscally prudent and hopefully will help create the necessary political consensus for moving ahead more forcefully with asset sales and privatization. The budget therefore assumes net external financing of about 1 percent of GDP, or about $2 billion, significantly lower than in 2001. With scheduled amortization payments of around $5 billion estimated to fall due in 2002 (after taking into account the Paris Club rescheduling through March 2002), this implies a residual gross financing need of $7 billion.
14. We believe this is an appropriately ambitious budget, which is worthy of the continued support from the international community. While a large portion of the external financing need can be filled through disbursements of project financing, there is likely to remain a significant additional external financing need. This will require new exceptional financing either in the form of new program aid commitments or from a possible successor Paris Club rescheduling.
15. Another aspect of fiscal policy I should mention here is the process of fiscal decentralization. In consultation with Parliament, the government is reviewing the decentralization framework to improve its implementation in 2002. General areas where work is ongoing include possible refinements to the formula for allocating the general allocation grant across regions, regional taxation, and expenditure assignments between the center and the regions. Meanwhile, a key priority is to ensure that the immediate risks to macroeconomic stability from the decentralization process are well contained. In that regard, efforts need to be intensified to establish an effective financial reporting system at the regional level. Also, adequate safeguards need to be in place to control local government borrowing. All in all, our view is that the implementation of the 2002 budgetary framework will make an important contribution toward setting the stage for a sustained recovery over the medium term.
Other Key Policies
16. Let me now review what we regard as the other main policy priorities over the coming 12 months.
Monetary Policy
17. One of the key tasks will be for Bank Indonesia to arrest the upward trend in inflation, with the aim of bringing inflation back to single digits in the course of 2002. In the period since July as a whole, monetary conditions have tightened, with a rise in interest rates and a partial recovery of the rupiah. However, this tightening will only have an impact on base money growth and inflation with a lag, and the recent weakness in the rupiah risks putting renewed upward pressure on prices. It will be crucial for Bank Indonesia to maintain a firm monetary stance until inflation risks have been firmly contained.
Asset Recovery and Privatization
18. Indonesia must accelerate the restructuring and privatization of assets held by the public sector. This is an imperative for two reasons. First, to raise resources for the budget and help the government reduce its debt burden. Second, and perhaps more fundamentally, to put the assets back to work in the private sector in order to strengthen the investment environment and boost growth. We therefore support the ambitious targets that the government has set for 2002. But they clearly pose a considerable challenge, and the government will need to take measures on a wide front to achieve the planned acceleration in recoveries. For IBRA, key steps that need to be taken include: reaching legal closure on loan restructurings related to IBRA`s largest obligors that are in line with the government`s restructuring principles, accelerating already planned initiatives to sell off IBRA`s stock of both unrestructured and restructured loans, setting concrete deadlines for the resolution of problems of non-cooperative bank owners, and selling IBRA`s banks.
19. Progress to date with the privatization of state-owned enterprises has been disappointing. To restore business confidence and sustain the economic recovery, it is vital that the government overcome obstacles in this area. The extent of government involvement in the productive sectors of the economy not only hinders efficiency, but is also difficult to justify given the large public debt burden. The government should make every effort to succeed in its approach of focusing on a few key sales to launch the process and demonstrate a clear break from the disappointing track record of the past.
Banking System
20. Reducing remaining vulnerabilities in the banking system and bringing it back to profitability remains a major challenge. Following the initial phases of stabilization and recapitalization the focus has turned increasingly to the process of consolidation and restructuring, with a view to revitalizing the credit process, entrenching sound governance, and returning banks to private ownership. The IMF-along with the World Bank, AsDB and others-is assisting in efforts to improve bank supervision and strengthen governance in the state banks. While some progress has been made in these areas, considerable challenges remain and further impetus needs to be given to such reforms to place the banking system on a sounder footing.
21. The government has, until recently, been unable to make a concrete start on returning the recapitalized banks to the private sector, a long-standing priority under the program. We therefore attach considerable importance to the successful majority sale of Bank BCA, as this would send a strong signal that Indonesia is firmly committed to return banking assets to the private sector. We therefore welcome the government`s plan to conclude this sale by the end of the year.
Institution Building and Governance
22. The economic program must continue to accord high priority to institution-building and improved governance, especially in the key economic institutions, without which a stable environment for investment cannot be established.
· As you know, agreement on the principles governing IBRA`s largest debt restructurings was an important initiative of the third review. Much now depends on the quality of the reviews conducted by IBRA`s oversight committee and the responses of the FSPC.
· Equally important for confidence in the reform process are legal and judicial reforms. Immediate priorities in that regard are reform of the insolvency system, a strengthening in court system governance and anti-corruption efforts more generally, and improvements in the functioning of the commercial court.
· Improved fiscal transparency, through the audit of off-budget funds and public enterprises and agencies remains an important objective of the program.
Progress is under way in all these areas, but it will require continued support, to enable these historic institutional changes to take root.
* * * *
23. I have outlined what we believe constitute the critical elements of Indonesia`s reform agenda at this juncture. Adhering to it will require a determined commitment by the government and by Parliament to the economic reform process. Notwithstanding the current difficult environment, we are encouraged that all parties agree on the imperatives of preserving economic stability, as evidenced by the agreement on a prudent budget supported by bold measures for 2002. Early confidence building steps are needed to solidify the process of structural reform. With strong implementation in these areas, we believe the Indonesian program deserves the continued support of the international community.
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs: 202-623-7300 - Fax: 202-623-6278
Media Relations: 202-623-7100 - Fax: 202-623-6772
Oh je !!!
Krise in Japan: Gefahr für die Weltwirtschaft?
In den kommenden Monaten werden Firmenpleiten in Japan zunehmen, und die Arbeitslosigkeit wird steigen. Das prognostiziert Kenneth Courtis, Vizepräsident von Goldman Sachs in Asien, im WirtschaftsWoche-Interview. Courtis über die Krise Japans und die Folgen für die Weltwirtschaft.
F: Mister Courtis, nach einem Jahrzehnt der Stagnation befindet sich Japan erneut in der Rezession. Was läuft in Japan falsch?
A: Die Wirtschaft bricht unter einem Riesenberg von Schulden zusammen. Es hat noch nie eine große Volkswirtschaft gegeben, die dermaßen verschuldet war. Der Nachfragerückgang hat zudem zu Deflation geführt. In einer solchen Lage hält jeder sein Geld in der Tasche, statt zu konsumieren oder zu investieren.
F: Sehen Sie Licht am Ende des Tunnels?
A: Nein. In den kommenden Monaten werden die Firmenpleiten zunehmen und die Arbeitslosigkeit wird steigen. Dadurch wird das Schuldenproblem noch größer werden. Selbst wenn sich die Weltwirtschaft sehr schnell erholt, hätte Japan wenig davon.
F: Gibt es denn keinen Ausweg?
A: Wenn Japans Probleme nur finanzieller und wirtschaftlicher Natur wären, hätte man sie längst gelöst. Japans Krise ist vor allem politischer und sozialer Natur. Ministerpräsident Koizumi wird mit jedem Tag weiter geschwächt von einer Bürokratie, die sich seinen Reformen zunehmend widersetzt, und von seiner eigenen Partei, in der vielleicht nur ein Drittel der Mitglieder die Reformpläne unterstützt.
F: Wie geht es dann nun weiter?
A: Japan wird an einen Punkt kommen, an dem die Regierung kein Geld mehr ausgeben kann, und davon sind wir nicht sehr weit entfernt. Dann wird der Druck auf die Zentralbank noch massiver werden, die Notenpresse anzuwerfen. In der Folge bricht der Außenwert des Yen ein. Ich rechne damit, dass der Wechselkurs des US-Dollar zum Yen von aktuell rund 120 Yen in den nächsten zwei bis drei Jahren auf 150 bis 180 Yen steigen wird. Wenn die japanische Währung abstürzt, werden die meisten asiatischen Währungen folgen. Das wird Druck ausüben auf China, Hongkong und Malaysia, die ihre Währungen relativ fest an den US-Dollar gekoppelt haben.
F: Sind die Folgen auf Asien beschränkt?
A: Kaum. Ein schwacher Yen wird europäischen und amerikanischen Exporteuren große Probleme bereiten und immense Handelsbilanzüberschüsse in Asien zur Folge haben. Das wird zu Handelsverzerrungen führen, wie wir sie noch nie gesehen haben. Das wiederum wird eine gewaltige Flucht in den US-Dollar zur Folge haben, was eine neue Spekulationsblase am amerikanischen Aktienmarkt auslösen könnte.
F: Wer ist schuld an der Entwicklung?
A: Vor allem die Politiker. Sie sind nicht in der Lage, einen Konsens darüber zu erreichen, was getan werden muss. Die Reformbefürworter sind nicht mächtig genug und zu schlecht organisiert. Gleichzeitig haben die Japaner gedacht, sie sind so reich, dass sie die Probleme einfach aussitzen können.
F: Haben Koizumis Reformpläne eine Chance?
A: Die Leute, die im Parlament für die Reformen votieren müssen, sind ebenso dagegen wie diejenigen, die diese Reformen implementieren müssen. Immerhin ist Koizumi noch sehr populär. Er könnte eine neue Partei gründen und Wahlen gewinnen, wenn er den Wählern sagt: Das sind die Leute, die für Reformen stehen. Aber was hat Koizumi in den sechs Monaten seiner Regierungszeit getan? Er hat ein Fotoalbum veröffentlicht und eine CD mit seinen Lieblingsliedern von Elvis Presley herausgegeben. Eine Reform angepackt hat er nicht.
F: Kann die Bank von Japan helfen?
A: Nicht mehr. Die japanische Zentralbank hat die Zinsen in der ersten Hälfte der Neunzigerjahre viel zu hoch gehalten.
F: Was wird aus dem Staatshaushalt?
A: In den vergangenen zehn Jahren hat die Regierung wie ein betrunkener Matrose immer mehr Geld ausgegeben und versucht, die Wirtschaft zu stabilisieren. Das wäre noch nicht einmal falsch gewesen, wenn sie wichtige Reformen realisiert hätte.
F: Aber Amerika hat doch auch Schulden?
A: Das Schuldenniveau in den USA ist sicher hoch. Die totale Kreditsumme macht in Japan 132 Prozent des BIP aus, während es in den USA nur 34 Prozent sind. Und die US-Banken sind viel gesünder als die japanischen. Die Gefahr einer Schuldenfalle ist für die USA gering.
F: Entwarnung auch für Europa?
A: Die dortigen Probleme sind fundamentaler, etwa die mangelnde Deregulierung auf dem Arbeitsmarkt. Es ist in Europa schwierig für Unternehmen, sich schnell anzupassen.
F: Sind Europas Politiker so unfähig zu Reformen wie japanische?
A: Die Unfähigkeit, große Entscheidungen zu treffen, ist ähnlich. Aber Europa hat nicht dieses gewaltige Schuldenproblem. Solange es genug Wachstum gibt, um eine Arbeitslosigkeit von zehn bis elf Prozent zu finanzieren, ohne eine Revolte der Mittelklasse auszulösen, ist die Situation zu managen. Sollten wir aber global in eine tiefe Krise schlittern, wird es zu heftigen politischen Debatten kommen. Leute, die Kapital besitzen, können es immer und überallhin bewegen.
F: Ist es vernünftig, wie die USA die Finanzpolitik zur Konjunkturstimulierung einzusetzen?
A: Ich würde mir wünschen, dass das Weiße Haus die Steuersenkungen etwas zurücknimmt. Die auf zehn Jahre angelegten Steuersenkungen schüren angesichts des verlangsamten Wachstums und der höheren Staatsausgaben zur Ankurbelung der Wirtschaft am Kapitalmarkt die Angst vor einem neuen Defizit. Ein Teil des Geldes sollte daher mittelfristig in Steuersenkungen fließen, nicht für Unternehmen, sondern für Leute mit mittleren und kleinen Einkommen. Sie werden es auch ausgeben. US-Unternehmen werden das Geld aus Steuersenkungen wohl kaum investieren.
ANGELA KÖHLER/TOKIO
Krise in Japan: Gefahr für die Weltwirtschaft?
In den kommenden Monaten werden Firmenpleiten in Japan zunehmen, und die Arbeitslosigkeit wird steigen. Das prognostiziert Kenneth Courtis, Vizepräsident von Goldman Sachs in Asien, im WirtschaftsWoche-Interview. Courtis über die Krise Japans und die Folgen für die Weltwirtschaft.
F: Mister Courtis, nach einem Jahrzehnt der Stagnation befindet sich Japan erneut in der Rezession. Was läuft in Japan falsch?
A: Die Wirtschaft bricht unter einem Riesenberg von Schulden zusammen. Es hat noch nie eine große Volkswirtschaft gegeben, die dermaßen verschuldet war. Der Nachfragerückgang hat zudem zu Deflation geführt. In einer solchen Lage hält jeder sein Geld in der Tasche, statt zu konsumieren oder zu investieren.
F: Sehen Sie Licht am Ende des Tunnels?
A: Nein. In den kommenden Monaten werden die Firmenpleiten zunehmen und die Arbeitslosigkeit wird steigen. Dadurch wird das Schuldenproblem noch größer werden. Selbst wenn sich die Weltwirtschaft sehr schnell erholt, hätte Japan wenig davon.
F: Gibt es denn keinen Ausweg?
A: Wenn Japans Probleme nur finanzieller und wirtschaftlicher Natur wären, hätte man sie längst gelöst. Japans Krise ist vor allem politischer und sozialer Natur. Ministerpräsident Koizumi wird mit jedem Tag weiter geschwächt von einer Bürokratie, die sich seinen Reformen zunehmend widersetzt, und von seiner eigenen Partei, in der vielleicht nur ein Drittel der Mitglieder die Reformpläne unterstützt.
F: Wie geht es dann nun weiter?
A: Japan wird an einen Punkt kommen, an dem die Regierung kein Geld mehr ausgeben kann, und davon sind wir nicht sehr weit entfernt. Dann wird der Druck auf die Zentralbank noch massiver werden, die Notenpresse anzuwerfen. In der Folge bricht der Außenwert des Yen ein. Ich rechne damit, dass der Wechselkurs des US-Dollar zum Yen von aktuell rund 120 Yen in den nächsten zwei bis drei Jahren auf 150 bis 180 Yen steigen wird. Wenn die japanische Währung abstürzt, werden die meisten asiatischen Währungen folgen. Das wird Druck ausüben auf China, Hongkong und Malaysia, die ihre Währungen relativ fest an den US-Dollar gekoppelt haben.
F: Sind die Folgen auf Asien beschränkt?
A: Kaum. Ein schwacher Yen wird europäischen und amerikanischen Exporteuren große Probleme bereiten und immense Handelsbilanzüberschüsse in Asien zur Folge haben. Das wird zu Handelsverzerrungen führen, wie wir sie noch nie gesehen haben. Das wiederum wird eine gewaltige Flucht in den US-Dollar zur Folge haben, was eine neue Spekulationsblase am amerikanischen Aktienmarkt auslösen könnte.
F: Wer ist schuld an der Entwicklung?
A: Vor allem die Politiker. Sie sind nicht in der Lage, einen Konsens darüber zu erreichen, was getan werden muss. Die Reformbefürworter sind nicht mächtig genug und zu schlecht organisiert. Gleichzeitig haben die Japaner gedacht, sie sind so reich, dass sie die Probleme einfach aussitzen können.
F: Haben Koizumis Reformpläne eine Chance?
A: Die Leute, die im Parlament für die Reformen votieren müssen, sind ebenso dagegen wie diejenigen, die diese Reformen implementieren müssen. Immerhin ist Koizumi noch sehr populär. Er könnte eine neue Partei gründen und Wahlen gewinnen, wenn er den Wählern sagt: Das sind die Leute, die für Reformen stehen. Aber was hat Koizumi in den sechs Monaten seiner Regierungszeit getan? Er hat ein Fotoalbum veröffentlicht und eine CD mit seinen Lieblingsliedern von Elvis Presley herausgegeben. Eine Reform angepackt hat er nicht.
F: Kann die Bank von Japan helfen?
A: Nicht mehr. Die japanische Zentralbank hat die Zinsen in der ersten Hälfte der Neunzigerjahre viel zu hoch gehalten.
F: Was wird aus dem Staatshaushalt?
A: In den vergangenen zehn Jahren hat die Regierung wie ein betrunkener Matrose immer mehr Geld ausgegeben und versucht, die Wirtschaft zu stabilisieren. Das wäre noch nicht einmal falsch gewesen, wenn sie wichtige Reformen realisiert hätte.
F: Aber Amerika hat doch auch Schulden?
A: Das Schuldenniveau in den USA ist sicher hoch. Die totale Kreditsumme macht in Japan 132 Prozent des BIP aus, während es in den USA nur 34 Prozent sind. Und die US-Banken sind viel gesünder als die japanischen. Die Gefahr einer Schuldenfalle ist für die USA gering.
F: Entwarnung auch für Europa?
A: Die dortigen Probleme sind fundamentaler, etwa die mangelnde Deregulierung auf dem Arbeitsmarkt. Es ist in Europa schwierig für Unternehmen, sich schnell anzupassen.
F: Sind Europas Politiker so unfähig zu Reformen wie japanische?
A: Die Unfähigkeit, große Entscheidungen zu treffen, ist ähnlich. Aber Europa hat nicht dieses gewaltige Schuldenproblem. Solange es genug Wachstum gibt, um eine Arbeitslosigkeit von zehn bis elf Prozent zu finanzieren, ohne eine Revolte der Mittelklasse auszulösen, ist die Situation zu managen. Sollten wir aber global in eine tiefe Krise schlittern, wird es zu heftigen politischen Debatten kommen. Leute, die Kapital besitzen, können es immer und überallhin bewegen.
F: Ist es vernünftig, wie die USA die Finanzpolitik zur Konjunkturstimulierung einzusetzen?
A: Ich würde mir wünschen, dass das Weiße Haus die Steuersenkungen etwas zurücknimmt. Die auf zehn Jahre angelegten Steuersenkungen schüren angesichts des verlangsamten Wachstums und der höheren Staatsausgaben zur Ankurbelung der Wirtschaft am Kapitalmarkt die Angst vor einem neuen Defizit. Ein Teil des Geldes sollte daher mittelfristig in Steuersenkungen fließen, nicht für Unternehmen, sondern für Leute mit mittleren und kleinen Einkommen. Sie werden es auch ausgeben. US-Unternehmen werden das Geld aus Steuersenkungen wohl kaum investieren.
ANGELA KÖHLER/TOKIO
Die IBRA verkauft munter weiter. Schön so !
IBRA/HOLDIKO Launches The Sale Of Indomobil
20/11/2001
Sale Process Expected to Close by End 2001
The Indonesian Bank Restructuring Agency ("IBRA") and PT Holdiko Perkasa ("Holdiko"), a holding company established pursuant to the Shareholding Settlement Agreement between IBRA and the Salim Group, today launched the strategic sale process of (i) Holdiko`s entire 72.63% equity shareholding in PT Indomobil Sukses Internasional Tbk. ("Indomobil"), a company whose shares are registered on the Jakarta Stock Exchange and Surabaya Stock Exchange and (ii) the entire convertible bonds issued by Indomobil to Holdiko (IDR337,382,000,000,-) and IBRA (IDR 312,902,186,671,-), both of which may be converted to common shares in Indomobil.
"We recently received a serious offer to acquire all of our interest in Indomobil this year," states Dasa Sutantio, Deputy Chairman Ad Interim - AMI, IBRA. "Owing to recent developments and following further internal discussions, IBRA has decided to proceed with the sale. Notwithstanding the above-mentioned offer, in accordance with the principles of transparency, we therefore provide this opportunity to any other potential investors. Therefore, we have decided to conduct an open and abbreviated tender process aimed at potential investors who are willing to buy our entire interest in Indomobil as is."
Indomobil is the holding company of a fully integrated group of companies that is engaged in automotive and automotive-related businesses. Indomobil has direct and indirect investments in 69 subsidiaries who act as sole agents for automotive principals, assembler of automotive components, distributor and retailer of automotive products, and provide auto financing and after sales services. Automotive products distributed by its subsidiaries consist of well-known brands such as Suzuki, Nissan, Mazda, Hino, Volvo, Audi, Volkswagen, and SsangYong. Indomobil`s shares are listed and traded on the Jakarta Stock Exchange and Surabaya Stock Exchange with a total 996,502,680 shares. At present Indomobil`s shareholding structure consists of PT Holdiko Perkasa (72.63%), PT Tritunggal Intipermata (20.47%) and the balance of 6.9% is held by various shareholders including public shareholders whose individual ownership is less than 5%.
"Holdiko is always pleased to entertain serious offers for any of our assets," comments Scott Coffey, Director of Holdiko. "Although we are currently busy with the sale process of some of our other assets - 7 more transactions to be completed in the next 3 weeks -, we will try our best to sell Indomobil by the end of the year." Acting as financial advisor for this sale is PT Deloitte & Touche FAS.
Progress on Holdiko`s Asset SalesHoldiko recently announced the sale result of its ownership in Guangdong Jiangmen ISN Float Glass Co. Ltd as the 12th (twelfth) completed transaction this year. Currently Holdiko continues to progress with the sale process of its ownerships in PT Indosiar Visual Mandiri Tbk., the Sugar Group, PT Berdikari Sari Utama Flour Mills, PT Indomarco Adi Prima, Riau Industrial Estates (PT Herwido Rintis/PT Bintan Inti Industrial Estate/PT Karimun Sembawang Shipyard), PT Yakult Indonesia Persada, PT Indogift Chuenher Indah and Sulfindo Group. Holdiko expects to complete all these transactions by mid-December 2001.
To date this year Holdiko has closed the following asset sale transactions:
Closed in 2001 (sold in 2000)
Salim Plantations USD 368 mn
- Loan repayment to Holdiko IDR 357 bn
Mosquito Coil Group IDR 610 bn
Sold in 2001
First Pacific Co. Ltd. USD 8.55 mn
Indocoal USD 45.5 mn
Indomaret IDR 162 bn
Indocement (Tranche A) USD 43.8 mn
Indocement (Tranche B) IDR 250.4 bn
Kerismas IDR 297 bn
Indopoly USD 29.17 mn
Yunnan Kunlene USD 14.38 mn
PT Indosiar Visual Mandiri Tbk.
- Loan repayment to Holdiko IDR 400 bn
PT Salim Rengo Containers IDR 204 bn
PT Gumindo Perkasa Industri USD 1.68 mn
PT Poli Contindo Nusa IDR 49.5 bn
Guangdong Jiangmen ISN Float Glass USD 34.17 mn
Total estimated gross proceeds from the 14 transactions IDR 7.796 trillion
*) IDR/USD exchange rate used as of date of sale
Holdiko was established in relation to the settlement between the Salim Group and IBRA with regard to loans extended by PT Bank Central Asia ("BCA") to companies affiliated with the Salim Group. As part of the settlement agreement with IBRA, the Salim Group transferred shares and assets in more than 100 operating companies to Holdiko.
As direct and indirect shareholder of these companies, it is Holdiko`s responsibility to supervise each individual company with the aim of disposing of a sufficient amount of these shareholdings. Holdiko will subsequently direct the disposal proceeds to IBRA as part of the settlement agreement.
IBRA is an agency of the government of Indonesia established at the beginning of 1998 as the primary agency to oversee the rehabilitation of the financial sector. IBRA is authorized to take over and control troubled banks and dispose of their assets and collateral.
IBRA/HOLDIKO Launches The Sale Of Indomobil
20/11/2001
Sale Process Expected to Close by End 2001
The Indonesian Bank Restructuring Agency ("IBRA") and PT Holdiko Perkasa ("Holdiko"), a holding company established pursuant to the Shareholding Settlement Agreement between IBRA and the Salim Group, today launched the strategic sale process of (i) Holdiko`s entire 72.63% equity shareholding in PT Indomobil Sukses Internasional Tbk. ("Indomobil"), a company whose shares are registered on the Jakarta Stock Exchange and Surabaya Stock Exchange and (ii) the entire convertible bonds issued by Indomobil to Holdiko (IDR337,382,000,000,-) and IBRA (IDR 312,902,186,671,-), both of which may be converted to common shares in Indomobil.
"We recently received a serious offer to acquire all of our interest in Indomobil this year," states Dasa Sutantio, Deputy Chairman Ad Interim - AMI, IBRA. "Owing to recent developments and following further internal discussions, IBRA has decided to proceed with the sale. Notwithstanding the above-mentioned offer, in accordance with the principles of transparency, we therefore provide this opportunity to any other potential investors. Therefore, we have decided to conduct an open and abbreviated tender process aimed at potential investors who are willing to buy our entire interest in Indomobil as is."
Indomobil is the holding company of a fully integrated group of companies that is engaged in automotive and automotive-related businesses. Indomobil has direct and indirect investments in 69 subsidiaries who act as sole agents for automotive principals, assembler of automotive components, distributor and retailer of automotive products, and provide auto financing and after sales services. Automotive products distributed by its subsidiaries consist of well-known brands such as Suzuki, Nissan, Mazda, Hino, Volvo, Audi, Volkswagen, and SsangYong. Indomobil`s shares are listed and traded on the Jakarta Stock Exchange and Surabaya Stock Exchange with a total 996,502,680 shares. At present Indomobil`s shareholding structure consists of PT Holdiko Perkasa (72.63%), PT Tritunggal Intipermata (20.47%) and the balance of 6.9% is held by various shareholders including public shareholders whose individual ownership is less than 5%.
"Holdiko is always pleased to entertain serious offers for any of our assets," comments Scott Coffey, Director of Holdiko. "Although we are currently busy with the sale process of some of our other assets - 7 more transactions to be completed in the next 3 weeks -, we will try our best to sell Indomobil by the end of the year." Acting as financial advisor for this sale is PT Deloitte & Touche FAS.
Progress on Holdiko`s Asset SalesHoldiko recently announced the sale result of its ownership in Guangdong Jiangmen ISN Float Glass Co. Ltd as the 12th (twelfth) completed transaction this year. Currently Holdiko continues to progress with the sale process of its ownerships in PT Indosiar Visual Mandiri Tbk., the Sugar Group, PT Berdikari Sari Utama Flour Mills, PT Indomarco Adi Prima, Riau Industrial Estates (PT Herwido Rintis/PT Bintan Inti Industrial Estate/PT Karimun Sembawang Shipyard), PT Yakult Indonesia Persada, PT Indogift Chuenher Indah and Sulfindo Group. Holdiko expects to complete all these transactions by mid-December 2001.
To date this year Holdiko has closed the following asset sale transactions:
Closed in 2001 (sold in 2000)
Salim Plantations USD 368 mn
- Loan repayment to Holdiko IDR 357 bn
Mosquito Coil Group IDR 610 bn
Sold in 2001
First Pacific Co. Ltd. USD 8.55 mn
Indocoal USD 45.5 mn
Indomaret IDR 162 bn
Indocement (Tranche A) USD 43.8 mn
Indocement (Tranche B) IDR 250.4 bn
Kerismas IDR 297 bn
Indopoly USD 29.17 mn
Yunnan Kunlene USD 14.38 mn
PT Indosiar Visual Mandiri Tbk.
- Loan repayment to Holdiko IDR 400 bn
PT Salim Rengo Containers IDR 204 bn
PT Gumindo Perkasa Industri USD 1.68 mn
PT Poli Contindo Nusa IDR 49.5 bn
Guangdong Jiangmen ISN Float Glass USD 34.17 mn
Total estimated gross proceeds from the 14 transactions IDR 7.796 trillion
*) IDR/USD exchange rate used as of date of sale
Holdiko was established in relation to the settlement between the Salim Group and IBRA with regard to loans extended by PT Bank Central Asia ("BCA") to companies affiliated with the Salim Group. As part of the settlement agreement with IBRA, the Salim Group transferred shares and assets in more than 100 operating companies to Holdiko.
As direct and indirect shareholder of these companies, it is Holdiko`s responsibility to supervise each individual company with the aim of disposing of a sufficient amount of these shareholdings. Holdiko will subsequently direct the disposal proceeds to IBRA as part of the settlement agreement.
IBRA is an agency of the government of Indonesia established at the beginning of 1998 as the primary agency to oversee the rehabilitation of the financial sector. IBRA is authorized to take over and control troubled banks and dispose of their assets and collateral.
Was braut sich bei der IBRA schon wieder zusammen ?
Laksamana refutes rumors about replacement of IBRA chairman
JAKARTA (JP): State Minister of State Enterprises Laksamana Sukardi dismissed on Friday speculation on the planned replacement of Indonesian Bank Restructuring Agency (IBRA) chairman I Putu Gede Ary Suta.
"No, I have not heard of any such proposal to replace the IBRA chairman," Laksamana was quoted by Antara as saying before attending a Cabinet meeting chaired by President Megawati Soekarnoputri at the main building of the State Secretariat.
Rumors have been rife lately that Ary Suta would be replaced due to his inability to cooperate with other IBRA leaders. It was also reported that he had been unable to make significant progress with IBRA`s performance.
Ary Suta has also been accused of being too talkative, but doing little for IBRA.
Laksamana refutes rumors about replacement of IBRA chairman
JAKARTA (JP): State Minister of State Enterprises Laksamana Sukardi dismissed on Friday speculation on the planned replacement of Indonesian Bank Restructuring Agency (IBRA) chairman I Putu Gede Ary Suta.
"No, I have not heard of any such proposal to replace the IBRA chairman," Laksamana was quoted by Antara as saying before attending a Cabinet meeting chaired by President Megawati Soekarnoputri at the main building of the State Secretariat.
Rumors have been rife lately that Ary Suta would be replaced due to his inability to cooperate with other IBRA leaders. It was also reported that he had been unable to make significant progress with IBRA`s performance.
Ary Suta has also been accused of being too talkative, but doing little for IBRA.
Das hört sich doch wieder gut an ?
Press Statement at the Conclusion of the Mission with Indonesia
November 20, 2001
IMF Team Reaches Agreement with the Government of Indonesia
An IMF team, led by Daniel Citrin, has spent the past two weeks in Jakarta to conduct discussions for the fourth review of the $5 billion EFF arrangement in support of the Government of Indonesia`s (GOI) reform program.
The IMF mission and the GOI have reached agreement on a new Letter of Intent that sets out policies that the government plans to implement over the course of 2002. Following normal procedures, the agreement will be presented to IMF management for their approval before being finalized and signed. Following its signing, the Letter of Intent will be made available to the public, and the IMF`s Executive Board will meet to consider the letter and review program performance. The GOI is also requesting a one-year extension of the EFF arrangement through 2003. Indonesia currently has $3.2 billion available under the arrangement and, with the extension, will be able to draw $360 million following a successful review of the Executive Board.
The GOI and the IMF team agreed that macroeconomic stability is fundamental to achieving sustained economic recovery in Indonesia. To that end, there was agreement on setting a fiscal policy course consistent with the goal of striking a balance between supporting economic activity and meeting key social spending needs while embarking on fiscal consolidation that will enable a steady reduction in the level of public debt. The team was also encouraged by the central bank`s resolve to reduce inflation to single-digit levels over the course of 2002.
Restoration of private sector economic activity is central to any sustained recovery. In this respect, reforms to the banking system, corporate restructuring, returning IBRA managed loans, banks, and other assets to the private sector, strengthening of decentralization, privatizing state owned enterprises as well as intensifying reform efforts in the justice system are essential. The new Letter of Intent sets out measures in these areas that the mission team believes form a sound foundation for recovery.
The IMF mission believes that strong endeavors in implementing these reforms will restore confidence in the GOI`s reform program and sustain Indonesia`s economic recovery in the period ahead.
Press Statement at the Conclusion of the Mission with Indonesia
November 20, 2001
IMF Team Reaches Agreement with the Government of Indonesia
An IMF team, led by Daniel Citrin, has spent the past two weeks in Jakarta to conduct discussions for the fourth review of the $5 billion EFF arrangement in support of the Government of Indonesia`s (GOI) reform program.
The IMF mission and the GOI have reached agreement on a new Letter of Intent that sets out policies that the government plans to implement over the course of 2002. Following normal procedures, the agreement will be presented to IMF management for their approval before being finalized and signed. Following its signing, the Letter of Intent will be made available to the public, and the IMF`s Executive Board will meet to consider the letter and review program performance. The GOI is also requesting a one-year extension of the EFF arrangement through 2003. Indonesia currently has $3.2 billion available under the arrangement and, with the extension, will be able to draw $360 million following a successful review of the Executive Board.
The GOI and the IMF team agreed that macroeconomic stability is fundamental to achieving sustained economic recovery in Indonesia. To that end, there was agreement on setting a fiscal policy course consistent with the goal of striking a balance between supporting economic activity and meeting key social spending needs while embarking on fiscal consolidation that will enable a steady reduction in the level of public debt. The team was also encouraged by the central bank`s resolve to reduce inflation to single-digit levels over the course of 2002.
Restoration of private sector economic activity is central to any sustained recovery. In this respect, reforms to the banking system, corporate restructuring, returning IBRA managed loans, banks, and other assets to the private sector, strengthening of decentralization, privatizing state owned enterprises as well as intensifying reform efforts in the justice system are essential. The new Letter of Intent sets out measures in these areas that the mission team believes form a sound foundation for recovery.
The IMF mission believes that strong endeavors in implementing these reforms will restore confidence in the GOI`s reform program and sustain Indonesia`s economic recovery in the period ahead.
Bravo an die IBRA !
IBRA to set up holding companies
JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA) plans to set up two holding companies to handle its assets and shares in companies that have already been restructured, chairman I Putu Ary Suta said on Thursday.
"There must be bodies to handle and take follow-up actions on companies already restructured, such as Bakrie Brothers," Suta said as quoted by Antara.
He said the first holding company was intended to handle properties under IBRA and the second one to handle shares IBRA had collected from a "debt-to-equity-swap" restructuring scheme.
The holding company could manage the properties before they were sold later for a good price, he added.
No outside party would be involved in operating the holding companies. The job would be done by a team consisting exclusively of IBRA officers.
This way, he said, the assets could be expected to bring in more money.
Actually there were a lot of ways to collect funds for the government such as selling assets, extending loans or selling equity, he said.
He said he hoped companies that had finished with their debt restructuring such as Bakrie Brothers would not forget repaying their loans to IBRA.
IBRA`s equity in the restructured companies would not last forever while their debts to IBRA had to be repaid in about four years` time, Suta said.
IBRA to set up holding companies
JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA) plans to set up two holding companies to handle its assets and shares in companies that have already been restructured, chairman I Putu Ary Suta said on Thursday.
"There must be bodies to handle and take follow-up actions on companies already restructured, such as Bakrie Brothers," Suta said as quoted by Antara.
He said the first holding company was intended to handle properties under IBRA and the second one to handle shares IBRA had collected from a "debt-to-equity-swap" restructuring scheme.
The holding company could manage the properties before they were sold later for a good price, he added.
No outside party would be involved in operating the holding companies. The job would be done by a team consisting exclusively of IBRA officers.
This way, he said, the assets could be expected to bring in more money.
Actually there were a lot of ways to collect funds for the government such as selling assets, extending loans or selling equity, he said.
He said he hoped companies that had finished with their debt restructuring such as Bakrie Brothers would not forget repaying their loans to IBRA.
IBRA`s equity in the restructured companies would not last forever while their debts to IBRA had to be repaid in about four years` time, Suta said.
@broker*709
Du engagierst Dich ja richtig stark für Indonesien. Hängst
Du vielleicht auch stark drin?
Ich hab auch ein Pfund von den Dingern. War zu der Zeit, als
ich den euphorischen Schreibstiel des EMI noch nicht richtig
überblickte, geb ich zu.
Würde mir heute nicht so schnell wieder passieren, denn wann
endlich Indonesien wieder kommt, wer kann das schon
einschätzen.
Da ich sowieso in 3-5Jahren denke, was Börse angeht, egal.
Aber in diesem Fall muß ich wahrscheinlich zeitlich drauflegen.
Wie lange geht das hin und her nun schon? Mann o Mann.
so long
Du engagierst Dich ja richtig stark für Indonesien. Hängst
Du vielleicht auch stark drin?
Ich hab auch ein Pfund von den Dingern. War zu der Zeit, als
ich den euphorischen Schreibstiel des EMI noch nicht richtig
überblickte, geb ich zu.
Würde mir heute nicht so schnell wieder passieren, denn wann
endlich Indonesien wieder kommt, wer kann das schon
einschätzen.
Da ich sowieso in 3-5Jahren denke, was Börse angeht, egal.
Aber in diesem Fall muß ich wahrscheinlich zeitlich drauflegen.
Wie lange geht das hin und her nun schon? Mann o Mann.
so long
Eigentlich habe ich meine indo-engagements schon so ziemlich abgeschrieben, aber solange das Zeug noch im Depot rumliegt, kann man sich ja so etwas wie der "Illusion einer vagen Hoffnung" hingeben und sich ausmalen, was würde passieren wenn ... - im Endeffekt das gleiche feeling aus dem heraus wöchentlich Millionen Menschen Lotto spielen - nur bei unseren papieren mit hoffentlich etwas höherer Gewinnchance.
stay long
HH
stay long
HH
!
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Auch ein bisschen Rechtsstaat ist noch vorhanden.
Sehr gut !
Sunday December 2, 12:51 PM
Tommy Suharto`s SMS to girlfriend gave him away: police
A series of mobile phone SMS (Short Message Service) messages from Tommy Suharto to a girlfriend helped police track down the fugitive son of former president Suharto, who was arrested on Wednesday after a year on the run.
Police questioned Lanny Banjararanti, a woman known to have been close to Hutomo "Tommy" Mandala Putra, in October, and then monitored her mobile phone, Jakarta Police Chief Inspector General Sofyan Jacub was quoted by the Kompas daily as saying.
Jacub said several SMS messages were exchanged between the two, enabling police to pinpoint the runaway.
Banjaranti, Jacub said, was a girlfriend of Tommy from high school and the two had remained good friends since.
She is currently pregnant and speculation is rife that Tommy is the father.
Tommy, who is suspected of murder and bombing, was arrested at a rented home in Bintaro, a residential district in South Jakarta, on Wednesday.
Police have named him as a suspect in the drive-by murder in July of Syafiuddin Kartasasmita, the judge who convicted him of graft, and have fingered him for a spate of bombings in Jakarta in recent years.
Both crimes are punishable by death.
Police continue to question Tommy, cross-checking his statements with those made by witnesses.
Tommy failed to turn himself in on November 3 last year to serve an 18-month jail sentence for corruption. On October 1 this year the Supreme Court caused a storm of controversy by quashing the corruption conviction.
Since Suharto senior stepped down in May 1998 his family has come under scrutiny for the fortunes they acquired during his 32-year rule. Tommy, Suharto`s youngest son, is the only family member to face trial for corruption.
Time magazine, in a report in June 1998, estimated Tommy`s wealth at some 800 million dollars.
Sehr gut !
Sunday December 2, 12:51 PM
Tommy Suharto`s SMS to girlfriend gave him away: police
A series of mobile phone SMS (Short Message Service) messages from Tommy Suharto to a girlfriend helped police track down the fugitive son of former president Suharto, who was arrested on Wednesday after a year on the run.
Police questioned Lanny Banjararanti, a woman known to have been close to Hutomo "Tommy" Mandala Putra, in October, and then monitored her mobile phone, Jakarta Police Chief Inspector General Sofyan Jacub was quoted by the Kompas daily as saying.
Jacub said several SMS messages were exchanged between the two, enabling police to pinpoint the runaway.
Banjaranti, Jacub said, was a girlfriend of Tommy from high school and the two had remained good friends since.
She is currently pregnant and speculation is rife that Tommy is the father.
Tommy, who is suspected of murder and bombing, was arrested at a rented home in Bintaro, a residential district in South Jakarta, on Wednesday.
Police have named him as a suspect in the drive-by murder in July of Syafiuddin Kartasasmita, the judge who convicted him of graft, and have fingered him for a spate of bombings in Jakarta in recent years.
Both crimes are punishable by death.
Police continue to question Tommy, cross-checking his statements with those made by witnesses.
Tommy failed to turn himself in on November 3 last year to serve an 18-month jail sentence for corruption. On October 1 this year the Supreme Court caused a storm of controversy by quashing the corruption conviction.
Since Suharto senior stepped down in May 1998 his family has come under scrutiny for the fortunes they acquired during his 32-year rule. Tommy, Suharto`s youngest son, is the only family member to face trial for corruption.
Time magazine, in a report in June 1998, estimated Tommy`s wealth at some 800 million dollars.
Der IBRA legt sich zum Jahresende noch mal so richtig ins Zeug !
IBRA/HOLDIKO Sells 72.63% Stake In Indomobil
05/12/2001
Raises Further Proceeds of IDR 625 Billion; (IDR 624.5 per share)
The Indonesian Bank Restructuring Agency (IBRA) and PT Holdiko Perkasa (Holdiko), a holding company established pursuant to the Shareholding Settlement Agreement between IBRA and the Salim Group, today announced that Holdiko’s 72.63% equity shareholding in PT Indomobil Sukses Internasional Tbk. ("Indomobil"), and all the convertible bonds issued by Indomobil to IBRA (IDR 312,902,186,671,-), and Holdiko (IDR 337,382,000,000,-) were sold to a Trimegah led consortium for a total gross proceeds of IDR 625 billion.
Holdiko’s entire 72.63% equity shareholding in Indomobil, was sold for IDR 452 billion, or IDR 624.5 per share, reflecting a 4% premium over the closing price of IDR 600 on 4 December 2001. Meanwhile the entire convertible bonds issued by Indomobil to Holdiko (IDR 337,382,000,000,-) and IBRA (IDR 312,902,186,671,-), were sold for IDR 90 billion and IDR 83 billion respectively.
"The realization of this transaction is a result of good coordination between IBRA’s Asset Management Investment (AMI) and Asset Management Credit (AMC) in selling both equity and bonds," Dasa Sutantio, Deputy Chairman Ad Interim - AMI, IBRA. "We need to bear in mind that part of IBRA’s efforts in trying to help rehabilitate the financial market is by bringing public investment back into the private sector. Now that Indomobil’s shares are back in the stock market, we hope that this will also support the revival of the automotive industry," he added.
Indomobil is the holding company of a fully integrated group of companies that is engaged in automotive and automotive-related businesses.
Indomobil has direct and indirect investments in 69 subsidiaries who act as sole agents for automotive principals, assembler of automotive components, distributor and retailer of automotive products, and provide auto financing and after sales services. Automotive products distributed by its subsidiaries consist of well-known brands such as Suzuki, Nissan, Mazda, Hino, Volvo, Audi, Volkswagen, and SsangYong. Indomobil’s shares are listed and traded on the Jakarta Stock Exchange and Surabaya Stock Exchange with a total 996,502,680 shares. Prior to this sale Indomobil’s shareholding structure consists of PT Holdiko Perkasa (72.63%), PT Tritunggal Intipermata (20.47%) and the balance of 6.9% is held by various shareholders including public shareholders whose individual ownership is less than 5%.
"We are pleased to have won this asset sale transaction, as we believe that Indomobil, with its strong brand equity and distribution network, is well positioned for significant growth upon the recovery of the economy," said Tandip Singh, international counsel to the Trimegah led consortium.
The Trimegah led consortium consists of a group of local investment companies whose investment activities focus in Indonesia. One of the member companies is PT Cipta Sarana Duta Perkasa, which is based in Jakarta.
"Notwithstanding the tight schedule for this transaction, we were pleased that there was a high level of investor interest for the deal," commented Scott Coffey, Director of Holdiko. "This now takes Holdiko over IDR 11 trillion in gross proceeds for the year, and we still have one more major transaction to announce this week," he added.
The sale process of IBRA/Holdiko’s ownership in Indomobil began on 20 November 2001. IBRA/Holdiko received 21 strong expressions of interest, of which 16 potential investors returned Confidentiality Agreements, and subsequently 3 potential investors submitted their final bids. Acting as financial advisor for this sale is PT Deloitte & Touche FAS.
To date this year Holdiko has closed the following asset sale transactions:
Closed in 2001 (sold in 2000)
Salim Plantations USD 368 mn
-Loan repayment to Holdiko IDR 357 bn
Mosquito Coil Group IDR 610 bn
Sold in 2001
First Pacific Co. Ltd. USD 8.55 mn
Indocoal USD 45.5 mn
Indomaret IDR 162 bn
Indocement (Tranch A) USD 43.8 mn
Indocement (Tranch B) IDR 250.4 bn
Kerismas IDR 297 bn
Indopoly USD 29.17 mn
Yunnan Kunlene USD 14.38 mn
PT Indosiar Visual Mandiri Tbk.
-Loan repayment to Holdiko IDR 400 bn
PT Salim Rengo Containers IDR 204 bn
PT Gumindo Perkasa Industri USD 1.68 bn
PT Poli Contindo Nusa IDR 49.5 bn
Guangdong Jiangmen ISN Float Glass USD 34.17 mn
PT Indosiar Visual Mandiri IDR 755 bn
Sugar Group IDR 1,162 bn
Riau Industrial Estates IDR 710 bn
PT Berdikari Sari Utama Flour Mills IDR 5.7 mn
-Loan repayment to Holdiko IDR 165.93 bn
PT Yakult Indonesia Persada IDR 60 bn
PT Indomobil Sukses Internasional Tbk. IDR 542 bn
Total estimated gross proceeds from 20 transactions IDR 11.25 trillion
*) IDR/USD exchange rate used as of date of sale
PT Holdiko Perkasa was established in relation to the settlement between the Salim Group and IBRA with regard to loans extended by PT Bank Central Asia (BCA) to companies affiliated to the Salim Group. As part of the settlement agreement with IBRA, the Salim Group transferred shares and assets in more than 100 operating companies to PT Holdiko Perkasa.
As direct and indirect shareholder of these companies, it is Holdiko’s responsibility to supervise each individual company with the aim of disposing of a sufficient amount of these shareholdings. Holdiko will subsequently direct the disposal proceeds to IBRA as part of the settlement agreement.
The Indonesian Bank Restructuring Agency (IBRA) is an agency of the government of Indonesia established at the beginning of 1998 as the primary agency to oversee the rehabilitation of the financial sector. IBRA is authorized to take over and control troubled banks and dispose of their assets and collateral.
IBRA/HOLDIKO Sells 72.63% Stake In Indomobil
05/12/2001
Raises Further Proceeds of IDR 625 Billion; (IDR 624.5 per share)
The Indonesian Bank Restructuring Agency (IBRA) and PT Holdiko Perkasa (Holdiko), a holding company established pursuant to the Shareholding Settlement Agreement between IBRA and the Salim Group, today announced that Holdiko’s 72.63% equity shareholding in PT Indomobil Sukses Internasional Tbk. ("Indomobil"), and all the convertible bonds issued by Indomobil to IBRA (IDR 312,902,186,671,-), and Holdiko (IDR 337,382,000,000,-) were sold to a Trimegah led consortium for a total gross proceeds of IDR 625 billion.
Holdiko’s entire 72.63% equity shareholding in Indomobil, was sold for IDR 452 billion, or IDR 624.5 per share, reflecting a 4% premium over the closing price of IDR 600 on 4 December 2001. Meanwhile the entire convertible bonds issued by Indomobil to Holdiko (IDR 337,382,000,000,-) and IBRA (IDR 312,902,186,671,-), were sold for IDR 90 billion and IDR 83 billion respectively.
"The realization of this transaction is a result of good coordination between IBRA’s Asset Management Investment (AMI) and Asset Management Credit (AMC) in selling both equity and bonds," Dasa Sutantio, Deputy Chairman Ad Interim - AMI, IBRA. "We need to bear in mind that part of IBRA’s efforts in trying to help rehabilitate the financial market is by bringing public investment back into the private sector. Now that Indomobil’s shares are back in the stock market, we hope that this will also support the revival of the automotive industry," he added.
Indomobil is the holding company of a fully integrated group of companies that is engaged in automotive and automotive-related businesses.
Indomobil has direct and indirect investments in 69 subsidiaries who act as sole agents for automotive principals, assembler of automotive components, distributor and retailer of automotive products, and provide auto financing and after sales services. Automotive products distributed by its subsidiaries consist of well-known brands such as Suzuki, Nissan, Mazda, Hino, Volvo, Audi, Volkswagen, and SsangYong. Indomobil’s shares are listed and traded on the Jakarta Stock Exchange and Surabaya Stock Exchange with a total 996,502,680 shares. Prior to this sale Indomobil’s shareholding structure consists of PT Holdiko Perkasa (72.63%), PT Tritunggal Intipermata (20.47%) and the balance of 6.9% is held by various shareholders including public shareholders whose individual ownership is less than 5%.
"We are pleased to have won this asset sale transaction, as we believe that Indomobil, with its strong brand equity and distribution network, is well positioned for significant growth upon the recovery of the economy," said Tandip Singh, international counsel to the Trimegah led consortium.
The Trimegah led consortium consists of a group of local investment companies whose investment activities focus in Indonesia. One of the member companies is PT Cipta Sarana Duta Perkasa, which is based in Jakarta.
"Notwithstanding the tight schedule for this transaction, we were pleased that there was a high level of investor interest for the deal," commented Scott Coffey, Director of Holdiko. "This now takes Holdiko over IDR 11 trillion in gross proceeds for the year, and we still have one more major transaction to announce this week," he added.
The sale process of IBRA/Holdiko’s ownership in Indomobil began on 20 November 2001. IBRA/Holdiko received 21 strong expressions of interest, of which 16 potential investors returned Confidentiality Agreements, and subsequently 3 potential investors submitted their final bids. Acting as financial advisor for this sale is PT Deloitte & Touche FAS.
To date this year Holdiko has closed the following asset sale transactions:
Closed in 2001 (sold in 2000)
Salim Plantations USD 368 mn
-Loan repayment to Holdiko IDR 357 bn
Mosquito Coil Group IDR 610 bn
Sold in 2001
First Pacific Co. Ltd. USD 8.55 mn
Indocoal USD 45.5 mn
Indomaret IDR 162 bn
Indocement (Tranch A) USD 43.8 mn
Indocement (Tranch B) IDR 250.4 bn
Kerismas IDR 297 bn
Indopoly USD 29.17 mn
Yunnan Kunlene USD 14.38 mn
PT Indosiar Visual Mandiri Tbk.
-Loan repayment to Holdiko IDR 400 bn
PT Salim Rengo Containers IDR 204 bn
PT Gumindo Perkasa Industri USD 1.68 bn
PT Poli Contindo Nusa IDR 49.5 bn
Guangdong Jiangmen ISN Float Glass USD 34.17 mn
PT Indosiar Visual Mandiri IDR 755 bn
Sugar Group IDR 1,162 bn
Riau Industrial Estates IDR 710 bn
PT Berdikari Sari Utama Flour Mills IDR 5.7 mn
-Loan repayment to Holdiko IDR 165.93 bn
PT Yakult Indonesia Persada IDR 60 bn
PT Indomobil Sukses Internasional Tbk. IDR 542 bn
Total estimated gross proceeds from 20 transactions IDR 11.25 trillion
*) IDR/USD exchange rate used as of date of sale
PT Holdiko Perkasa was established in relation to the settlement between the Salim Group and IBRA with regard to loans extended by PT Bank Central Asia (BCA) to companies affiliated to the Salim Group. As part of the settlement agreement with IBRA, the Salim Group transferred shares and assets in more than 100 operating companies to PT Holdiko Perkasa.
As direct and indirect shareholder of these companies, it is Holdiko’s responsibility to supervise each individual company with the aim of disposing of a sufficient amount of these shareholdings. Holdiko will subsequently direct the disposal proceeds to IBRA as part of the settlement agreement.
The Indonesian Bank Restructuring Agency (IBRA) is an agency of the government of Indonesia established at the beginning of 1998 as the primary agency to oversee the rehabilitation of the financial sector. IBRA is authorized to take over and control troubled banks and dispose of their assets and collateral.
Das ganze Zeug muss noch in private Hände, dann geht es in Indonesien wieder massiv nach oben !
Was meint Ihr ?
Government Holding
This recapitalization program is run under Joint Decree of Minister of Finance and Governor of BI No. 53/KMK.017/1999 and 31/12/KEP/GBI year 1999. This decree explains that recapitalization will be performed only for banks passing audition stages by three committees, namely Technical Committee, Evaluation Committee and Policy Committee with members from IBRA team, Department of Finance, and Bank Indonesia.
Recapitalization conducted by the government is done in the form of stock/bond placement. Determination on the amount of recapitalization is done with principle of justice. That is to use independent experts and shareholder owning first opportunity to conduct recapitalization as long as eligible. And to avoid moral hazard, government participation in recapitalization will be conducted once.
Until now, government, through IBRA has performed recapitalization towards banks with details as follows:
Government Holding in BTO Banks
(Per 31 December 2000)
Bank BTO Number of Shares IDR Value %
BCA Tbk 2.069.588.269 21.574.718 70,30%
Niaga Tbk 76.013.945.455 9.462.596 97,10%
Danamon (merger) 487.529.350.099 70.495.754 99,36%
Bali Tbk 66.011.335.917 5.314.357 98,23%
Note:
After deduction of 22,5% of BCA shares sold in May 2000
Government Holding in Recap Banks
(Per 31 December 2000)
Recap Banks Number of Share IDR Value %
BII Tbk 52.691.346.000 6.586.418 56,78%
Lippo Tbk 23.203.407.899 6.027.874 59,26%
Universal Tbk 30.018.085.856 4.084.201 78,65%
Arta Media 6.460.440.000 130.000 76,91%
Bukopin 6.379.675.501 364.916 74,75%
Patriot 1.059.537 51.500 80,99%
Prima Express 1.772.734 530.911 88,64%
Note:
After deduction of returned excess bonds and execersice of share option rights.
Was meint Ihr ?
Government Holding
This recapitalization program is run under Joint Decree of Minister of Finance and Governor of BI No. 53/KMK.017/1999 and 31/12/KEP/GBI year 1999. This decree explains that recapitalization will be performed only for banks passing audition stages by three committees, namely Technical Committee, Evaluation Committee and Policy Committee with members from IBRA team, Department of Finance, and Bank Indonesia.
Recapitalization conducted by the government is done in the form of stock/bond placement. Determination on the amount of recapitalization is done with principle of justice. That is to use independent experts and shareholder owning first opportunity to conduct recapitalization as long as eligible. And to avoid moral hazard, government participation in recapitalization will be conducted once.
Until now, government, through IBRA has performed recapitalization towards banks with details as follows:
Government Holding in BTO Banks
(Per 31 December 2000)
Bank BTO Number of Shares IDR Value %
BCA Tbk 2.069.588.269 21.574.718 70,30%
Niaga Tbk 76.013.945.455 9.462.596 97,10%
Danamon (merger) 487.529.350.099 70.495.754 99,36%
Bali Tbk 66.011.335.917 5.314.357 98,23%
Note:
After deduction of 22,5% of BCA shares sold in May 2000
Government Holding in Recap Banks
(Per 31 December 2000)
Recap Banks Number of Share IDR Value %
BII Tbk 52.691.346.000 6.586.418 56,78%
Lippo Tbk 23.203.407.899 6.027.874 59,26%
Universal Tbk 30.018.085.856 4.084.201 78,65%
Arta Media 6.460.440.000 130.000 76,91%
Bukopin 6.379.675.501 364.916 74,75%
Patriot 1.059.537 51.500 80,99%
Prima Express 1.772.734 530.911 88,64%
Note:
After deduction of returned excess bonds and execersice of share option rights.
Ganzvergessen, die letzten News vom IMF:
News Brief No. 01/122
November 29, 2001 International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA
IMF, World Bank, ADB and UNDP Sponsor Regional Conference in Hanoi on National Poverty Reduction Strategies
A regional conference on National Poverty Reduction Strategies in East Asia will take place in Hanoi, Vietnam on December 4–6, 2001. The conference is being jointly organized by the IMF, the World Bank, the Asian Development Bank (ADB) and the United Nations Development Program (UNDP). There will be broad-based participation in the conference from Cambodia, East Timor, Indonesia, Lao PDR, Mongolia and Vietnam. Delegations from these countries will comprise national and local government officials, representatives of civil society, including NGOs, media and academics.
The regional conference is being organized with three core objectives:
First, to review and exchange experience on the development of poverty reduction strategies in East Asia;
Second, to identify obstacles and challenges countries face in designing and implementing their strategies; and
Third, to derive lessons for the future.
Similar regional conferences will take place in Bolivia and Hungary in addition to the conference held last September in Senegal. The four conferences will generate input for the international conference on national poverty reduction strategies sponsored by the IMF and the World Bank that will take place in Washington D.C. during January 14–17, 2002.
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs: 202-623-7300 - Fax: 202-623-6278
Media Relations: 202-623-7100 - Fax: 202-623-6772
News Brief No. 01/122
November 29, 2001 International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA
IMF, World Bank, ADB and UNDP Sponsor Regional Conference in Hanoi on National Poverty Reduction Strategies
A regional conference on National Poverty Reduction Strategies in East Asia will take place in Hanoi, Vietnam on December 4–6, 2001. The conference is being jointly organized by the IMF, the World Bank, the Asian Development Bank (ADB) and the United Nations Development Program (UNDP). There will be broad-based participation in the conference from Cambodia, East Timor, Indonesia, Lao PDR, Mongolia and Vietnam. Delegations from these countries will comprise national and local government officials, representatives of civil society, including NGOs, media and academics.
The regional conference is being organized with three core objectives:
First, to review and exchange experience on the development of poverty reduction strategies in East Asia;
Second, to identify obstacles and challenges countries face in designing and implementing their strategies; and
Third, to derive lessons for the future.
Similar regional conferences will take place in Bolivia and Hungary in addition to the conference held last September in Senegal. The four conferences will generate input for the international conference on national poverty reduction strategies sponsored by the IMF and the World Bank that will take place in Washington D.C. during January 14–17, 2002.
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs: 202-623-7300 - Fax: 202-623-6278
Media Relations: 202-623-7100 - Fax: 202-623-6772
Schwierige Zeiten auch am Anleihen-Markt
Experten rechnen mit weiteren Leitzinssenkungen - Risiken in Schwellenländern unkalkulierbar
Von Anja Struve
Frankfurt/Main - Dem bewegten Zinsjahr 2001 wird ein schwieriges Zinsjahr 2002 folgen. Diese Einschätzung äußerten führende Volkswirte und Fondsmanager am Montag auf dem traditionellen Zinsforum in Frankfurt. "Das einzige was sicher ist, ist die Unsicherheit", sagte der Chefvolkswirt der Deutschen Bank, Norbert Walter. Anlegern sowohl an den Aktien- wie auch an den Anleihemärkten stehen damit in den kommenden Monaten weiterhin schwierige Zeiten bevor.
Besorgt äußerte sich Walter über die aktuelle Lage der Weltwirtschaft. Während sich in Japan Deflation und Rezession verschärften, sei Europa durch den Abwärtssog der USA stärker als erwartet abgerutscht. "Die Europäische Zentralbank (EZB) hat mit Blick auf die Inflationsraten darauf leider zu zögerlich reagiert", sagte Walter. Deutlich aggressiver sei die US-Notenbank Fed verfahren, die damit auch am entschiedensten die Vorraussetzungen für einen Umschwung eingeleitet habe. "In Europa sind die Zinsen bisher moderater gesenkt worden, daher wird die wirtschaftliche Entwicklung hier auch moderater ausfallen", sagte Walter.
In den USA rechnet der Chefvolkswirt nun mit einer weiteren Senkung der Leitzinsen auf dann 1,50 Prozent. Ähnlich äußerte sich Chefvolkswirt William Dudley von Goldman Sachs. Der Experte rechnet damit, dass die Fed noch in der kommenden Sitzung im Dezember den Leitzins um weitere 25 Basispunkte und im kommenden Jahr nochmals im gleichen Ausmaß senken wird.
Für die EZB sieht Walter ebenfalls noch Spielraum, um die Zinsen in den kommenden Wochen um weitere 50 Basispunkte zu senken. Die Zentralbank hat die Leitzinsen in diesem Jahr bisher insgesamt um einen vollen Prozentpunkt auf 3,25 Prozent zurück genommen.
Angesichts der erwarteten Zinssenkungen sowohl bei der EZB wie auch bei der US-Notenbank rechnet Walter auch am Geldmarkt mit weiter sinkenden Zinsen. So dürften die langfristigen Zinsen nicht vor dem Jahr 2003 nicht anziehen, da die Inflation in einem rezessiven Umfeld mit deflationären Risiken nicht steigen werde. Somit werde die Zinsstrukturkurve nur durch die Zinssenkung der Notenbanken steiler.
Besorgt äußerte sich der Chefvolkswirt über die Risiken in einigen Schwellenländern, Kritisch sei neben der Lage in Argentinien auch die Situation in der Türkei und in Indonesien und Thailand. Aber auch Mexiko drohe angesichts von schwachem Ölpreis und schwacher US-Konjunktur in die Krise zu geraten. "Deshalb bin ich erstaunt, mit welcher Unbekümmertheit manche Anleger in Anleihen dieser Länder investieren", sagte Walter.
Erstaunt äußerte sich der Deutsche-Bank-Experte auch über die Kursentwicklung an den Aktienmärkten weltweit. Die deutliche Kurserholung bezeichnete der Experte als "Frühstart, der wieder korrigiert werden wird." Zwar sei nicht wieder mit den Tiefstkursen von Mitte September zu rechnen. "Aber bei einer Reihe von Unternehmen werden in den kommenden Monaten Schwierigkeiten offenkundig werden", sagte Walter.
Relativ einig waren sich die Experten über die Anlagestrategien für die kommenden Monate. "Entscheidend ist derzeit nicht, wann die nächste Zinssenkung kommt, sondern wann die Zinsen wieder steigen, weil das die Märkte bereits lange vorher antizipieren", sagte Fondsmanager Rüdiger Brauel von Union Investment. Zu den Empfehlungen des Experten zählen vor allem Unternehmensanleihen einiger weniger Branchen sowie Anleihen aus jenen Staaten Osteuropas, die sich um den EU-Beitritt bemühten. Für Axel-Günter Benkner von der DWS sind Osteuropa-Anleihen hingegen "nur eine kleine Beimischung im Depot". Der Geschäftsführer der Frankfurter Fondsgesellschaft setzt vor allem auf große europäische Telekomanleihen mit hervorragender Bonität, einige wenige Genussscheine.
Für Erwin Heri aus dem Vorstand der Credit Suisse Financial Services stehen in den kommenden Monaten hingegen Alternativanlagen wie Hedge Fonds im Vordergrund. Wichtiger als ausgeprägtes Renditedenken sei für viele Anleger vor allem der Kapitalerhalt, sagte Heri: "Gerade Privatanleger haben in den vergangenen Monaten mit Aktien viel Geld verloren. Wir müssen nun gewaltig aufpassen, dass sie im nächsten Jahr nicht viel Geld mit Anleihen verlieren."
www.welt.de
Experten rechnen mit weiteren Leitzinssenkungen - Risiken in Schwellenländern unkalkulierbar
Von Anja Struve
Frankfurt/Main - Dem bewegten Zinsjahr 2001 wird ein schwieriges Zinsjahr 2002 folgen. Diese Einschätzung äußerten führende Volkswirte und Fondsmanager am Montag auf dem traditionellen Zinsforum in Frankfurt. "Das einzige was sicher ist, ist die Unsicherheit", sagte der Chefvolkswirt der Deutschen Bank, Norbert Walter. Anlegern sowohl an den Aktien- wie auch an den Anleihemärkten stehen damit in den kommenden Monaten weiterhin schwierige Zeiten bevor.
Besorgt äußerte sich Walter über die aktuelle Lage der Weltwirtschaft. Während sich in Japan Deflation und Rezession verschärften, sei Europa durch den Abwärtssog der USA stärker als erwartet abgerutscht. "Die Europäische Zentralbank (EZB) hat mit Blick auf die Inflationsraten darauf leider zu zögerlich reagiert", sagte Walter. Deutlich aggressiver sei die US-Notenbank Fed verfahren, die damit auch am entschiedensten die Vorraussetzungen für einen Umschwung eingeleitet habe. "In Europa sind die Zinsen bisher moderater gesenkt worden, daher wird die wirtschaftliche Entwicklung hier auch moderater ausfallen", sagte Walter.
In den USA rechnet der Chefvolkswirt nun mit einer weiteren Senkung der Leitzinsen auf dann 1,50 Prozent. Ähnlich äußerte sich Chefvolkswirt William Dudley von Goldman Sachs. Der Experte rechnet damit, dass die Fed noch in der kommenden Sitzung im Dezember den Leitzins um weitere 25 Basispunkte und im kommenden Jahr nochmals im gleichen Ausmaß senken wird.
Für die EZB sieht Walter ebenfalls noch Spielraum, um die Zinsen in den kommenden Wochen um weitere 50 Basispunkte zu senken. Die Zentralbank hat die Leitzinsen in diesem Jahr bisher insgesamt um einen vollen Prozentpunkt auf 3,25 Prozent zurück genommen.
Angesichts der erwarteten Zinssenkungen sowohl bei der EZB wie auch bei der US-Notenbank rechnet Walter auch am Geldmarkt mit weiter sinkenden Zinsen. So dürften die langfristigen Zinsen nicht vor dem Jahr 2003 nicht anziehen, da die Inflation in einem rezessiven Umfeld mit deflationären Risiken nicht steigen werde. Somit werde die Zinsstrukturkurve nur durch die Zinssenkung der Notenbanken steiler.
Besorgt äußerte sich der Chefvolkswirt über die Risiken in einigen Schwellenländern, Kritisch sei neben der Lage in Argentinien auch die Situation in der Türkei und in Indonesien und Thailand. Aber auch Mexiko drohe angesichts von schwachem Ölpreis und schwacher US-Konjunktur in die Krise zu geraten. "Deshalb bin ich erstaunt, mit welcher Unbekümmertheit manche Anleger in Anleihen dieser Länder investieren", sagte Walter.
Erstaunt äußerte sich der Deutsche-Bank-Experte auch über die Kursentwicklung an den Aktienmärkten weltweit. Die deutliche Kurserholung bezeichnete der Experte als "Frühstart, der wieder korrigiert werden wird." Zwar sei nicht wieder mit den Tiefstkursen von Mitte September zu rechnen. "Aber bei einer Reihe von Unternehmen werden in den kommenden Monaten Schwierigkeiten offenkundig werden", sagte Walter.
Relativ einig waren sich die Experten über die Anlagestrategien für die kommenden Monate. "Entscheidend ist derzeit nicht, wann die nächste Zinssenkung kommt, sondern wann die Zinsen wieder steigen, weil das die Märkte bereits lange vorher antizipieren", sagte Fondsmanager Rüdiger Brauel von Union Investment. Zu den Empfehlungen des Experten zählen vor allem Unternehmensanleihen einiger weniger Branchen sowie Anleihen aus jenen Staaten Osteuropas, die sich um den EU-Beitritt bemühten. Für Axel-Günter Benkner von der DWS sind Osteuropa-Anleihen hingegen "nur eine kleine Beimischung im Depot". Der Geschäftsführer der Frankfurter Fondsgesellschaft setzt vor allem auf große europäische Telekomanleihen mit hervorragender Bonität, einige wenige Genussscheine.
Für Erwin Heri aus dem Vorstand der Credit Suisse Financial Services stehen in den kommenden Monaten hingegen Alternativanlagen wie Hedge Fonds im Vordergrund. Wichtiger als ausgeprägtes Renditedenken sei für viele Anleger vor allem der Kapitalerhalt, sagte Heri: "Gerade Privatanleger haben in den vergangenen Monaten mit Aktien viel Geld verloren. Wir müssen nun gewaltig aufpassen, dass sie im nächsten Jahr nicht viel Geld mit Anleihen verlieren."
www.welt.de
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ob die nochmal so schnell auf die beine kommen ??
Indonesiens Wirtschaft kommt nicht aus der Talsohle
Euphorie in der Wirtschaft lässt nach - Politische Grabenkämpfe verhindern nötige Reformen
Von Daniel Kestenholz
Bangkok - Nach dem friedlichen demokratischen Machtwechsel in Indonesien droht das Land weiter in wirtschaftlicher Agonie zu verharren. Politische Grabenkämpfe lähmen Wirtschaft und Handel. Eine Momentaufnahme aus den Straßen der Millionenmetropole Jakarta verrät, wie schlecht es um die Ökonomie des riesigen Inselreiches bestellt ist: Neuwagen sind rar, an den Kreuzungen lauern etliche Bettler, Bauruinen ragen aus dem Moloch der südostasiatischen Megametropole hervor.
Nach dem Fall des bizarren Altpräsidenten Abdurrahman Wahid und mit der Machtübernahme von Megawati Sukarnoputri setzte zunächst das große Aufatmen ein bis in die hintersten Zipfel der Ferieninsel Bali. Megawati gilt als sprachlose Präsidentin, sie könnte aber Geschick beweisen bei der Vergabe von Wirtschaftsämtern. Indonesiens Landeswährung Rupiah hat aus Euphorie über den Machtwechsel am 23. Juli über 20 Prozent zugelegt, während der "Jakarta Composite"-Börsenindex seit April um 30 Prozent wegen Spekulationen zum Fall Wahids zulegte. Selbst die Ratingagentur Standard & Poor´s lieferte Megawati einen frühen Vertrauensvorschuss, indem sie ihre Einschätzung für Indonesien von "negativ" auf "stabil" anhob. Der Internationale Währungsfond (IWF), der das Indonesienhilfspaket über 4,9 Mrd. US-Dollar im vergangenen Jahr mangels Reformwillen in Jakarta eingefroren hat, plant die Ausarbeitung eines neuen "Letter of Intent" (LoI) zur Wiederaufnahme von Kreditzahlungen.
Der Forderungskatalog von Standard & Poor´s an Megawati zur Ankurbelung der Binnenwirtschaft und zur Stabilisierung der Außenbeziehungen beinhaltet die Bildung eines glaubwürdigen Ministerrats mit Technokraten, mehr Transparenz und Dezentralisierung, die Wahrung der Unabhängigkeit der Zentralbank und die Kürzung von Treibstoffsubventionen. Das Gros der staatlichen Zuschüsse von jährlich fast fünf Mrd. Dollar entfällt jedoch auf Benzin und Kerosin, das viele zum Kochen verwenden. In Indonesien lebte jeder Vierte am Rande des Existenzminimums und ohne Zugang zu fließend Wasser und Strom. Über die Hälfte des 200-Millionen Volkes lebt von weniger als zwei Dollar pro Tag. Reformen könnten darum wachsende Not und Unruhen bedeuten.
Die politischen Wirren, die Indonesien nach einigen wirtschaftlichen Zwischenhochs wieder zum Sorgenkind der Region degradierten, verlangen von der Regierung jedoch schmerzliche Reformen für die Rückkehr ausländischer Geldgeber und Unternehmen, von denen Indonesien stark abhängt. Im vergangenen Jahr flossen neun Mrd. Dollar aus dem Land ab. Trotz eines Wirtschaftswachstums von rund vier Prozent in diesem Jahr dürfte es bis 2005 dauern, bis Indonesien wieder das Bruttoinlandprodukt (BIP) der Jahre vor dem Ausbruch der Wirtschaftskrise erreicht. Das reale BIP liegt nach wie vor um zehn Prozent unter dem Wert, den es vor der Finanzpanik vor vier Jahren erreichte.
Indonesiens öffentliche Verschuldung entspricht 99 Prozent des BIP. Mit dem Abtauchen der Rupiah in den vergangenen Monaten stiegen auch Indonesiens Schuldverpflichtungen im Ausland an. Das unter Aufsicht des IWF ausgearbeitete Budget für dieses Jahr bläht sich daher weiter auf und könnte um die Hälfte überschritten werden. Eine geschickte Geldpolitik und hohe Zinsen haben immerhin die Inflation von 75 Prozent, die 1998 zum Sturz von Altdiktator Suharto geführt hatte, auf rund zehn Prozent gedrosselt.
Ein Silberstreif am Horizont bleiben das gesunde Exportwachstum und die steigende Kapazitätsauslastung in der Wirtschaft. Doch ein Investitionsstopp und ein flauer Konsum lähmen die Expansionen und das Kreditgeschäft, weshalb eine neue Bankenkrise befürchtet wird. Prüfsteine für die Rückkehr von Investoren sind Stabilität und die Selbständigkeit der Justiz und der Zentralbank, um einem Kreditmissbrauch populistischer Regierungen einen Riegel vorzuschieben. Ein unter Mithilfe des ehemaligen Bundesbankvorsitzenden Helmut Schlesinger ausgearbeitetes Gesetz zur Unabhängigkeit der "Bank Indonesia" (BI) war 1999 in Kraft getreten.
www.welt.de
Indonesiens Wirtschaft kommt nicht aus der Talsohle
Euphorie in der Wirtschaft lässt nach - Politische Grabenkämpfe verhindern nötige Reformen
Von Daniel Kestenholz
Bangkok - Nach dem friedlichen demokratischen Machtwechsel in Indonesien droht das Land weiter in wirtschaftlicher Agonie zu verharren. Politische Grabenkämpfe lähmen Wirtschaft und Handel. Eine Momentaufnahme aus den Straßen der Millionenmetropole Jakarta verrät, wie schlecht es um die Ökonomie des riesigen Inselreiches bestellt ist: Neuwagen sind rar, an den Kreuzungen lauern etliche Bettler, Bauruinen ragen aus dem Moloch der südostasiatischen Megametropole hervor.
Nach dem Fall des bizarren Altpräsidenten Abdurrahman Wahid und mit der Machtübernahme von Megawati Sukarnoputri setzte zunächst das große Aufatmen ein bis in die hintersten Zipfel der Ferieninsel Bali. Megawati gilt als sprachlose Präsidentin, sie könnte aber Geschick beweisen bei der Vergabe von Wirtschaftsämtern. Indonesiens Landeswährung Rupiah hat aus Euphorie über den Machtwechsel am 23. Juli über 20 Prozent zugelegt, während der "Jakarta Composite"-Börsenindex seit April um 30 Prozent wegen Spekulationen zum Fall Wahids zulegte. Selbst die Ratingagentur Standard & Poor´s lieferte Megawati einen frühen Vertrauensvorschuss, indem sie ihre Einschätzung für Indonesien von "negativ" auf "stabil" anhob. Der Internationale Währungsfond (IWF), der das Indonesienhilfspaket über 4,9 Mrd. US-Dollar im vergangenen Jahr mangels Reformwillen in Jakarta eingefroren hat, plant die Ausarbeitung eines neuen "Letter of Intent" (LoI) zur Wiederaufnahme von Kreditzahlungen.
Der Forderungskatalog von Standard & Poor´s an Megawati zur Ankurbelung der Binnenwirtschaft und zur Stabilisierung der Außenbeziehungen beinhaltet die Bildung eines glaubwürdigen Ministerrats mit Technokraten, mehr Transparenz und Dezentralisierung, die Wahrung der Unabhängigkeit der Zentralbank und die Kürzung von Treibstoffsubventionen. Das Gros der staatlichen Zuschüsse von jährlich fast fünf Mrd. Dollar entfällt jedoch auf Benzin und Kerosin, das viele zum Kochen verwenden. In Indonesien lebte jeder Vierte am Rande des Existenzminimums und ohne Zugang zu fließend Wasser und Strom. Über die Hälfte des 200-Millionen Volkes lebt von weniger als zwei Dollar pro Tag. Reformen könnten darum wachsende Not und Unruhen bedeuten.
Die politischen Wirren, die Indonesien nach einigen wirtschaftlichen Zwischenhochs wieder zum Sorgenkind der Region degradierten, verlangen von der Regierung jedoch schmerzliche Reformen für die Rückkehr ausländischer Geldgeber und Unternehmen, von denen Indonesien stark abhängt. Im vergangenen Jahr flossen neun Mrd. Dollar aus dem Land ab. Trotz eines Wirtschaftswachstums von rund vier Prozent in diesem Jahr dürfte es bis 2005 dauern, bis Indonesien wieder das Bruttoinlandprodukt (BIP) der Jahre vor dem Ausbruch der Wirtschaftskrise erreicht. Das reale BIP liegt nach wie vor um zehn Prozent unter dem Wert, den es vor der Finanzpanik vor vier Jahren erreichte.
Indonesiens öffentliche Verschuldung entspricht 99 Prozent des BIP. Mit dem Abtauchen der Rupiah in den vergangenen Monaten stiegen auch Indonesiens Schuldverpflichtungen im Ausland an. Das unter Aufsicht des IWF ausgearbeitete Budget für dieses Jahr bläht sich daher weiter auf und könnte um die Hälfte überschritten werden. Eine geschickte Geldpolitik und hohe Zinsen haben immerhin die Inflation von 75 Prozent, die 1998 zum Sturz von Altdiktator Suharto geführt hatte, auf rund zehn Prozent gedrosselt.
Ein Silberstreif am Horizont bleiben das gesunde Exportwachstum und die steigende Kapazitätsauslastung in der Wirtschaft. Doch ein Investitionsstopp und ein flauer Konsum lähmen die Expansionen und das Kreditgeschäft, weshalb eine neue Bankenkrise befürchtet wird. Prüfsteine für die Rückkehr von Investoren sind Stabilität und die Selbständigkeit der Justiz und der Zentralbank, um einem Kreditmissbrauch populistischer Regierungen einen Riegel vorzuschieben. Ein unter Mithilfe des ehemaligen Bundesbankvorsitzenden Helmut Schlesinger ausgearbeitetes Gesetz zur Unabhängigkeit der "Bank Indonesia" (BI) war 1999 in Kraft getreten.
www.welt.de
Ja, ja - und die Beteilungungsverkäufe ziehen sich auch in die länge - BCA-Anteilsverkäufe schon wieder um einen Monat aufgehoben ! Macht nur weiter so :-(
IBRA Gives Extra Period for BCA Potential Investors
14/12/2001
Indonesian Bank Restructuring Agency (IBRA) set mind to give extra period of time to all candidates of BCA strategic investor to deliver their final bid up to 28 January 2002. The extra period of time is given due to request from most candidates of strategic investor, as well as input from Financial Advisor for BCA Divestment, such as PT Danareksa Sekuritas (Persero), Merrill Lynch Pte. Ltd, and Deloitte and Touche (DTT).
These candidates requested extra period of time due to several things. First, though up to this time due diligence process is going on smoothly, candidates, which most represents consortium still need additional time to finish their cooperation between the consortium members. Secondly, having completed the due diligence process, they require time to draw up everything referring to delivery of final bid, inclusive is omitting approval from each management of consortium member, also preparing funding resources.
Aside from that, the extra period of time is given because they need to prepare some documentations in order to fulfill fit & proper process requirement which is held by Bank Indonesia (BI).
The execution process of fit & proper towards strategic investor candidates of BCA shares an important part in the effort of completion of BCA divestment process in an optimal fashion relating to transparency, integrity, justice, and consistency in its execution.
IBRA Gives Extra Period for BCA Potential Investors
14/12/2001
Indonesian Bank Restructuring Agency (IBRA) set mind to give extra period of time to all candidates of BCA strategic investor to deliver their final bid up to 28 January 2002. The extra period of time is given due to request from most candidates of strategic investor, as well as input from Financial Advisor for BCA Divestment, such as PT Danareksa Sekuritas (Persero), Merrill Lynch Pte. Ltd, and Deloitte and Touche (DTT).
These candidates requested extra period of time due to several things. First, though up to this time due diligence process is going on smoothly, candidates, which most represents consortium still need additional time to finish their cooperation between the consortium members. Secondly, having completed the due diligence process, they require time to draw up everything referring to delivery of final bid, inclusive is omitting approval from each management of consortium member, also preparing funding resources.
Aside from that, the extra period of time is given because they need to prepare some documentations in order to fulfill fit & proper process requirement which is held by Bank Indonesia (BI).
The execution process of fit & proper towards strategic investor candidates of BCA shares an important part in the effort of completion of BCA divestment process in an optimal fashion relating to transparency, integrity, justice, and consistency in its execution.
als wüßte man als berater nicht,wie lange eine due diligence dauert. wenn die smooth läuft, frage ich mich wirklich, was das soll. ich kann nur das fit-and-proper-argument gelten lassen...
farang
farang
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Die Meldung stimmt anscheinend.
General Economics
IMF APPROVES US$341 MILLION LOAN DISBURSEMENT FOR INDONESIA
Wednesday, January 30, 2002 4:14:42 PM
New York - The executive board of the International Monetary Fund (IMF) has agreed to release US$341 million loan fund for Indonesia.
The Washington-based IMF has also said in a release which was made available to ANTARA here Tuesday that it extends a loan program by one year until the end of 2003.
IMF Deputy Managing Director Anne Kruger said the extended loan program to include extended fund facility (EEF) worth US$5 billion.
The facility is aimed at supporting economic and structural reform programs in Indonesia, she said.
General Economics
IMF APPROVES US$341 MILLION LOAN DISBURSEMENT FOR INDONESIA
Wednesday, January 30, 2002 4:14:42 PM
New York - The executive board of the International Monetary Fund (IMF) has agreed to release US$341 million loan fund for Indonesia.
The Washington-based IMF has also said in a release which was made available to ANTARA here Tuesday that it extends a loan program by one year until the end of 2003.
IMF Deputy Managing Director Anne Kruger said the extended loan program to include extended fund facility (EEF) worth US$5 billion.
The facility is aimed at supporting economic and structural reform programs in Indonesia, she said.
Was geht geht bei der Bank Niaga ab !!
+ 15 Ruphia auf 75 !!!
Nicht schlecht bei einem so negativen Marktumfeld.
Weiter so :-)
+ 15 Ruphia auf 75 !!!
Nicht schlecht bei einem so negativen Marktumfeld.
Weiter so :-)
Die IBRA tut das, was aktuell gerade am bittersten nötig ist - sie stärkt das Vertrauen in die weitere Bankenverkäufe, indem hierfür die ersten vorbereitenden Massnahmen eingeleitet werden. Richtig so !
CIBA/Andersen and HHP Appointed As Merger Consultant
10/02/2002
*Follow-up To Merger Process of 5 Banks
As follow up to the Government/FSPC Decree dated 22 November 2001 regarding acceleration efforts on bank restructuring programs under The Indonesian Bank Restructuring Agency (IBRA) through the merger mechanism for Bank Bali, Bank Universal, Bank Patriot, Bank Prima Express, and Bank Artamedia, as well as improving the quality of bank’s intermediation function towards economic growth, IBRA has appointed Center for Investment & Business Advisory (CIBA)/Andersen as financial advisor and Hadiputranto, Hadinoto & Partners (HHP) as legal advisor of the merger of the aforementioned 5 banks. The assignment of consultant has been conducted through a beauty contest process since 21 December 2001.
Assessment process is underway for determining the form of the bank merger to ensure adjustment to the goal of merger in order to produce a strong, financially sound and competitive bank. For this reason, IBRA maintains continuous coordination with Bank Indonesia (BI) on every phase.
The government requests that all customers, depositors and debtors, as well as the public in general to keep their business with the operational activities of Bank Bali, Bank Universal, Bank Patriot, Bank Prima Express, and Bank Artamedia as usual. The 5 banks will operate regularly and steps taken by the government towards the 5 banks is to allow the banks to operate in professional ways.
CIBA/Andersen and HHP Appointed As Merger Consultant
10/02/2002
*Follow-up To Merger Process of 5 Banks
As follow up to the Government/FSPC Decree dated 22 November 2001 regarding acceleration efforts on bank restructuring programs under The Indonesian Bank Restructuring Agency (IBRA) through the merger mechanism for Bank Bali, Bank Universal, Bank Patriot, Bank Prima Express, and Bank Artamedia, as well as improving the quality of bank’s intermediation function towards economic growth, IBRA has appointed Center for Investment & Business Advisory (CIBA)/Andersen as financial advisor and Hadiputranto, Hadinoto & Partners (HHP) as legal advisor of the merger of the aforementioned 5 banks. The assignment of consultant has been conducted through a beauty contest process since 21 December 2001.
Assessment process is underway for determining the form of the bank merger to ensure adjustment to the goal of merger in order to produce a strong, financially sound and competitive bank. For this reason, IBRA maintains continuous coordination with Bank Indonesia (BI) on every phase.
The government requests that all customers, depositors and debtors, as well as the public in general to keep their business with the operational activities of Bank Bali, Bank Universal, Bank Patriot, Bank Prima Express, and Bank Artamedia as usual. The 5 banks will operate regularly and steps taken by the government towards the 5 banks is to allow the banks to operate in professional ways.
Die IBRA tut das, was aktuell gerade am bittersten nötig ist - sie stärkt das Vertrauen in die weitere Bankenverkäufe, indem hierfür die ersten vorbereitenden Massnahmen eingeleitet werden. Richtig so !
CIBA/Andersen and HHP Appointed As Merger Consultant
10/02/2002
*Follow-up To Merger Process of 5 Banks
As follow up to the Government/FSPC Decree dated 22 November 2001 regarding acceleration efforts on bank restructuring programs under The Indonesian Bank Restructuring Agency (IBRA) through the merger mechanism for Bank Bali, Bank Universal, Bank Patriot, Bank Prima Express, and Bank Artamedia, as well as improving the quality of bank’s intermediation function towards economic growth, IBRA has appointed Center for Investment & Business Advisory (CIBA)/Andersen as financial advisor and Hadiputranto, Hadinoto & Partners (HHP) as legal advisor of the merger of the aforementioned 5 banks. The assignment of consultant has been conducted through a beauty contest process since 21 December 2001.
Assessment process is underway for determining the form of the bank merger to ensure adjustment to the goal of merger in order to produce a strong, financially sound and competitive bank. For this reason, IBRA maintains continuous coordination with Bank Indonesia (BI) on every phase.
The government requests that all customers, depositors and debtors, as well as the public in general to keep their business with the operational activities of Bank Bali, Bank Universal, Bank Patriot, Bank Prima Express, and Bank Artamedia as usual. The 5 banks will operate regularly and steps taken by the government towards the 5 banks is to allow the banks to operate in professional ways.
CIBA/Andersen and HHP Appointed As Merger Consultant
10/02/2002
*Follow-up To Merger Process of 5 Banks
As follow up to the Government/FSPC Decree dated 22 November 2001 regarding acceleration efforts on bank restructuring programs under The Indonesian Bank Restructuring Agency (IBRA) through the merger mechanism for Bank Bali, Bank Universal, Bank Patriot, Bank Prima Express, and Bank Artamedia, as well as improving the quality of bank’s intermediation function towards economic growth, IBRA has appointed Center for Investment & Business Advisory (CIBA)/Andersen as financial advisor and Hadiputranto, Hadinoto & Partners (HHP) as legal advisor of the merger of the aforementioned 5 banks. The assignment of consultant has been conducted through a beauty contest process since 21 December 2001.
Assessment process is underway for determining the form of the bank merger to ensure adjustment to the goal of merger in order to produce a strong, financially sound and competitive bank. For this reason, IBRA maintains continuous coordination with Bank Indonesia (BI) on every phase.
The government requests that all customers, depositors and debtors, as well as the public in general to keep their business with the operational activities of Bank Bali, Bank Universal, Bank Patriot, Bank Prima Express, and Bank Artamedia as usual. The 5 banks will operate regularly and steps taken by the government towards the 5 banks is to allow the banks to operate in professional ways.
Die IBRA tut das, was aktuell gerade am bittersten nötig ist - sie stärkt das Vertrauen in die weitere Bankenverkäufe, indem hierfür die ersten vorbereitenden Massnahmen eingeleitet werden. Richtig so !
CIBA/Andersen and HHP Appointed As Merger Consultant
10/02/2002
*Follow-up To Merger Process of 5 Banks
As follow up to the Government/FSPC Decree dated 22 November 2001 regarding acceleration efforts on bank restructuring programs under The Indonesian Bank Restructuring Agency (IBRA) through the merger mechanism for Bank Bali, Bank Universal, Bank Patriot, Bank Prima Express, and Bank Artamedia, as well as improving the quality of bank’s intermediation function towards economic growth, IBRA has appointed Center for Investment & Business Advisory (CIBA)/Andersen as financial advisor and Hadiputranto, Hadinoto & Partners (HHP) as legal advisor of the merger of the aforementioned 5 banks. The assignment of consultant has been conducted through a beauty contest process since 21 December 2001.
Assessment process is underway for determining the form of the bank merger to ensure adjustment to the goal of merger in order to produce a strong, financially sound and competitive bank. For this reason, IBRA maintains continuous coordination with Bank Indonesia (BI) on every phase.
The government requests that all customers, depositors and debtors, as well as the public in general to keep their business with the operational activities of Bank Bali, Bank Universal, Bank Patriot, Bank Prima Express, and Bank Artamedia as usual. The 5 banks will operate regularly and steps taken by the government towards the 5 banks is to allow the banks to operate in professional ways.
CIBA/Andersen and HHP Appointed As Merger Consultant
10/02/2002
*Follow-up To Merger Process of 5 Banks
As follow up to the Government/FSPC Decree dated 22 November 2001 regarding acceleration efforts on bank restructuring programs under The Indonesian Bank Restructuring Agency (IBRA) through the merger mechanism for Bank Bali, Bank Universal, Bank Patriot, Bank Prima Express, and Bank Artamedia, as well as improving the quality of bank’s intermediation function towards economic growth, IBRA has appointed Center for Investment & Business Advisory (CIBA)/Andersen as financial advisor and Hadiputranto, Hadinoto & Partners (HHP) as legal advisor of the merger of the aforementioned 5 banks. The assignment of consultant has been conducted through a beauty contest process since 21 December 2001.
Assessment process is underway for determining the form of the bank merger to ensure adjustment to the goal of merger in order to produce a strong, financially sound and competitive bank. For this reason, IBRA maintains continuous coordination with Bank Indonesia (BI) on every phase.
The government requests that all customers, depositors and debtors, as well as the public in general to keep their business with the operational activities of Bank Bali, Bank Universal, Bank Patriot, Bank Prima Express, and Bank Artamedia as usual. The 5 banks will operate regularly and steps taken by the government towards the 5 banks is to allow the banks to operate in professional ways.
Bin mal gespannt, ob der IMF noch negative Nachrichrichten zu vermelden hat, ansonsten hört sich folgendes doch gut an !
Was meint Ihr ?
IMF says Indonesia`s monetary policy on track
Wednesday, February/13/2002 14:41:28 GMT+7.
The International Monetary Fund (IMF) wound up its fifth review of Indonesia`s economic reforms on Wednesday, saying the government`s monetary programme was on target and striving for single digit inflation by the year end.
But the Fund also said the government needed to outline a plan for a controversial debt deal involving former bank owners and worth more than $10bn.
"The team looks forward to the government developing a clear strategy on this matter, recognizing its importance for fiscal recoveries," the Fund said in a statement.
A team of around 20 Fund officials arrived in Jakarta last week to review the government`s reforms as part of its $5bn loan programme.
Reported by : Reuters
Was meint Ihr ?
IMF says Indonesia`s monetary policy on track
Wednesday, February/13/2002 14:41:28 GMT+7.
The International Monetary Fund (IMF) wound up its fifth review of Indonesia`s economic reforms on Wednesday, saying the government`s monetary programme was on target and striving for single digit inflation by the year end.
But the Fund also said the government needed to outline a plan for a controversial debt deal involving former bank owners and worth more than $10bn.
"The team looks forward to the government developing a clear strategy on this matter, recognizing its importance for fiscal recoveries," the Fund said in a statement.
A team of around 20 Fund officials arrived in Jakarta last week to review the government`s reforms as part of its $5bn loan programme.
Reported by : Reuters
Die IBRA gibt mächtig Gas !
Was sagt Ihr dazu ?
IBRA Completes Restructuring of PT Dan Liris Industrial & Trading Company
14/02/2002
The Indonesian Bank Restructuring Agency (IBRA) has completed the debt restructuring of PT Dan Liris Industrial & Trading Company worth USD23,198,128. The Debt Restructuring Agreement (PRH) was signed by IBRA and the debtor company`s share holders in the end of January 2002.
The restructuring scheme mutually agreed by IBRA and PT Dan Liris Industrial & Trading Company sums up as follows:
Tranche A:
Ex debt principal of USD5,000,000. converted into Term Loan with tenor of 8 years and step up Sibor interest rates + 2.5% pa - Sibor + 5.5% pa.
Tranche B:
Ex debt principal of USD6,434,476. switched into Convertible Bond (called CB 1) with tenor of 8 years. The coupon 0.5% pa and yield step up 7.5%-11.5%
Tranche C:
Ex Overdue Interest of USD6,017,352. converted into Term Loan with tenor of 3 years.
Tranche D:
Ex debt principal of USD5,746,300 switched into Convertible Bond (called CB 2) with tenor of 2 years and coupon 10.5% pa.
PT Dan Liris Industrial & Trading Company is a debtor under the obligor Batik Keris. The company is operational in textile industry including the production printing fabrics and garment for domestic and export market destinations.
Was sagt Ihr dazu ?
IBRA Completes Restructuring of PT Dan Liris Industrial & Trading Company
14/02/2002
The Indonesian Bank Restructuring Agency (IBRA) has completed the debt restructuring of PT Dan Liris Industrial & Trading Company worth USD23,198,128. The Debt Restructuring Agreement (PRH) was signed by IBRA and the debtor company`s share holders in the end of January 2002.
The restructuring scheme mutually agreed by IBRA and PT Dan Liris Industrial & Trading Company sums up as follows:
Tranche A:
Ex debt principal of USD5,000,000. converted into Term Loan with tenor of 8 years and step up Sibor interest rates + 2.5% pa - Sibor + 5.5% pa.
Tranche B:
Ex debt principal of USD6,434,476. switched into Convertible Bond (called CB 1) with tenor of 8 years. The coupon 0.5% pa and yield step up 7.5%-11.5%
Tranche C:
Ex Overdue Interest of USD6,017,352. converted into Term Loan with tenor of 3 years.
Tranche D:
Ex debt principal of USD5,746,300 switched into Convertible Bond (called CB 2) with tenor of 2 years and coupon 10.5% pa.
PT Dan Liris Industrial & Trading Company is a debtor under the obligor Batik Keris. The company is operational in textile industry including the production printing fabrics and garment for domestic and export market destinations.
Ich glaube auch, dass Indonesien die Kurve gekratzt hat !
Has Indonesia turned the corner?
Despite the brawl over Ibra`s debt proposal, the national leadership is stabilising under Megawati, writes JAMES CASTLE
MUCH is being made of the Indonesian Bank Restructuring Agency`s proposal to extend the deadline for local banks to repay approximately US$13 billion in emergency loans extended during Asia`s 1997-98 financial crisis to prevent bank runs and closures.
There is little doubt in local financial and political circles that much of the loan money was improperly diverted for the personal benefit of recipients.
Not surprisingly, a political brawl has erupted between Ibra officials and hard-line reformers over the plan.
Indonesia has hinted that it may drop controversial debt deals involving over US$10 billion, which critics say are unjust and could cause huge losses to the cash-strapped government.
Parliament has also opposed the scheme to ease repayment terms on the multi-billion dollars in debts, run up by well-connected bank owners during the financial crisis of the late 1990s.
`The Parliament would only agree (to the revised deals) if there are personal guarantees from (government officials), which is impossible,` State Enterprises Minister Laksamana Sukardi told reporters after a Cabinet meeting.
But this should not detract from the fact that Indonesia has made real progress, both on the political and economic fronts, in the past several years. Indeed, official growth estimates for 2001 were close to 4 per cent (second highest in the Association of South-east Asian Nations), the rupiah seems to be stabilising at around 10,500 to the US dollar and key economic ministers are finding their footing after a shaky start.
Nevertheless, the government has made very little progress in recovering the US$13 billion in emergency loans over the past four years. For this reason, it is understandable that Ibra officials, who are in charge of government debt recovery, want to reduce the interest burden and extend repayment for six more years. In this way, they hope to encourage at least some repayment, since Indonesia`s still creaky and corrupt legal system gives creditors - even the government - little legal leverage against defaulters.
Critics of the plan say that, with the exception of the Salim Group, the debtors are deadbeats who have done nothing over the past four years to repay their debts. They want punishment and asset seizure, not leniency.
The mercurial National Development Planning Minister, Kwik Kian Gie, is the most strident opponent of the plan, both angering and embarrassing his Cabinet colleagues like State Enterprises Minister Laksamana Sukardi, who are supporting the measure. Both men are members of President Megawati Sukarnoputri`s PDI-P Party and thought to be among her special confidants.
Despite what the doomsayers say, Indonesia`s political risk has consistently been overrated in international markets since the fall of the authoritarian Suharto government in 1998. Despite the current brawl over the debt proposal, the national leadership appears to be stabilising under President Megawati. The ethnic unrest in areas such as Aceh, Papua, Central Sulawesi and the Malukus, while bloody and terribly tragic, are far from major cities and directly affect less than 5 per cent of Indonesia`s population of 210 million.
Although the privatisation of state-owned enterprises has stalled, at least temporarily, revenues from Ibra met targets for 2001. And its oft-postponed auction of 51 per cent of Bank Central Asia seems to be proceeding well.
The BCA sale is a clear litmus test for the government. There has been a great deal of suspicion that the bidding would be rigged so that the founding Salim family could reassert its control. Domestic press reports allege that sales of two Salim family assets late last year, forfeited to the government to repay liquidity credits over 52 trillion rupiah (US$5 billion), were manipulated to allow the Salims to buy back into BCA on the cheap.
Moreover, tactics like an unreasonably short due-diligence period and unavailability of key corporate data for legitimate bidders were allegedly used in the recent sales of auto assembler PT Indomobil and TV station PT Indosiar shares, two other jewels from the old Salim empire. Ibra and Salim have denied these allegations.
In any case, State Enterprises Minister Laksamana Sukardi has generally been able to clean up the current bidding process so that it should no longer be marred by such questionable procedures. For example, the initial Dec 24, 2001 deadline for submission of bids on BCA shares gave less than two weeks for due diligence. This was subsequently extended to Jan 28, 2002, after complaints from a number of potential bidders, including Standard Chartered Bank and Newbridge Capital.
The risk of government default cannot be totally dismissed as Argentina`s collapse shows. But Indonesia differs significantly from Argentina. Its international debt service is generally manageable, it has no major foreign principal payments due this year and its current financial leadership is highly regarded in the international community, particularly by the International Monetary Fund and Japan, Indonesia`s most important lenders.
One major problem is domestic debt and the large bank recap bond principal payments due in 2004-05. The government accepts that it can reduce the banking-sector recap debt but that it will be many years before it can eliminate it. These bonds can, however, be restructured without an inflationary blow out.
Meanwhile, the government remains committed to market-driven interest-rate policies and equal treatment of bondholders. Additionally, external debt service/hard currency reserve adequacy is secure because of the country`s open capital account, US$28 billion in foreign-exchange reserves and the export revenue floor provided by Indonesia`s significant production of internationally traded commodities like oil, natural gas, gold, copper, tin and palm oil, among others.
Indonesia`s apparent turmoil obscures some fundamental strengths. While going through a bumpy transition to democracy, the country has still managed two democratic changes in its presidency without significant political violence. The virtual collapse of economic policy-making during the Abdurrahman Wahid presidency still saw the economy grow at 2 per cent in 2000 and almost 4 per cent in 2001, according to official estimates. With even moderately good management, growth should improve.
The good news is, President Megawati seems to be slowly consolidating power. Indeed, she is virtually certain to complete this term and is the clear front-runner for 2004. Yes, regional autonomy is causing difficulties, particularly for natural resource and other big-ticket investors. But it is also creating outstanding opportunities for small- and medium-sized enterprises because of a lack of central government intervention and oppression.
In today`s uncertain global climate, the stability of Indonesia - the world`s fourth largest country, third largest democracy and largest Islamic population - is important, not only to its Asean neighbours, but also to the US and indeed the world. This assures continued extensive financial support from multilateral agencies like the IMF, World Bank and ADB under any likely scenario.
Problems, including the dispute over the debt proposal, remain. But Indonesia`s future is much brighter than most current analysis indicates.
The writer, chairman of the Castle Group, is the past president of the American Chamber of Commerce in Indonesia
Has Indonesia turned the corner?
Despite the brawl over Ibra`s debt proposal, the national leadership is stabilising under Megawati, writes JAMES CASTLE
MUCH is being made of the Indonesian Bank Restructuring Agency`s proposal to extend the deadline for local banks to repay approximately US$13 billion in emergency loans extended during Asia`s 1997-98 financial crisis to prevent bank runs and closures.
There is little doubt in local financial and political circles that much of the loan money was improperly diverted for the personal benefit of recipients.
Not surprisingly, a political brawl has erupted between Ibra officials and hard-line reformers over the plan.
Indonesia has hinted that it may drop controversial debt deals involving over US$10 billion, which critics say are unjust and could cause huge losses to the cash-strapped government.
Parliament has also opposed the scheme to ease repayment terms on the multi-billion dollars in debts, run up by well-connected bank owners during the financial crisis of the late 1990s.
`The Parliament would only agree (to the revised deals) if there are personal guarantees from (government officials), which is impossible,` State Enterprises Minister Laksamana Sukardi told reporters after a Cabinet meeting.
But this should not detract from the fact that Indonesia has made real progress, both on the political and economic fronts, in the past several years. Indeed, official growth estimates for 2001 were close to 4 per cent (second highest in the Association of South-east Asian Nations), the rupiah seems to be stabilising at around 10,500 to the US dollar and key economic ministers are finding their footing after a shaky start.
Nevertheless, the government has made very little progress in recovering the US$13 billion in emergency loans over the past four years. For this reason, it is understandable that Ibra officials, who are in charge of government debt recovery, want to reduce the interest burden and extend repayment for six more years. In this way, they hope to encourage at least some repayment, since Indonesia`s still creaky and corrupt legal system gives creditors - even the government - little legal leverage against defaulters.
Critics of the plan say that, with the exception of the Salim Group, the debtors are deadbeats who have done nothing over the past four years to repay their debts. They want punishment and asset seizure, not leniency.
The mercurial National Development Planning Minister, Kwik Kian Gie, is the most strident opponent of the plan, both angering and embarrassing his Cabinet colleagues like State Enterprises Minister Laksamana Sukardi, who are supporting the measure. Both men are members of President Megawati Sukarnoputri`s PDI-P Party and thought to be among her special confidants.
Despite what the doomsayers say, Indonesia`s political risk has consistently been overrated in international markets since the fall of the authoritarian Suharto government in 1998. Despite the current brawl over the debt proposal, the national leadership appears to be stabilising under President Megawati. The ethnic unrest in areas such as Aceh, Papua, Central Sulawesi and the Malukus, while bloody and terribly tragic, are far from major cities and directly affect less than 5 per cent of Indonesia`s population of 210 million.
Although the privatisation of state-owned enterprises has stalled, at least temporarily, revenues from Ibra met targets for 2001. And its oft-postponed auction of 51 per cent of Bank Central Asia seems to be proceeding well.
The BCA sale is a clear litmus test for the government. There has been a great deal of suspicion that the bidding would be rigged so that the founding Salim family could reassert its control. Domestic press reports allege that sales of two Salim family assets late last year, forfeited to the government to repay liquidity credits over 52 trillion rupiah (US$5 billion), were manipulated to allow the Salims to buy back into BCA on the cheap.
Moreover, tactics like an unreasonably short due-diligence period and unavailability of key corporate data for legitimate bidders were allegedly used in the recent sales of auto assembler PT Indomobil and TV station PT Indosiar shares, two other jewels from the old Salim empire. Ibra and Salim have denied these allegations.
In any case, State Enterprises Minister Laksamana Sukardi has generally been able to clean up the current bidding process so that it should no longer be marred by such questionable procedures. For example, the initial Dec 24, 2001 deadline for submission of bids on BCA shares gave less than two weeks for due diligence. This was subsequently extended to Jan 28, 2002, after complaints from a number of potential bidders, including Standard Chartered Bank and Newbridge Capital.
The risk of government default cannot be totally dismissed as Argentina`s collapse shows. But Indonesia differs significantly from Argentina. Its international debt service is generally manageable, it has no major foreign principal payments due this year and its current financial leadership is highly regarded in the international community, particularly by the International Monetary Fund and Japan, Indonesia`s most important lenders.
One major problem is domestic debt and the large bank recap bond principal payments due in 2004-05. The government accepts that it can reduce the banking-sector recap debt but that it will be many years before it can eliminate it. These bonds can, however, be restructured without an inflationary blow out.
Meanwhile, the government remains committed to market-driven interest-rate policies and equal treatment of bondholders. Additionally, external debt service/hard currency reserve adequacy is secure because of the country`s open capital account, US$28 billion in foreign-exchange reserves and the export revenue floor provided by Indonesia`s significant production of internationally traded commodities like oil, natural gas, gold, copper, tin and palm oil, among others.
Indonesia`s apparent turmoil obscures some fundamental strengths. While going through a bumpy transition to democracy, the country has still managed two democratic changes in its presidency without significant political violence. The virtual collapse of economic policy-making during the Abdurrahman Wahid presidency still saw the economy grow at 2 per cent in 2000 and almost 4 per cent in 2001, according to official estimates. With even moderately good management, growth should improve.
The good news is, President Megawati seems to be slowly consolidating power. Indeed, she is virtually certain to complete this term and is the clear front-runner for 2004. Yes, regional autonomy is causing difficulties, particularly for natural resource and other big-ticket investors. But it is also creating outstanding opportunities for small- and medium-sized enterprises because of a lack of central government intervention and oppression.
In today`s uncertain global climate, the stability of Indonesia - the world`s fourth largest country, third largest democracy and largest Islamic population - is important, not only to its Asean neighbours, but also to the US and indeed the world. This assures continued extensive financial support from multilateral agencies like the IMF, World Bank and ADB under any likely scenario.
Problems, including the dispute over the debt proposal, remain. But Indonesia`s future is much brighter than most current analysis indicates.
The writer, chairman of the Castle Group, is the past president of the American Chamber of Commerce in Indonesia
Ganz meiner Meinung :-)
„Asien sieht günstig aus“
JP-Morgan-Experten setzen auf Stock-Picking und asiatische Emerging Markets wie Korea oder Taiwan - Keine Investments am Neuen Markt
Christian Elsmark von JP Morgan Fleming Asset Management spricht gerne und viel über Aktienmärkte. Und wenn er dabei ins plaudern kommt, kommen hoch interessante Informationen zu Tage.
Elsmark ist bei JP Morgan Fleming Asset Management für die Entwicklung europäischer Aktienportfolios verantwortlich. Jüngst auf einem Vortrag vor 80 Fondsmanagern habe er gefragt, so erzählt Elsmark, wie viele der 80 Anwesenden an eine bevorstehende Erholung der Wirtschaft glauben. Das Ergebnis ist niederschmetternd und Hoffnung machend zugleich: Gerade einmal zehn mochten an einen bevorstehenden Aufschwung der Ökonomie glauben.
Der Abgrund tiefe Pessimismus drückt sich an den Kursentwicklungen der internationalen Börsen aus. Wer pessimistisch ist, investiert nicht – und ohne Nachfrage stürzen die Kurse. „Investoren schauen auf Unternehmens-Skandale wie Enron und Tyco“, sagt Elsmark kopfschüttelnd, statt sich auf die Suche nach interessanten Aktien zu begeben. Und davon gibt es genug
„Asien sieht günstig aus“
JP-Morgan-Experten setzen auf Stock-Picking und asiatische Emerging Markets wie Korea oder Taiwan - Keine Investments am Neuen Markt
Christian Elsmark von JP Morgan Fleming Asset Management spricht gerne und viel über Aktienmärkte. Und wenn er dabei ins plaudern kommt, kommen hoch interessante Informationen zu Tage.
Elsmark ist bei JP Morgan Fleming Asset Management für die Entwicklung europäischer Aktienportfolios verantwortlich. Jüngst auf einem Vortrag vor 80 Fondsmanagern habe er gefragt, so erzählt Elsmark, wie viele der 80 Anwesenden an eine bevorstehende Erholung der Wirtschaft glauben. Das Ergebnis ist niederschmetternd und Hoffnung machend zugleich: Gerade einmal zehn mochten an einen bevorstehenden Aufschwung der Ökonomie glauben.
Der Abgrund tiefe Pessimismus drückt sich an den Kursentwicklungen der internationalen Börsen aus. Wer pessimistisch ist, investiert nicht – und ohne Nachfrage stürzen die Kurse. „Investoren schauen auf Unternehmens-Skandale wie Enron und Tyco“, sagt Elsmark kopfschüttelnd, statt sich auf die Suche nach interessanten Aktien zu begeben. Und davon gibt es genug
Seit dem Hype (direkt nach Megawati`s Wahl 09.2001 erreichte knapp 8000) nimmt die Ruphia wieder Anlauf die 10.000 Marke gegenüber dem Dollar nach unter zu durchbrechen. Sehr, sehr schön :-)
WEDNESDAY, MARCH 06, 2002 10:32:55 AM
For further information and firm prices, please contact :
Treasury Sales and Marketing Standard Chartered Bank
Tel. (021) 571-9710 Fax. (021) 571-9720
INTERNATIONAL MARKET ROUNDUP
Dollar sits quietly around 132.25 yen in early Asia after drawing back from seven-week low of 131.57 offshore. Dollar found firm support at 131.50 yen on strong ISM non-manufacturing index, which provided further evidence of US economic recovery.
Euro keeping firm tone versus dollar at $0.8717/22 having bounced from offshore low $0.8650. Dollar failed to capitalise against the euro despite good economic data, partly due to fall in US blue chip stocks.
LOCAL MARKET ROUNDUP
IDR open at above 10000 level against the dollar in the morning with slightly bearish sentiment for the USD. Corporate demand for USD/IDR is likely to emerge at the lower side of 9900, whilst resistance is expected at slightly above 10000 level.
Yesterday, IDR moved past the 10000 level thanks to expectations of fresh dollar inflows for the long parched market. The winner of the bid is expected to be announced this week. Currency has been grinding slowly higher for weeks. Dollar corporate demand has been subdued and some interbank players unwind their long dollar positions.
An Indonesian court is due to deliver its verdict on Wednesday in the corruption trial of central bank governor Syahril Sabirin over a long running banking scandal, although few expect him to end up in prison.
Indonesia said on Tuesday it hopes to reach a final decision this week on a controversial debt extension proposal involving some $13 billion owed by former bank owners to the state.
JKSE ended higher 4.08 points to finish at 459.27 on Tuesday, boosted mainly by a stronger rupiah and generally higher regional markets.
WEDNESDAY, MARCH 06, 2002 10:32:55 AM
For further information and firm prices, please contact :
Treasury Sales and Marketing Standard Chartered Bank
Tel. (021) 571-9710 Fax. (021) 571-9720
INTERNATIONAL MARKET ROUNDUP
Dollar sits quietly around 132.25 yen in early Asia after drawing back from seven-week low of 131.57 offshore. Dollar found firm support at 131.50 yen on strong ISM non-manufacturing index, which provided further evidence of US economic recovery.
Euro keeping firm tone versus dollar at $0.8717/22 having bounced from offshore low $0.8650. Dollar failed to capitalise against the euro despite good economic data, partly due to fall in US blue chip stocks.
LOCAL MARKET ROUNDUP
IDR open at above 10000 level against the dollar in the morning with slightly bearish sentiment for the USD. Corporate demand for USD/IDR is likely to emerge at the lower side of 9900, whilst resistance is expected at slightly above 10000 level.
Yesterday, IDR moved past the 10000 level thanks to expectations of fresh dollar inflows for the long parched market. The winner of the bid is expected to be announced this week. Currency has been grinding slowly higher for weeks. Dollar corporate demand has been subdued and some interbank players unwind their long dollar positions.
An Indonesian court is due to deliver its verdict on Wednesday in the corruption trial of central bank governor Syahril Sabirin over a long running banking scandal, although few expect him to end up in prison.
Indonesia said on Tuesday it hopes to reach a final decision this week on a controversial debt extension proposal involving some $13 billion owed by former bank owners to the state.
JKSE ended higher 4.08 points to finish at 459.27 on Tuesday, boosted mainly by a stronger rupiah and generally higher regional markets.
Die IBRA werkelt unaufhörlich.
Jetzt kommt Routine in den Anteilsverkauf. Gut so !
Was meint Ihr ?
PT Chandra Asri Petrochemical Company Debt Restructuring Close to Finalizing
06/03/2002
The Indonesian Bank Restructuring Agency (IBRA) and PT Chandra Asri Petrochemical Company have achieved another step in the debt restructuring process by the signing of the Term Sheet yesterday in Jakarta. Term Sheet signing is close to the final stage of IBRA’s debt restructuring process, which is legally binding to the signatory parties and will be implemented as the new terms and conditions. The signing of Debt Restructuring Agreement is scheduled for March 20th, 2002.
The parties involved in the signing of "Term Sheet" agreement are I Putu Gede Ary Suta representing IBRA, K. Kakihara from the Japan Indonesia Petrochemical Investment Corporation (JIPIC), Prajogo Pangestu from PT Inter Petrindo Inti Citra (IPIC), and Gerard Yakobus from PT Chandra Asri and Y. Ishimaru from Marubeni Corporation as the lead creditor from foreign creditors of PT CA.
In general the "Term Sheet" stipulates the following conditions:
No PT CA Debt IBRA JIPIC
1. Sustainable Debt
USD100.000.000 USD 625.000.000
Debt to Equity Swap
USD438.000.000 USD 147.000.000
2. Tenor 15 year
3. Interest rate Libor+1,25% per year
By debt to equity swap the shareholder composition of PT Chandra Asri will be:
Shareholder Composition Pre-Swap Post-Swap
IBRA - 28.72%
JIPIC 23.81% 24.28%
IPIC/Prajogo Pangestu 76.19% 47.00%
Total 100.00% 100.00%
IBRA expects the settlement of PT Chandra Asri debt restructuring to continue in line with the time table as it may give a positive contribution to the real sector recovery and cash repayment to the country.
Jetzt kommt Routine in den Anteilsverkauf. Gut so !
Was meint Ihr ?
PT Chandra Asri Petrochemical Company Debt Restructuring Close to Finalizing
06/03/2002
The Indonesian Bank Restructuring Agency (IBRA) and PT Chandra Asri Petrochemical Company have achieved another step in the debt restructuring process by the signing of the Term Sheet yesterday in Jakarta. Term Sheet signing is close to the final stage of IBRA’s debt restructuring process, which is legally binding to the signatory parties and will be implemented as the new terms and conditions. The signing of Debt Restructuring Agreement is scheduled for March 20th, 2002.
The parties involved in the signing of "Term Sheet" agreement are I Putu Gede Ary Suta representing IBRA, K. Kakihara from the Japan Indonesia Petrochemical Investment Corporation (JIPIC), Prajogo Pangestu from PT Inter Petrindo Inti Citra (IPIC), and Gerard Yakobus from PT Chandra Asri and Y. Ishimaru from Marubeni Corporation as the lead creditor from foreign creditors of PT CA.
In general the "Term Sheet" stipulates the following conditions:
No PT CA Debt IBRA JIPIC
1. Sustainable Debt
USD100.000.000 USD 625.000.000
Debt to Equity Swap
USD438.000.000 USD 147.000.000
2. Tenor 15 year
3. Interest rate Libor+1,25% per year
By debt to equity swap the shareholder composition of PT Chandra Asri will be:
Shareholder Composition Pre-Swap Post-Swap
IBRA - 28.72%
JIPIC 23.81% 24.28%
IPIC/Prajogo Pangestu 76.19% 47.00%
Total 100.00% 100.00%
IBRA expects the settlement of PT Chandra Asri debt restructuring to continue in line with the time table as it may give a positive contribution to the real sector recovery and cash repayment to the country.
Au weia, au weia !
Ob sich das wohl positiv auswirkt ?
Ich glaube die USA pumpt MRD an US-Dollar`s ins Land um die Regierung ruhig und handlungsfähig zu halten.
US-PLANSPIELE
"Indonesien ist von Interesse"
US-Präsident George W. Bush will den Kampf gegen das Terrornetzwerk al-Qaida auch auf Länder ausweiten, die keine amerikanische Präsenz wünschen. Auch ein Einsatz in Indonesien wird offenbar in Erwägung gezogen.
Washington - Das berichtete die "New York Times" am Sonntag unter Bezug auf einen Regierungsbeamten. Bush werde seine Strategie am Montag vorstellen, ohne konkrete Länder zu nennen, berichtete die Zeitung.
"Indonesien ist von Interesse", sagte der nicht näher genannte Beamte der Zeitung, weigerte sich aber, auf Gerüchte über bereits fortgeschrittene Gespräche mit der indonesischen Regierung über einen US-Einsatz einzugehen. In dem überwiegend moslemischen Land haben sich anti-amerikanische Ressentiments schon oft in Massendemonstrationen gegen Washington entladen.
In der geplanten Rede wolle Bush erneut betonen, dass die USA nicht tatenlos zusehen werden, wenn Länder sich Massenvernichtungswaffen besorgten. Dies interpretieren Beobachter als kaum verschleierte Warnung an die Adresse des Irak. US- Vizepräsident Richard Cheney brach am Sonntag zu einer zehntägigen Nahostreise auf, bei der die US-Pläne im Irak eine entscheidende Rolle spielen.
Ein Einsatz gegen Somalia steht nach Angaben des Beamten dagegen nicht bevor. Die Marine-Patrouillen vor der Küste würden bis auf weiteres als ausreichend betrachtet.
Ob sich das wohl positiv auswirkt ?
Ich glaube die USA pumpt MRD an US-Dollar`s ins Land um die Regierung ruhig und handlungsfähig zu halten.
US-PLANSPIELE
"Indonesien ist von Interesse"
US-Präsident George W. Bush will den Kampf gegen das Terrornetzwerk al-Qaida auch auf Länder ausweiten, die keine amerikanische Präsenz wünschen. Auch ein Einsatz in Indonesien wird offenbar in Erwägung gezogen.
Washington - Das berichtete die "New York Times" am Sonntag unter Bezug auf einen Regierungsbeamten. Bush werde seine Strategie am Montag vorstellen, ohne konkrete Länder zu nennen, berichtete die Zeitung.
"Indonesien ist von Interesse", sagte der nicht näher genannte Beamte der Zeitung, weigerte sich aber, auf Gerüchte über bereits fortgeschrittene Gespräche mit der indonesischen Regierung über einen US-Einsatz einzugehen. In dem überwiegend moslemischen Land haben sich anti-amerikanische Ressentiments schon oft in Massendemonstrationen gegen Washington entladen.
In der geplanten Rede wolle Bush erneut betonen, dass die USA nicht tatenlos zusehen werden, wenn Länder sich Massenvernichtungswaffen besorgten. Dies interpretieren Beobachter als kaum verschleierte Warnung an die Adresse des Irak. US- Vizepräsident Richard Cheney brach am Sonntag zu einer zehntägigen Nahostreise auf, bei der die US-Pläne im Irak eine entscheidende Rolle spielen.
Ein Einsatz gegen Somalia steht nach Angaben des Beamten dagegen nicht bevor. Die Marine-Patrouillen vor der Küste würden bis auf weiteres als ausreichend betrachtet.
Und aus der OPEC wollen sie jetzt auch noch raus - ob das wohl gut geht ?
Sonntag 10. März 2002, 17:36 Uhr
Presse: OPEC steht vor Zerreißprobe - Mitglieder nutzen Schlupflöcher
LONDON (dpa-AFX) - Die Organisation Erdöl exportierender Länder OPEC könnte einem Zeitungsbericht zufolge diese Woche angesichts von Meldungen über angebliche Fördermengentricks vor einer Zerreißprobe stehen. Wie der britische "Independent on Sunday" berichtete, könnten die Mitgliedsstaaten Venezuela und Indonesien am Freitag drohen, das Kartell zu verlassen. Libyen und Algerien könnten ihnen folgen.
Die vier Länder stünden unter großem Druck aus dem Inland, die Produktionskapazitäten voll auszuschöpfen. Es werde davon ausgegangen, dass sie forderten, die Kapazitätskürzungen von vergangenem Dezember rückgängig zu machen, da der Ölpreis mittlerweile wieder über 23 US-Dollar liege. Berichten zufolge hätten OPEC-Länder Schlupflöcher genutzt, um trotz der Ölproduktionssenkungen auf dem alten Förderniveau zu
Sonntag 10. März 2002, 17:36 Uhr
Presse: OPEC steht vor Zerreißprobe - Mitglieder nutzen Schlupflöcher
LONDON (dpa-AFX) - Die Organisation Erdöl exportierender Länder OPEC könnte einem Zeitungsbericht zufolge diese Woche angesichts von Meldungen über angebliche Fördermengentricks vor einer Zerreißprobe stehen. Wie der britische "Independent on Sunday" berichtete, könnten die Mitgliedsstaaten Venezuela und Indonesien am Freitag drohen, das Kartell zu verlassen. Libyen und Algerien könnten ihnen folgen.
Die vier Länder stünden unter großem Druck aus dem Inland, die Produktionskapazitäten voll auszuschöpfen. Es werde davon ausgegangen, dass sie forderten, die Kapazitätskürzungen von vergangenem Dezember rückgängig zu machen, da der Ölpreis mittlerweile wieder über 23 US-Dollar liege. Berichten zufolge hätten OPEC-Länder Schlupflöcher genutzt, um trotz der Ölproduktionssenkungen auf dem alten Förderniveau zu
Der Bankenverkauf flutscht nur so.
Am Jahresende ist das meiste wohl in privaten Händen und die Kurse ein paar hundert Prozent höher !
IBRA to face three challenges
18-MAR-02
BANDUNG (Bisnis): IBRA is facing three challenges in fulfilling government target of Rp42 trillion in 2002 including through government stake divestment efforts in banks overseen by IBRA.
I Putu Gede Ary Suta, chairman of Indonesian bank Restructuring Agency (IBRA) announced the institution would soon sell government stake in some banks among others Bank Niaga, Bank Danamon, Bank Lippo, BII, Bank Artamedia, Bank Bali, Bank Patriot, Bank Prima Express, and Bank Universal.
"For materializing the plan, IBRA is targeting to divest and merge some banks this year. It is targeting all recapitalized banks would have been returned to public at the latest in 2003," he pointed out in the `Open discussion on IBRA`s roles and its controversial policies` in Bandung yesterday.
IBRA, Putu continued, will sell 51% stakes of Bank Niaga and Bank Danamon besides mergering five banks supervised by IBRA comprising Artamedia, Bali, Patriot, Prima Express, and Universal. Merger of five banks is scheduled to complete in third quart of 2002.
The step, he continued, is taken in a bid to contribute Rp42.8 trillion in revenues to the state in 2002. However, he said IBRA faces at least three challenges in fulfilling the target set by the government including bank divestment.
Firstly, he elaborated, assets value decreasing compared to that when they were previously sold. Secondly, assets remaining with IBRA`s AMI made up of those need long time for recovery.
In consequence to it, Putu added, IBRA has difficulties in achieving high recovery value in short time. Thirdly, in fact assets handed over to IBRA contain legal disputes resulting in decreasing selling value," Putu explained.
To pursue payments
Commenting on this, president director of Center of Banking Crisis (CBC) Deni Danuri declared so far IBRA`s performance is only focusing to backing up state budget deficit. Thus, Deni said, it is impressed IBRA is only focusing to pursue target payment for the government without efforts to improve national banking situation.
"IBRA should emphasized its performance more to creating more conducive banking atmosphere with state budget supporting the second," he said to Bisnis.
He disclosed so far the institution had yet to perform optimally attributed to unclear government policy of bank empowerment making it difficult to improve the banks I the future. "If the concepts are still unclear, we cannot hopefor national banking recovery."
Deni asserted the government was in favor of efforts to sell all government stakes in recapitalized banks as this can cut market interest rate and keeps the government away from losses in case of negative spread.
IBRA`s mistake at the moment, he explained, has brought stagnancy to the banks in distributing credits affecting decreasing amount of obligations possessed by IBRA. Besides, he said, IBRA has yet to evaluate value of assets handed over to the institution.
"Assets owned by banks that are still undecided in returning the bonds must be halted or even be given back to avoid decreasing bond value that could spark state losses," Deni disclosed.
He hoped the House could give solution to the increasing amount of bonds and decreasing banking assets through people-sided policy.
"The point is that there must be an integrated solution with cooperation between banking and the government in order to settle national banking troubles, he said. (m25)
Am Jahresende ist das meiste wohl in privaten Händen und die Kurse ein paar hundert Prozent höher !
IBRA to face three challenges
18-MAR-02
BANDUNG (Bisnis): IBRA is facing three challenges in fulfilling government target of Rp42 trillion in 2002 including through government stake divestment efforts in banks overseen by IBRA.
I Putu Gede Ary Suta, chairman of Indonesian bank Restructuring Agency (IBRA) announced the institution would soon sell government stake in some banks among others Bank Niaga, Bank Danamon, Bank Lippo, BII, Bank Artamedia, Bank Bali, Bank Patriot, Bank Prima Express, and Bank Universal.
"For materializing the plan, IBRA is targeting to divest and merge some banks this year. It is targeting all recapitalized banks would have been returned to public at the latest in 2003," he pointed out in the `Open discussion on IBRA`s roles and its controversial policies` in Bandung yesterday.
IBRA, Putu continued, will sell 51% stakes of Bank Niaga and Bank Danamon besides mergering five banks supervised by IBRA comprising Artamedia, Bali, Patriot, Prima Express, and Universal. Merger of five banks is scheduled to complete in third quart of 2002.
The step, he continued, is taken in a bid to contribute Rp42.8 trillion in revenues to the state in 2002. However, he said IBRA faces at least three challenges in fulfilling the target set by the government including bank divestment.
Firstly, he elaborated, assets value decreasing compared to that when they were previously sold. Secondly, assets remaining with IBRA`s AMI made up of those need long time for recovery.
In consequence to it, Putu added, IBRA has difficulties in achieving high recovery value in short time. Thirdly, in fact assets handed over to IBRA contain legal disputes resulting in decreasing selling value," Putu explained.
To pursue payments
Commenting on this, president director of Center of Banking Crisis (CBC) Deni Danuri declared so far IBRA`s performance is only focusing to backing up state budget deficit. Thus, Deni said, it is impressed IBRA is only focusing to pursue target payment for the government without efforts to improve national banking situation.
"IBRA should emphasized its performance more to creating more conducive banking atmosphere with state budget supporting the second," he said to Bisnis.
He disclosed so far the institution had yet to perform optimally attributed to unclear government policy of bank empowerment making it difficult to improve the banks I the future. "If the concepts are still unclear, we cannot hopefor national banking recovery."
Deni asserted the government was in favor of efforts to sell all government stakes in recapitalized banks as this can cut market interest rate and keeps the government away from losses in case of negative spread.
IBRA`s mistake at the moment, he explained, has brought stagnancy to the banks in distributing credits affecting decreasing amount of obligations possessed by IBRA. Besides, he said, IBRA has yet to evaluate value of assets handed over to the institution.
"Assets owned by banks that are still undecided in returning the bonds must be halted or even be given back to avoid decreasing bond value that could spark state losses," Deni disclosed.
He hoped the House could give solution to the increasing amount of bonds and decreasing banking assets through people-sided policy.
"The point is that there must be an integrated solution with cooperation between banking and the government in order to settle national banking troubles, he said. (m25)
IBRA-News ohne Ende !
IBRA urged to unveil the fate of recap banks sertificate
19-MAR-02
JAKARTA (Bisnis): The Indonesian Bank Restructuring Agency (IBRA) is urged to explain immediately the fate of the certificate of entitlement (CoE) of recapitalized banks as the certificate`s maturity period is getting closer, a bank observer says.
Mirza Adityaswara says since the certificate was released three years ago, IBRA has never disclosed the outcome of non-performing loan assets sales used as reference price for Coe.
The CoE matter, he explains, was originally handled by AMI (assets mangement investment) ahead of the formation of bank restructuring unit (BRU). On the other hand, the asset management as well as its recovery were handled by assets management credit (AMC).
"AMI had once promised to disclose NPL recovery assets once in six month periods, even the plan to go to stock market. The prices of circulating CoE should refer to the outcome of nonperforming loan sales," Mirza said at the weekend.
However he relates the idea about IBRA`s assets management investment is unmaterialized. AMC who carries out recovery assets actually did not give priority to the sale of bank assets, and have no intention to unveil it.
"The reason is that AMC`s attention has been focussed to the restructuring of 21 big debtors, and as maturity period is getting closer, it has never announced it."
Whereas, he states, many forerign CoE holders were eager to know about that. At the time of public banks recapitalization, many foreign investors got CoE. "Today they are asking about the fate of their CoE."
Certificate of entitlement (CoE) is the rights letter to accept the alottment of nonperforming credit income from recapitalized banks. The nonperforming loans have been handed over to IBRA, as IBRA in return gave the CoE to previous owners some of the removed nonperforming loans values.
The transferred nonperforming loans will be sold or demanded to recapitalized bank debtors and the income will be the rights of old owners as compensation of old owners shares implanted in those recapitalized banks.
A source of Bisnis Indonesia says that the (category five) nonperforming loans values of recapitalized banks transferred to IBRA reach Rp 13 trillion, Rp200 billion of which are just collected. Whereas, the source says, IBRA have to unveil inform about the development of the nonperforming loan payment every six months periods.
"Up to now we have never been informed about that, as well as the fate of CoE the maturity periods of which are getting closer. The CoE of Bank Lippo and Bank Universal will terminate on medio April 2002," he says.
According to Mirza, the existence of CoE is related to 20% payment from old owners as prerequisites of their participation in recapitalization program. In principle the government gives the opportunity to old owners and other minority share holders to pay 20% of recapitalization fee.
"the government says that they are granted the so-called incentives to join the recapitalization. If the are able to pay 20%, the old owners and other share holders are allowed to buy back government stakes by the price of recapitalization rights issue plus interest," he says.
Actually, Mirza says, the CoE feature has been introduced when Bank Bukopin first practiced the concept. The old owners of Bank Bukopin buyed back government stakes using recovery fund of nonperforming loans. The outcomes of assets sale will be payed with government stakes, not by cash.
"Anyhow, because Bukopin is not a public bank, the transaction was not disclosed. It is different story that recapitalized banks are public banks such as Bank Lippo, BII, and Bank Universal. IBRA thus should clarify about the cerfiticate of entitlement as soon as possible," he says (yn/gps).
IBRA urged to unveil the fate of recap banks sertificate
19-MAR-02
JAKARTA (Bisnis): The Indonesian Bank Restructuring Agency (IBRA) is urged to explain immediately the fate of the certificate of entitlement (CoE) of recapitalized banks as the certificate`s maturity period is getting closer, a bank observer says.
Mirza Adityaswara says since the certificate was released three years ago, IBRA has never disclosed the outcome of non-performing loan assets sales used as reference price for Coe.
The CoE matter, he explains, was originally handled by AMI (assets mangement investment) ahead of the formation of bank restructuring unit (BRU). On the other hand, the asset management as well as its recovery were handled by assets management credit (AMC).
"AMI had once promised to disclose NPL recovery assets once in six month periods, even the plan to go to stock market. The prices of circulating CoE should refer to the outcome of nonperforming loan sales," Mirza said at the weekend.
However he relates the idea about IBRA`s assets management investment is unmaterialized. AMC who carries out recovery assets actually did not give priority to the sale of bank assets, and have no intention to unveil it.
"The reason is that AMC`s attention has been focussed to the restructuring of 21 big debtors, and as maturity period is getting closer, it has never announced it."
Whereas, he states, many forerign CoE holders were eager to know about that. At the time of public banks recapitalization, many foreign investors got CoE. "Today they are asking about the fate of their CoE."
Certificate of entitlement (CoE) is the rights letter to accept the alottment of nonperforming credit income from recapitalized banks. The nonperforming loans have been handed over to IBRA, as IBRA in return gave the CoE to previous owners some of the removed nonperforming loans values.
The transferred nonperforming loans will be sold or demanded to recapitalized bank debtors and the income will be the rights of old owners as compensation of old owners shares implanted in those recapitalized banks.
A source of Bisnis Indonesia says that the (category five) nonperforming loans values of recapitalized banks transferred to IBRA reach Rp 13 trillion, Rp200 billion of which are just collected. Whereas, the source says, IBRA have to unveil inform about the development of the nonperforming loan payment every six months periods.
"Up to now we have never been informed about that, as well as the fate of CoE the maturity periods of which are getting closer. The CoE of Bank Lippo and Bank Universal will terminate on medio April 2002," he says.
According to Mirza, the existence of CoE is related to 20% payment from old owners as prerequisites of their participation in recapitalization program. In principle the government gives the opportunity to old owners and other minority share holders to pay 20% of recapitalization fee.
"the government says that they are granted the so-called incentives to join the recapitalization. If the are able to pay 20%, the old owners and other share holders are allowed to buy back government stakes by the price of recapitalization rights issue plus interest," he says.
Actually, Mirza says, the CoE feature has been introduced when Bank Bukopin first practiced the concept. The old owners of Bank Bukopin buyed back government stakes using recovery fund of nonperforming loans. The outcomes of assets sale will be payed with government stakes, not by cash.
"Anyhow, because Bukopin is not a public bank, the transaction was not disclosed. It is different story that recapitalized banks are public banks such as Bank Lippo, BII, and Bank Universal. IBRA thus should clarify about the cerfiticate of entitlement as soon as possible," he says (yn/gps).
Jetzt will Megawati auch noch die Korruption beenden.
Sehr witzig ! Ihr Wort in Gottes Ohr !
Dieses Vorhaben wird meiner Einschätzung nach aber noch ein wenig dauern ;-)
Megawati urges end to corruption
Jupriadi, The Jakarta Post, Makassar
Amid criticism and polls indicating worsening graft practices in the country under her leadership, President Megawati Soekarnoputri told her supporters on Saturday to help stop these practices.
Speaking in front of tens of thousands supporters of her Indonesian Democratic Party of Struggle (PDI Perjuangan), Megawati said that party members and supporters should become part of the solution to end corruption, not become the corruptors themselves.
"As the ruling party we should never lead our country into bankruptcy. We should never repeat the mistakes made by the previous regimes," she said in her speech during the celebration of the 29th anniversary of the party here.
"Never be part of the problem of corruption, collusion and nepotism. We choose to fight against such practices, so never attempt to do those things that we are opposed to," the President said at the celebration, enlivened by various traditional dances.
Also in attendance at the PDI Perjuangan celebration were several Cabinet ministers including Coordinating Minister for Social Welfare Jusuf Kalla and Minister of National Education Abdul Malik Fadjar.
The President`s comment came amid accusations that most government officials were trying to amass funds by exploiting their position in the government for the sake of their own parties ahead of the coming general election in 2004.
Some high-ranking officials close to the palace, earlier told The Jakarta Post that even within the Cabinet such practices were common and sometimes hampered decision making.
Noted economist Sjahrir said that most state-owned enterprises and the Indonesian Bank Restructuring Agency (IBRA), that manage billions of dollars of assets, had been used as cash cows for the political elite, and this has slowed down economic recovery.
In her speech, Megawati defended her decision to again postpone the establishment of a House special committee to probe the misuse of State Logistics Agency (Bulog) funds allegedly involving Golkar Party chairman and House Speaker Akbar Tandjung by saying that the law should come forward in fighting corruption.
"It is impossible for the nation to uphold the law if we never give space for the law to serve ... We have to use the momentum to uphold the law and fight corruption at the same time," she remarked.
Megawati has reportedly told her party leaders to postpone, and even squash, the establishment of such an inquiry.
The reason cited has always been to allow the legal process to proceed without being hampered by political intervention.
The move to squash the inquiry team is perceived by some as a means to prevent Megawati`s administration from cracking as her Cabinet members represent various parties.
Sehr witzig ! Ihr Wort in Gottes Ohr !
Dieses Vorhaben wird meiner Einschätzung nach aber noch ein wenig dauern ;-)
Megawati urges end to corruption
Jupriadi, The Jakarta Post, Makassar
Amid criticism and polls indicating worsening graft practices in the country under her leadership, President Megawati Soekarnoputri told her supporters on Saturday to help stop these practices.
Speaking in front of tens of thousands supporters of her Indonesian Democratic Party of Struggle (PDI Perjuangan), Megawati said that party members and supporters should become part of the solution to end corruption, not become the corruptors themselves.
"As the ruling party we should never lead our country into bankruptcy. We should never repeat the mistakes made by the previous regimes," she said in her speech during the celebration of the 29th anniversary of the party here.
"Never be part of the problem of corruption, collusion and nepotism. We choose to fight against such practices, so never attempt to do those things that we are opposed to," the President said at the celebration, enlivened by various traditional dances.
Also in attendance at the PDI Perjuangan celebration were several Cabinet ministers including Coordinating Minister for Social Welfare Jusuf Kalla and Minister of National Education Abdul Malik Fadjar.
The President`s comment came amid accusations that most government officials were trying to amass funds by exploiting their position in the government for the sake of their own parties ahead of the coming general election in 2004.
Some high-ranking officials close to the palace, earlier told The Jakarta Post that even within the Cabinet such practices were common and sometimes hampered decision making.
Noted economist Sjahrir said that most state-owned enterprises and the Indonesian Bank Restructuring Agency (IBRA), that manage billions of dollars of assets, had been used as cash cows for the political elite, and this has slowed down economic recovery.
In her speech, Megawati defended her decision to again postpone the establishment of a House special committee to probe the misuse of State Logistics Agency (Bulog) funds allegedly involving Golkar Party chairman and House Speaker Akbar Tandjung by saying that the law should come forward in fighting corruption.
"It is impossible for the nation to uphold the law if we never give space for the law to serve ... We have to use the momentum to uphold the law and fight corruption at the same time," she remarked.
Megawati has reportedly told her party leaders to postpone, and even squash, the establishment of such an inquiry.
The reason cited has always been to allow the legal process to proceed without being hampered by political intervention.
The move to squash the inquiry team is perceived by some as a means to prevent Megawati`s administration from cracking as her Cabinet members represent various parties.
Sie koennte den Korrupten doch Geld geben,
damit sie sich nicht mehr bestechen lassen
damit sie sich nicht mehr bestechen lassen
Das Geld kommt genau zum richtigen Zeitpunkt !
Was meint Ihr ?
IMF Approves $347 Mln Loan Disbursement To Indonesia
27/04/2002 (21:00)
Click Here to Send Messege
[Kirim Pesan]
WASHINGTON (SuratkabarCom) - The International Monetary Fund agreed Friday to release an additional $347 million to Indonesia, saying its government has broadly fulfilled the conditions of a $4.6 billion IMF loan aimed at rebuilding the economy.
"In their early implementation of the program adopted for 2002, the Indonesian authorities have signaled determination to consolidate the progress made so far and build a solid foundation for future economic recovery," said Anne Krueger, the IMF`s deputy managing director. The approval was widely expected.
The IMF is overseeing a three-year program to help Indonesia rebuild its economy, which was ravaged in the late 1990s by financial crisis. Under its supervision, Indonesia has racked up a string of successes recently, persuading the Paris Club of official creditors to reschedule $5.4 billion in debt and selling the government`s majority stake in the country`s biggest retail bank.
"The recent majority sale of Bank Central Asia was a step toward returning ownership of the banking system to the private sector, and it will be important for the government to build on this momentum," Krueger said. She urged the government to proceed with the planned sale of PT Bank Niaga (P.BNA), a mid-sized bank.
Krueger urged Indonesia`s government to persist with other economic reforms, saying it needs to encourage corporate debt restructuring and enact legal and judicial reforms, "which remain critical to a sustained improvement in the investment climate."
"Market sentiment toward Indonesia has responded favorably to recent progress in policy implementation, while the global economic environment has also become somewhat more favorable," Krueger said. Still, she said, "there is no room for complacency in the current circumstances."
Was meint Ihr ?
IMF Approves $347 Mln Loan Disbursement To Indonesia
27/04/2002 (21:00)
Click Here to Send Messege
[Kirim Pesan]
WASHINGTON (SuratkabarCom) - The International Monetary Fund agreed Friday to release an additional $347 million to Indonesia, saying its government has broadly fulfilled the conditions of a $4.6 billion IMF loan aimed at rebuilding the economy.
"In their early implementation of the program adopted for 2002, the Indonesian authorities have signaled determination to consolidate the progress made so far and build a solid foundation for future economic recovery," said Anne Krueger, the IMF`s deputy managing director. The approval was widely expected.
The IMF is overseeing a three-year program to help Indonesia rebuild its economy, which was ravaged in the late 1990s by financial crisis. Under its supervision, Indonesia has racked up a string of successes recently, persuading the Paris Club of official creditors to reschedule $5.4 billion in debt and selling the government`s majority stake in the country`s biggest retail bank.
"The recent majority sale of Bank Central Asia was a step toward returning ownership of the banking system to the private sector, and it will be important for the government to build on this momentum," Krueger said. She urged the government to proceed with the planned sale of PT Bank Niaga (P.BNA), a mid-sized bank.
Krueger urged Indonesia`s government to persist with other economic reforms, saying it needs to encourage corporate debt restructuring and enact legal and judicial reforms, "which remain critical to a sustained improvement in the investment climate."
"Market sentiment toward Indonesia has responded favorably to recent progress in policy implementation, while the global economic environment has also become somewhat more favorable," Krueger said. Still, she said, "there is no room for complacency in the current circumstances."
Alles im Lot ?
London Club creditors okay Indonesia debt rescheduling
JAKARTA (Agency): The Indonesian government has reached an initial agreement with commercial bank creditors under the London Club to reschedule sovereign loans worth a total of $1.3 billion- a move that could lead Standard & Poor`s (S&P) Corp. to lift its selective default rating on the country, Dow Jones reported on Monday.
The steering committee of the London Club - a grouping of commercial banks that lent money to the government in the mid 1990s - said in a statement Monday that it`s reached a deal with Indonesia to reschedule the debt, but must now get agreement fromall the banks involved.
S&P downgraded Indonesia to selective default from triple-C in April after the Paris Club of government creditors agreed to reschedule $5.4 billion in sovereign debt coming due from April until end-2003.
The ratings agency said it would lift the Selective Default (SD) rating as soon as London Club creditors agreed to similar terms.
S&P director for sovereign ratings, Takahiro Ogawa, was unavailable for comment on a possible ratings hike Monday. Many analysts expect S&P to upgrade Indonesia beyond the triple-Crating once it lifts the SD rating to reflect foreign creditorsupport of the country.
Indonesia has a huge $130 billion in total public debt due to the cost of bailing out its banking sector after the 1997 Asian crisis.
The London Club`s steering committee for the Indonesian debt deal comprises Bank of Tokyo-Mitsubishi, BNP Paribas, Commerze Bank Achstien Gesselschaft, Hongkong & Shanghai Banking Corp.Ltd. and Mizuho Corp.
Under the terms of the agreement, the creditors agreed to reschedule principal worth $300 million coming due from June under a 1995 syndicated loan made by around 50 banks.
Creditors agreed to reschedule the loan over seventeen-and-a-half years, with a grace period of six-and-a-half-years.
The London Club also agreed to extend principal payments worth $1 billion on two other loans made in 1996 and 1997 by 10 months.
London Club creditors okay Indonesia debt rescheduling
JAKARTA (Agency): The Indonesian government has reached an initial agreement with commercial bank creditors under the London Club to reschedule sovereign loans worth a total of $1.3 billion- a move that could lead Standard & Poor`s (S&P) Corp. to lift its selective default rating on the country, Dow Jones reported on Monday.
The steering committee of the London Club - a grouping of commercial banks that lent money to the government in the mid 1990s - said in a statement Monday that it`s reached a deal with Indonesia to reschedule the debt, but must now get agreement fromall the banks involved.
S&P downgraded Indonesia to selective default from triple-C in April after the Paris Club of government creditors agreed to reschedule $5.4 billion in sovereign debt coming due from April until end-2003.
The ratings agency said it would lift the Selective Default (SD) rating as soon as London Club creditors agreed to similar terms.
S&P director for sovereign ratings, Takahiro Ogawa, was unavailable for comment on a possible ratings hike Monday. Many analysts expect S&P to upgrade Indonesia beyond the triple-Crating once it lifts the SD rating to reflect foreign creditorsupport of the country.
Indonesia has a huge $130 billion in total public debt due to the cost of bailing out its banking sector after the 1997 Asian crisis.
The London Club`s steering committee for the Indonesian debt deal comprises Bank of Tokyo-Mitsubishi, BNP Paribas, Commerze Bank Achstien Gesselschaft, Hongkong & Shanghai Banking Corp.Ltd. and Mizuho Corp.
Under the terms of the agreement, the creditors agreed to reschedule principal worth $300 million coming due from June under a 1995 syndicated loan made by around 50 banks.
Creditors agreed to reschedule the loan over seventeen-and-a-half years, with a grace period of six-and-a-half-years.
The London Club also agreed to extend principal payments worth $1 billion on two other loans made in 1996 and 1997 by 10 months.
Abwarten ! Es kommen wieder bessere Zeiten und die Anteilsverkäufe gehen bei besserem Marktumfeld weiter.
Hold on !!!!!
Indonesia—Letter of Intent
Jakarta, Indonesia
June 11, 2002
The following item is a Letter of Intent of the government of Indonesia, which describes the policies that Indonesia intends to implement in the context of its request for financial support from the IMF. The document, which is the property of Indonesia, is being made available on the IMF website by agreement with the member as a service to users of the IMF website.
Mr. Horst Köhler
Managing Director
International Monetary Fund
Washington, D.C. 20431
Dear Mr. Köhler:
Our comprehensive economic program for 2002 was set out in the Memorandum of Economic and Financial Policies (MEFP) of December 13, 2001, and our supplementary Letter of Intent of April 9, 2002. This letter provides an update on our policy intentions to achieve the objectives of the program as described therein.
All end-March quantitative performance criteria were met with the exception of the target for the central government deficit (Table 1). The indicative target for base money was also met. The completion of the structural benchmark on assessing compliance of the shareholder settlement agreements was delayed beyond the envisaged end-April timeframe due to the significant volume of legal documentation involved. The government is taking actions in these areas to achieve our program goals, as described below. Accordingly, we propose to leave our targets for the remainder of the year unchanged, while converting the indicative nature of the quantitative targets for September and December established at the time of the fourth review into performance criteria. As described below, we propose to reschedule the end-June structural benchmark on completing a majority sale of Bank Niaga to mid-September and, to strengthen the program, propose additional structural benchmarks for the remainder of 2002 as shown in Table 2.
The conduct of fiscal policy has remained prudent under the program, oriented firmly toward restoring fiscal sustainability. Nevertheless, the budget deficit for the first quarter reached Rp 5.6 trillion (1½ percent of GDP on an annual basis) compared to the program target of Rp 2.7 trillion. This modest excess reflected weaknesses in revenues, due to the temporary impact of the severe floods that took place in January and February as well as some delays in implementing tax policy measures approved under the 2002 budget. It also reflected higher interest payments.
The government remains resolute in its determination to contain the deficit for the year within the target of 2.5 percent of GDP established by Parliament. Accordingly, we have taken a number of steps to ensure that the annual deficit target is achieved and that the deficit returns to the program path by end-June. These steps include, notably, eliminating the VAT exemption on capital goods and securing higher dividends and other nontax revenues owed by state-owned enterprises. With these steps in place, and with interest savings generated by the resolution of the BLBI issue consistent with the recommendations of the independent team, the original program targets remain achievable. Expenditure is expected to be somewhat above our expectations at the time of the budget, as interest payments are now higher and fuel subsidies are running somewhat ahead. However, revenues are expected to be correspondingly higher reflecting more favorable macroeconomic assumptions and larger nontax revenues.
In the area of monetary policy, the recent decline in inflation has been encouraging, and with a strengthening of the exchange rate and slow growth in base money, the central bank has been able to begin to bring interest rates down. We will maintain a cautious stance in the period ahead, however, consistent with the objective of bringing inflation down to single digits by the end of the year.
Steady progress is being made in the area of bank resolution and divestiture. In light of the fact that the final bids received for Bank Niaga were significantly below the market price, we have revised the strategy for selling the bank. Under the new strategy, the government will sell up to 20 percent share of the bank directly into the market and will relaunch the sale of a majority stake in the bank by end-June 2002, with a view to completing the sale by mid-September. The government has finalized a comprehensive plan to divest the remaining IBRA banks, and submitted that plan to Parliament in early June. As part of this strategy, we will launch the sale of a majority stake in Bank Danamon in July, with completion of the sale by end-year, to be followed by the launch of the sale of a majority stake in Bank Lippo by year-end.
As regards the resolution strategy for the five smaller IBRA banks, all are now under IBRA management. The legal merger of these banks is expected to be concluded by end-September, and their operational merger by end-December. With regards to BII, we have installed a new independent management team and a rights issue to strengthen the bank`s capital base remains on course for completion in June. The government is committed to act as stand-by buyer, but is encouraging strategic investors to exercise their rights to participate in the issue. It remains the government`s firm intention to ensure both that BII is adequately capitalized and that it will be financially viable on an on-going basis.
As for the state banks, the government remains committed to initiating the sale of Bank Mandiri this year. To allow for a strengthening of the bank`s business plan, the sale of a 30 percent share will be launched in the third quarter, a little later than had been envisaged under the 2002 program.
Reforms aimed at normalizing the financial operations of the central bank and its relations with the government are proceeding well. We are studying the report prepared by the independent team to resolve the long-outstanding BLBI issue and are in agreement in principle with its recommendations. We will seek the introduction of any amendments to the central bank law that may prove necessary to implement our final decision on this issue. Advisors have been engaged by Bank Indonesia to assist in the divestiture of its overseas subsidiary. By end-October the subsidiary will have been comprehensively restructured and its sale will be completed by the first half of 2003. Assets removed from the bank under the restructuring process will be sold by the end of next year.
We remain committed to achieving IBRA`s targets for asset recoveries. To that end, IBRA launched in June a new broad-based auction mechanism to sell its corporate and commercial loans. Following the completion of the auction sale period in August, the remaining stock of loans will be sold in bulk packages through a variety of auction mechanisms. As regards the shareholder settlement agreements with former bank owners, we have published initial determinations of compliance for six such agreements and the remaining will be published in stages by July. As envisaged in the government decree of March 18, the government remains committed to taking strong actions against former bank owners who fail to meet their outstanding obligations at the end of the three-month grace period following the initial determination of compliance.
We have also made progress in other areas of the structural reform agenda. In the area of privatization, a sale of 8 percent of Indosat yielded Rp 1 trillion in May, and we are continuing strong efforts to meet the targets under the program. In the area of legal reform, a revised bankruptcy law has been submitted to Parliament. The legislation on the Anti-Corruption Commission is expected to be enacted soon and the commission established shortly thereafter. We have reviewed our policies to promote growth in the small- and medium-sized enterprise (SME) sector through improving the business and regulatory environment of SMEs. In this last regard, the Ministry of State-Owned Enterprises, as shareholder of state-owned banks, will remove any impediments in the bank`s bylaws or regulations in order to enable these banks to undertake voluntary and commercially based restructuring of nonperforming SME loans according to the existing regulations of Bank Indonesia. At the same time, the government will continue to encourage all banks to expand credit to SMEs with favorable business prospects and to restructure nonperforming SME loans on commercial terms. On the basis of requests from banks, the State Auction Directorate-General (DJPLN) will return SME loans to banks in order that they can be restructured on commercial terms. IBRA will also renew its cash settlement program for the SME sector for a limited period, with the remaining stock of these loans to be disposed by September 2002.
In view of the corrective actions taken, we request a waiver of compliance with respect to the end-March performance criterion on the overall central government balance and the completion of the sixth review under the extended arrangement. In the period ahead, we will continue to consult with the Fund on future economic policies and we hope to complete the next review of the program by September 2002.
Sincerely yours,
/sd/
--------------------------------------------------------------------------------
Dorodjatun Kuntjoro-Jakti
Coordinating Minister for
Economic Affairs /sd/
--------------------------------------------------------------------------------
Boediono
Minister of Finance /sd/
--------------------------------------------------------------------------------
Syahril Sabirin
Governor
Bank Indonesia
Table 1. Indonesia: Quantitative Performance Criteria (PC) and Indicative Targets (IT)
Under the Extended Arrangement, 2001-021
--------------------------------------------------------------------------------
2001
--------------------------------------------------------------------------------
2002
--------------------------------------------------------------------------------
Dec.
--------------------------------------------------------------------------------
Jan.
--------------------------------------------------------------------------------
Mar.
--------------------------------------------------------------------------------
Jun.
PC Sep.
PC Dec.
PC
PC2,3 Actual PC2 Actual PC2 Actual
--------------------------------------------------------------------------------
Monetary and fiscal targets
Net domestic assets (NDA) of Bank
Indonesia4 5.3 -2.7 -3.8 -12.0 -8.8 -13.1 -11.0 -8.5 3.9
Base money (indicative target) 5 122.9 124.7 117.8 115.6 117.8 115.0 123.7 128.2 138.2
Overall central government balance6 -54.6 -52.1 . . . . . . -2.7 -5.6 -14.0 -27.9 -42.1
External targets (in billions of U.S. dollars)
Net international reserves (NIR) of Bank
Indonesia4,7 16.8 18.2 . . . . . . 18.3 18.6 19.5 19.8 19.8
Contracting or guaranteeing of new
nonconcessional external debt8 1.5 1.2 . . . . . . 0.3 0.3 0.6 1.0 1.5
Of which: Government debt to commercial
creditors9 . . . . . . 0.2 0.0 0.2 0.2 0.2
Stock of short-term external debt
outstanding 2.5 0.5 . . . . . . 2.5 0.3 2.5 2.5 2.5
Public external arrears 0.0 0.0 . . . . . . 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
1Definitions are contained in the Technical Memorandum of Understanding dated December 13, 2001. Continuous performance criteria are: the non-accumulation of external arrears and no securitization or forward sale of receipts from natural resources.
2Adjusted program targets for NDA and NIR.
3Monetary targets for December 2001 are indicative due to seasonality effects associated with end-calendar and end-fiscal years. Instead, a performance criterion on NDA is set for January 2002
4Targets for NDA and NIR through January 2002 are based on one-month averages centered on end-month. Thereafter, targets are end-period values.
5Base money targets are one month averages centered on end-month.
6Cumulative balances from beginning of fiscal year (floor). Central government bonds issued to district and provincial governments are included as financing of the central government deficit.
7Outstanding stocks (floor).
8Cumulative amounts from beginning of fiscal year (ceilings). End-March 2002 outturn was US$ 0.25 billion.
9End-March 2002 outturn was US$ 0.04 billion.
Table 2. Structural Benchmarks (June 2002-December 2002)
--------------------------------------------------------------------------------
June 2002
• Finalize and implement burden-sharing agreement on BLBI credits between BI and the government.1
• Commence operations of Large Taxpayer Directorate at headquarters of the Directorate-General of Tax, and 1-2 large taxpayer offices in Jakarta.
• Produce report on 2001 local government finances.
• Achieve at least half of 2002 target for privatization receipts.
• Establish Anti-Corruption Commission.
• Collect at least Rp 13.0 trillion in cash by IBRA (net of expenses).
July 2002
• Begin primary auctions of treasury bills.
• Implement new tax filing and payment systems at large taxpayer office(s).
• Under the Bank BII strategy, reduce fully the equity position of the original shareholders and install an independent management team.
• Finalize and publish initial determinations of former bank owners` compliance for each of the shareholder settlement agreements.
• Launch sale of a majority stake in Bank Danamon.
September 15, 2002
• Conclude majority sale of Bank Niaga.
September 2002
• Collect at least Rp 23.5 trillion in cash by IBRA (net of expenses).
•
October 2002
• Complete restructuring of BI`s overseas subsidiary in preparation for its divestiture.
December 2002
• Complete third round of special audits of state enterprises and adopt corrective actions.
• Collect at least Rp 36.1 trillion in cash by IBRA (net of expenses).
• Launch sale of a majority stake in Bank Lippo.
• Complete sale of a majority stake in Bank Danamon.
Hold on !!!!!
Indonesia—Letter of Intent
Jakarta, Indonesia
June 11, 2002
The following item is a Letter of Intent of the government of Indonesia, which describes the policies that Indonesia intends to implement in the context of its request for financial support from the IMF. The document, which is the property of Indonesia, is being made available on the IMF website by agreement with the member as a service to users of the IMF website.
Mr. Horst Köhler
Managing Director
International Monetary Fund
Washington, D.C. 20431
Dear Mr. Köhler:
Our comprehensive economic program for 2002 was set out in the Memorandum of Economic and Financial Policies (MEFP) of December 13, 2001, and our supplementary Letter of Intent of April 9, 2002. This letter provides an update on our policy intentions to achieve the objectives of the program as described therein.
All end-March quantitative performance criteria were met with the exception of the target for the central government deficit (Table 1). The indicative target for base money was also met. The completion of the structural benchmark on assessing compliance of the shareholder settlement agreements was delayed beyond the envisaged end-April timeframe due to the significant volume of legal documentation involved. The government is taking actions in these areas to achieve our program goals, as described below. Accordingly, we propose to leave our targets for the remainder of the year unchanged, while converting the indicative nature of the quantitative targets for September and December established at the time of the fourth review into performance criteria. As described below, we propose to reschedule the end-June structural benchmark on completing a majority sale of Bank Niaga to mid-September and, to strengthen the program, propose additional structural benchmarks for the remainder of 2002 as shown in Table 2.
The conduct of fiscal policy has remained prudent under the program, oriented firmly toward restoring fiscal sustainability. Nevertheless, the budget deficit for the first quarter reached Rp 5.6 trillion (1½ percent of GDP on an annual basis) compared to the program target of Rp 2.7 trillion. This modest excess reflected weaknesses in revenues, due to the temporary impact of the severe floods that took place in January and February as well as some delays in implementing tax policy measures approved under the 2002 budget. It also reflected higher interest payments.
The government remains resolute in its determination to contain the deficit for the year within the target of 2.5 percent of GDP established by Parliament. Accordingly, we have taken a number of steps to ensure that the annual deficit target is achieved and that the deficit returns to the program path by end-June. These steps include, notably, eliminating the VAT exemption on capital goods and securing higher dividends and other nontax revenues owed by state-owned enterprises. With these steps in place, and with interest savings generated by the resolution of the BLBI issue consistent with the recommendations of the independent team, the original program targets remain achievable. Expenditure is expected to be somewhat above our expectations at the time of the budget, as interest payments are now higher and fuel subsidies are running somewhat ahead. However, revenues are expected to be correspondingly higher reflecting more favorable macroeconomic assumptions and larger nontax revenues.
In the area of monetary policy, the recent decline in inflation has been encouraging, and with a strengthening of the exchange rate and slow growth in base money, the central bank has been able to begin to bring interest rates down. We will maintain a cautious stance in the period ahead, however, consistent with the objective of bringing inflation down to single digits by the end of the year.
Steady progress is being made in the area of bank resolution and divestiture. In light of the fact that the final bids received for Bank Niaga were significantly below the market price, we have revised the strategy for selling the bank. Under the new strategy, the government will sell up to 20 percent share of the bank directly into the market and will relaunch the sale of a majority stake in the bank by end-June 2002, with a view to completing the sale by mid-September. The government has finalized a comprehensive plan to divest the remaining IBRA banks, and submitted that plan to Parliament in early June. As part of this strategy, we will launch the sale of a majority stake in Bank Danamon in July, with completion of the sale by end-year, to be followed by the launch of the sale of a majority stake in Bank Lippo by year-end.
As regards the resolution strategy for the five smaller IBRA banks, all are now under IBRA management. The legal merger of these banks is expected to be concluded by end-September, and their operational merger by end-December. With regards to BII, we have installed a new independent management team and a rights issue to strengthen the bank`s capital base remains on course for completion in June. The government is committed to act as stand-by buyer, but is encouraging strategic investors to exercise their rights to participate in the issue. It remains the government`s firm intention to ensure both that BII is adequately capitalized and that it will be financially viable on an on-going basis.
As for the state banks, the government remains committed to initiating the sale of Bank Mandiri this year. To allow for a strengthening of the bank`s business plan, the sale of a 30 percent share will be launched in the third quarter, a little later than had been envisaged under the 2002 program.
Reforms aimed at normalizing the financial operations of the central bank and its relations with the government are proceeding well. We are studying the report prepared by the independent team to resolve the long-outstanding BLBI issue and are in agreement in principle with its recommendations. We will seek the introduction of any amendments to the central bank law that may prove necessary to implement our final decision on this issue. Advisors have been engaged by Bank Indonesia to assist in the divestiture of its overseas subsidiary. By end-October the subsidiary will have been comprehensively restructured and its sale will be completed by the first half of 2003. Assets removed from the bank under the restructuring process will be sold by the end of next year.
We remain committed to achieving IBRA`s targets for asset recoveries. To that end, IBRA launched in June a new broad-based auction mechanism to sell its corporate and commercial loans. Following the completion of the auction sale period in August, the remaining stock of loans will be sold in bulk packages through a variety of auction mechanisms. As regards the shareholder settlement agreements with former bank owners, we have published initial determinations of compliance for six such agreements and the remaining will be published in stages by July. As envisaged in the government decree of March 18, the government remains committed to taking strong actions against former bank owners who fail to meet their outstanding obligations at the end of the three-month grace period following the initial determination of compliance.
We have also made progress in other areas of the structural reform agenda. In the area of privatization, a sale of 8 percent of Indosat yielded Rp 1 trillion in May, and we are continuing strong efforts to meet the targets under the program. In the area of legal reform, a revised bankruptcy law has been submitted to Parliament. The legislation on the Anti-Corruption Commission is expected to be enacted soon and the commission established shortly thereafter. We have reviewed our policies to promote growth in the small- and medium-sized enterprise (SME) sector through improving the business and regulatory environment of SMEs. In this last regard, the Ministry of State-Owned Enterprises, as shareholder of state-owned banks, will remove any impediments in the bank`s bylaws or regulations in order to enable these banks to undertake voluntary and commercially based restructuring of nonperforming SME loans according to the existing regulations of Bank Indonesia. At the same time, the government will continue to encourage all banks to expand credit to SMEs with favorable business prospects and to restructure nonperforming SME loans on commercial terms. On the basis of requests from banks, the State Auction Directorate-General (DJPLN) will return SME loans to banks in order that they can be restructured on commercial terms. IBRA will also renew its cash settlement program for the SME sector for a limited period, with the remaining stock of these loans to be disposed by September 2002.
In view of the corrective actions taken, we request a waiver of compliance with respect to the end-March performance criterion on the overall central government balance and the completion of the sixth review under the extended arrangement. In the period ahead, we will continue to consult with the Fund on future economic policies and we hope to complete the next review of the program by September 2002.
Sincerely yours,
/sd/
--------------------------------------------------------------------------------
Dorodjatun Kuntjoro-Jakti
Coordinating Minister for
Economic Affairs /sd/
--------------------------------------------------------------------------------
Boediono
Minister of Finance /sd/
--------------------------------------------------------------------------------
Syahril Sabirin
Governor
Bank Indonesia
Table 1. Indonesia: Quantitative Performance Criteria (PC) and Indicative Targets (IT)
Under the Extended Arrangement, 2001-021
--------------------------------------------------------------------------------
2001
--------------------------------------------------------------------------------
2002
--------------------------------------------------------------------------------
Dec.
--------------------------------------------------------------------------------
Jan.
--------------------------------------------------------------------------------
Mar.
--------------------------------------------------------------------------------
Jun.
PC Sep.
PC Dec.
PC
PC2,3 Actual PC2 Actual PC2 Actual
--------------------------------------------------------------------------------
Monetary and fiscal targets
Net domestic assets (NDA) of Bank
Indonesia4 5.3 -2.7 -3.8 -12.0 -8.8 -13.1 -11.0 -8.5 3.9
Base money (indicative target) 5 122.9 124.7 117.8 115.6 117.8 115.0 123.7 128.2 138.2
Overall central government balance6 -54.6 -52.1 . . . . . . -2.7 -5.6 -14.0 -27.9 -42.1
External targets (in billions of U.S. dollars)
Net international reserves (NIR) of Bank
Indonesia4,7 16.8 18.2 . . . . . . 18.3 18.6 19.5 19.8 19.8
Contracting or guaranteeing of new
nonconcessional external debt8 1.5 1.2 . . . . . . 0.3 0.3 0.6 1.0 1.5
Of which: Government debt to commercial
creditors9 . . . . . . 0.2 0.0 0.2 0.2 0.2
Stock of short-term external debt
outstanding 2.5 0.5 . . . . . . 2.5 0.3 2.5 2.5 2.5
Public external arrears 0.0 0.0 . . . . . . 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
1Definitions are contained in the Technical Memorandum of Understanding dated December 13, 2001. Continuous performance criteria are: the non-accumulation of external arrears and no securitization or forward sale of receipts from natural resources.
2Adjusted program targets for NDA and NIR.
3Monetary targets for December 2001 are indicative due to seasonality effects associated with end-calendar and end-fiscal years. Instead, a performance criterion on NDA is set for January 2002
4Targets for NDA and NIR through January 2002 are based on one-month averages centered on end-month. Thereafter, targets are end-period values.
5Base money targets are one month averages centered on end-month.
6Cumulative balances from beginning of fiscal year (floor). Central government bonds issued to district and provincial governments are included as financing of the central government deficit.
7Outstanding stocks (floor).
8Cumulative amounts from beginning of fiscal year (ceilings). End-March 2002 outturn was US$ 0.25 billion.
9End-March 2002 outturn was US$ 0.04 billion.
Table 2. Structural Benchmarks (June 2002-December 2002)
--------------------------------------------------------------------------------
June 2002
• Finalize and implement burden-sharing agreement on BLBI credits between BI and the government.1
• Commence operations of Large Taxpayer Directorate at headquarters of the Directorate-General of Tax, and 1-2 large taxpayer offices in Jakarta.
• Produce report on 2001 local government finances.
• Achieve at least half of 2002 target for privatization receipts.
• Establish Anti-Corruption Commission.
• Collect at least Rp 13.0 trillion in cash by IBRA (net of expenses).
July 2002
• Begin primary auctions of treasury bills.
• Implement new tax filing and payment systems at large taxpayer office(s).
• Under the Bank BII strategy, reduce fully the equity position of the original shareholders and install an independent management team.
• Finalize and publish initial determinations of former bank owners` compliance for each of the shareholder settlement agreements.
• Launch sale of a majority stake in Bank Danamon.
September 15, 2002
• Conclude majority sale of Bank Niaga.
September 2002
• Collect at least Rp 23.5 trillion in cash by IBRA (net of expenses).
•
October 2002
• Complete restructuring of BI`s overseas subsidiary in preparation for its divestiture.
December 2002
• Complete third round of special audits of state enterprises and adopt corrective actions.
• Collect at least Rp 36.1 trillion in cash by IBRA (net of expenses).
• Launch sale of a majority stake in Bank Lippo.
• Complete sale of a majority stake in Bank Danamon.
Mal sehen was das Jahr noch bringt !
Transcript of a Press Briefing
By Thomas C. Dawson
Director, External Relations Department
International Monetary Fund
Tuesday, July 2, 2002
Washington, D.C.
View this press conference using Media Player
MR. DAWSON: Good morning, everyone. I`m Tom Dawson, Director of External Relations at the IMF and this is another of our regular press briefings. We have our normal ground rules. The briefing is embargoed until about 15 minutes after conclusion, and we`ll set the precise time at that point. And in observing good decorum, would you please identify yourselves and your affiliation when you ask questions?
When we last met on June 19th the Fund`s Executive Board had just completed the latest review of Brazil`s performance under its standby arrangement. Since then interest in the Fund has continued to center on our relations with a number of emerging market member countries. You will have seen in recent days Fund Board approval of lending to Indonesia, Turkey and Uruguay to support those countries` economic programs. As the Managing Director, Mr. Köhler, announced last Friday, we are in an act of negotiating a situation, relationship with another member country, Argentina. Let me just briefly explain what this means.
Following the progress in our discussions last week with Minister Lavagna and his team, we expected over the coming days and weeks a number of Fund staff missions, rather than a single grand negotiating mission, will travel to Buenos Aires. They will focus on finalizing the fiscal framework, addressing critical problems with the banking sector, developing an effective monetary anchor for the Authority`s economic program, and reinforcing central bank independence.
The Managing Director is a making a number of public appearances this week. Yesterday he addressed the high level meeting of the UN Economic and Social Council, ECOSOC, on the role of the Fund in the IMF and the Global Economy, and a copy of his remarks is available on our website. On July 3rd, tomorrow, he will speak at a press conference at the Bundesbank at the invitation of Bundesbank President, Mr. Eichel and the International Club of Frankfurt Economic Correspondents. That is—I will be there—an on-the-record but embargoed press conference, but I`m sure your affiliates in Frankfurt are aware of that already. On July 4th he will speak on the IMF in the Process of Change before the U.K. Treasury Select Committee in the House of Commons in London. And on July 5th he will speak on Reform of the International Financial Architecture at the Central Bank Governors` Symposium at the Bank of England Conference Center. The July 4th and 5th remarks will also be posted on the Web.
Finally, you have seen a story in today`s "Washington Post" about a discussion that took place at the World Bank last Friday between the IMF`s Economic Counselor, Ken Rogoff and Joe Stiglitz, the Bank`s former Chief Economist and now of Columbia University. I do not have any comments on the discussion which was on Mr. Stiglitz`s new book, Globalization and its Discontents, partly because it was off the record and partly because I wasn`t there. We are, however, posting a statement by Mr. Rogoff, on the book Globalization and its Discontents later this morning, and we will also be posting later this morning a speech that I gave on June the 13th to the MIT Washington Alumni Chapter, who had asked that the Fund respond to comments that Professor Stiglitz had made about the Fund at a previous meeting of the MIT Washington Alumni Chapter. So those comments will also be posted on the Web, I think around 10:30.
And with that, I am happy to take any questions that anyone may have.
QUESTION: Heather Scott of Market News. Can I ask the obvious question? Is the mission going to Argentina this week and what type of mission? What kind of discussions are they going to be having? Have they made progress towards starting formal negotiations?
MR. DAWSON: Well, this is a negotiating process. We expect a number of staff missions to go, so I don`t think one should be focusing on the arrival of a particular mission. There is a great deal of work to be done. It`s going to be done intensively, and I think the missions will be there on a more or less continuous basis for the coming weeks. So as specific missions go, I suspect either on the Buenos Aires end or on the end up here, there will be comments about whether it`s an MAE mission or a fiscal mission or Western Hem mission, but we will, as usual, confirm those developments. But again, I do not focus on a particular mission. I think the fact is that the activity and the relationship is going to be going on at quite an intense level across the board.
QUESTION: Mark Egan with Reuters. You guys are certainly couching developments with Argentina as positive. And yet those of us who follow the situation, you know, looked at that statement. We saw the two legal issues that were resolved, but they had largely been resolved before. We saw—we had heard management say that they were pretty happy with them. They needed to look at the fine print, so they had assumed that those issues were going to be fine. You also said that the Minister, who was offering further progress on fiscal issues, he`s been doing that for quite some time.
MR. DAWSON: I disagree with every one of your premises in that regard. We had in fact questions regarding both the issues in the legal area as to whether there were movements to repeal or otherwise nullify the changes in the laws. It is only recently that we were assured that those efforts were not proceeding and had a strong commitment from the government that they would be opposing them. Secondly, on the fiscal side, there were letters of intent, to use a paraphrase, that existed before. The indications from the Minister were on implementation agreements which are the details. So those were steps forward in each of those areas.
QUESTION: And the four areas that were pointed out as the major ones, have been, roughly speaking, of primary concern for quite some time. So we were wondering what substantively and specifically changed.
MR. DAWSON: Again, you`re wrong about that. We had indicated those three areas were in fact what were needed to be able to go forward on the negotiating process. Those precise three areas have been satisfied exactly according to the fashion in which we`ve identified for probably a couple months now, at least 5 to 6 weeks.
QUESTION: The Minister also said on Saturday in a radio interview with Argentina that he was not interested in changing monetary products or foreign exchange products. And then the President on Sunday said that U.S. ignorance and a preference to giving money to the Middle East was his biggest hurdle. I wonder if you can respond to that?
MR. DAWSON: I have absolutely no response on that latter issue since it`s not directed toward the Fund. The authorities understand fully that we have concerns on the monetary program, the need for it to develop an anchor, and we are pursuing that along with a number of other related issues, the banking sector and so on, that are going forward. That is the reason that—that`s going to be the subject matter of the missions that go down, and I would also note what was noted in the statement, the Managing Director`s statement on Friday as well, that we and the authorities are looking at a possible selection of an expert, group of experts, to advise on the monetary policy issues.
In that regard, to perhaps preempt a question that may be coming forward, yesterday I read that this idea was unprecedented and the initiative of the Argentines, and this morning—I read this in Argentine Press—that this idea was an idea of the Fund management opposed by the Fund staff. Now, it`s hard to have both stories be true. Let me tell you the truth is indeed that it was a recommendation idea from the Fund management, and it is also not unprecedented. I would cite Indonesia in 2001 when there was an outside group of experts to handle much the same issue, headed by Don Brash I think the Governor of the Reserve Bank of New Zealand, along with Mr. Zahler, Governor of the Central Bank of Chile. So it is not an unusual or unprecedented step to go forward in this regard.
QUESTION: Do you know who`s going to integrate this commission of experts?
MR. DAWSON: No, we do not have information as to who it would be. There`s been quite a bit of speculation in the press, and in looking at least at those names, I`m reasonably certain that each of them is somebody that somebody has thought of, but to my knowledge—and I`ve asked quite recently—no decisions have been made.
QUESTION: Can I follow up? Who`s going to choose them?
MR. DAWSON: I think it will be something that the authorities and we would work up mutually.
QUESTION: And a final one. What`s going to happen with the payments that Argentina has to make to the Fund next month?
MR. DAWSON: The authorities indicated that they expect to exercise provisions under the Supplemental Reserve Facility which allow a postponement of one year on the original payments coming due, and I think we will deal with that issue when it comes forward. The SRF facility is designed precisely with that option in mind. And as I`m sure you`re aware, we`ve already done that with regard to some payments.
QUESTION: Los Angeles Times. Can you say anything about the context of the discussion last Friday, who arranged the debate and who was invited and what the purposes was?
MR. DAWSON: It was an initiative that came in the most immediate sense from the Bank, in other words, that they were planning an event with Stiglitz, but they—but from the outset, at least as far as I can tell, they asked us to participate, and we agreed with that.
QUESTION: So it was a World Bank event?
MR. DAWSON: Yes. I mean it was open to all World Bank staff and Fund staff, as a matter of fact, and it`s my understanding that it was video-streamed to the Bank staff on a live basis. We did not have that technical capability here but I the Fund staff have been able to look at it.
QUESTION: Were there any outsiders invited?
MR. DAWSON: I honestly do not know. I am aware that some press attended on an off-the-record basis. I don`t know whether you consider yourselves outsiders or not.
QUESTION: Apparently from the description in the newspaper today, the discussion got rather heated, and there was a comment from a World Bank economist criticizing Rogoff for personal attacks. Has Mr. Rogoff had any comments with Mr. Stiglitz since then? Have there been any apologies or will there be any apologies?
MR. DAWSON: I can`t imagine why there would be an apology. I would just suggest that you read the book, and if you want to know what personal attacks are, you will find a lot of them in the book, and I think the Fund has been remarkably restrained, as the Post article sort of gave us credit for this morning, in not responding previously. But a number of the comments in the book I think are absolutely outrageous, and some of Mr. Stiglitz`s personal comments that he has made in promoting his book, I think are similarly outrageous.
I will just cite one from last week on WAMU on June 26th, the Diane Rehm Show, with Susan Page hosting it, in which Mr. Stiglitz essentially says that the Fund has promoted terrorism in Pakistan by cutting educational spending there. It`s an absolute lie. He knows it, and I would expect he would apologize. We can make the transcript available. But those sorts of comments, I think it`s not surprising that they get a response. Let me read his actual answer. The question was—the phone-in question had to do with, wouldn`t it be a good idea to promote, quote, "American style schools in Pakistan?" And his answer was, "Thank you. I think there are two interesting points I want to raise. First, you are right that there are strong austerity programs that are often imposed by the Fund that have consequences that go beyond macroeconomics. In the case of Pakistan there were strong austerity. It means that they couldn`t spend as much money on education, and that led to the fact that the public schools weren`t there, and the children were sent to these Madrasa schools with obviously some severe consequences. That kind of severe austerity that the IMF pushed, I document interested context of the book."
First of all, there is no reference whatsoever to this issue in Pakistan in his book. Secondly, there is absolutely no evidence that we did in fact counsel cuts in social spending in Pakistan. In fact, I think our record is quite clear. In fact, I remember a Reuters story I think earlier this year that the headline was "IMF Pushes for Increased Social Spending in Pakistan." And then finally, at least I was told, according to World Bank statistics, these Madras schools account for seven-tenths of one percent of school enrollment.
QUESTION: Going back to this group of experts, I would like to know how do they work. What would be the outcome of their participation? MR. DAWSON: It`s clearly advice for both the authorities as well as the Fund. This is part of our learning process and our openness to ideas. I note in the context of Argentina several months ago, we had a seminar of leading economists from around the world on advice on Argentina that came in and met with senior Fund staff. So this is part of a learning, getting advice. We don`t think we have a monopoly on ideas, and it`s to advise both parties.
I`ll try to get you some information on the experience under Indonesia. That was simply an example. There have been other cases, sometimes more publicized, sometimes less publicized, of outside advisers assisting countries and the Fund, in the context particularly on monetary issues.
QUESTION: Did they advise to Mr. Singh?
MR. DAWSON: I believe Mr. Singh probably was involved at that point on the mission. He certainly was in the Asia Pacific Department at the time, yes. I mean there`s a little confusion as to when the advice was. I recall some advisers as early as 2001. I think there were a number of times in the context of Indonesia in particular, where advisers came in. We will get you some more information on that. But as I say, it`s not unusual for us to do that. In its own way it is a natural extension of technical assistance that we provide to countries, and quite often, technical assistance in the monetary area consists of former Central Bank Governors and senior staff going in and advising the authorities, and for that matter, advising the Fund.
QUESTION: Can we have a comment about the reaction from the staff?
MR. DAWSON: I checked that this morning. It is complete astonishment about that, because this is something that is accepted. The Fund staff actually look forward to getting the advice of these people. I mean we have regular training programs, seminars, outside experts coming in to talk on a wide range of subjects. So I think, frankly, that story, as far as I can tell, and I`ve talked to people involved, has absolutely no foundation.
QUESTION: Just to clarify, when is the next mission going to Buenos Aires and what specifically will it be dealing with? Could you set the date please?
MR. DAWSON: We have at least four subjects for missions plural, so I can`t give you a particular date when they`re going, but it is quite shortly, but there will be likely multiple missions there at a given point in time.
QUESTION: So this week then?
MR. DAWSON: I`m not sure how the holiday affects that, but certainly by next week. There might even be some mission people there now. I have no heard of anyone going over the weekend though.
QUESTION: How many people do you expect to be on this committee?
MR. DAWSON: On the advisers?
QUESTION: Yes.
MR. DAWSON: I don`t know. I honestly don`t know. I mean, you know, one or more is all I can answer.
QUESTION: And if I can just follow up. Some people have cast this as a sign that there is a deadlock between the IMF and Argentina on the issues of which this committee will be discussing. How do you respond?
MR. DAWSON: Well, I`m not sure I would describe it as a deadlock. We have been very open about the idea that there are differences of views about how the monetary anchor can contribute to the stabilization and growth of the economy, and how the banking system can be made to be more functional. So I mean I`m not sure I would call that an impasse or a standoff, but there certainly are different views, and we and the authorities have been very open in discussing that.
QUESTION: I was interested in the point of the independence and the central bank, why this has become a so much important issue? Why did Köhler link it to the trust on the government, the importance that the central bank being independent. You could develop a little bit more that point.
QUESTION: I think our views on central bank independence are well known and they come up in a number of country contexts, so it is not a specific Argentine point in that regard, in that we do find central bank independence quite usually contributes to a sounder monetary policy, greater competence in economic policy generally, and while I`m sure the econometric studies are under way, I think our view is also it`s likely to lead to better results, better performance results. So it`s in that context that we mention that, but it is I think a general view of the Fund for which we are well known and for which occasionally we even have some critic saying that we put too much emphasis on that, but I don`t think that`s our view.
QUESTION: I have a follow up. You know there has been a discussion in Argentina about the immunity that the Central Bank President or Chairman and Directors have to have. Is this linked to that discussion also?
MR. DAWSON: I mean our views on central bank independence are far wider than just that particular issue. I am certainly aware of that issue. I suspect it fits under it, but that is—I don`t think that recent issue over immunities would have led us to have this view on central bank independence. We have that with regard—as a view more generally. It`s come up, for example, recently, in the context of countries such as Poland and Israel. I mean it is not a—it`s an issue and a position which the Fund has well-established views.
I think the immunity fits under the panoply of the issue, but it is an issue that we feel strongly about, and so the issue of immunity or not immunity—is not what led us to take our position on central bank independence.
QUESTION: You mentioned last time that there`s about a billion dollars left in the current program. What`s the time length for consideration for the next disbursement?
And separately, is it fair to say that any expansion, augmentation or introduction of a new program for Brazil would have to await the formation of a new government at this point?
MR. DAWSON: I mean that`s a hypothetical question.
Well, let me get on the first part of the question. That is the amount left, as I recall. The agreement expires toward the end of this calendar year, I think in October, unless I`m mistaken. And that is the timeframe over which the remaining money would be available. As we have indicated, the Brazilians` performance under the program has been very strong, very resolute, bold, and I think we have continued to have a high degree of confidence in the authorities` ability to manage their situation, and I don`t have a sense of your hypothetical question becoming less than hypothetical.
QUESTION: Associated Press. And I have a question on Ecuador. The new Finance Minister visited the IMF last week. Do you have any update on the Ecuador situation?
MR. DAWSON: Sure. The new Minister, Minister Arosemana did in fact visit the Fund. He indicated that his main priorities were to take the necessary measures to bring the fiscal position back to a sustainable path, and to work towards reaching agreement with the Fund on a program that could be supported by us as well as providing for a smooth transition to the government that will emerge after the coming elections, which I think are in October. The authorities are now working to prepare the necessary measures so that a Fund mission could travel to Quito and we would let you know when we do have a date in that regard.
QUESTION: Mark Egan with Reuters. There was a little run on the banks in Paraguay on Friday. I wonder do you have any comment on the situation there or how concerned the IMF is?
MR. DAWSON: I mean I certainly know that we have been following developments in Paraguay quite closely. They obviously are affected by their large neighbor to the South, South and West I guess also. But I don`t have any more details on Paraguay, and I think we could provide some guidance for you later on.
QUESTION: Another question on Argentina. The negotiations have been fairly tense, and the situation there is pretty tense. The press there has at various times labeled different people as the villain, including Mr. Singh and Ms. Krueger. This weekend the villain du jour was the Managing Director with members such as Ms. Krueger and Mr. Singh being interceding on Argentina`s behalf as well as Paul O`Neill and even Alan Greenspan, according to the one report. Can you give us a feel for how the negotiations went? Was there this tension? Did these people intervene on behalf of Argentina with the Managing Director to sort of soften his stance?
MR. DAWSON: I was on the fringes of these meetings, and I saw the Minister a couple of times, and I sensed no tension. In fact I sensed progress, and I sensed quite a sense that the visit had been quite successful, and indeed the fact that the Minister extended his stay and they were able to work out a plan of action, I think was quite positive, and as I say, they stayed over and wound up having lunch on Friday, and agreeing on this course of action. So I don`t think that`s an accurate characterization, although I don`t disagree that there does seem to be a villain du jour tendency in a number of these cases, but there`s usually only one institutional villain.
That`s it? Oh, Mr. Sitov, I`m sorry. I meant to call on you at the beginning.
QUESTION: Sure, the obligatory region of interest. I`m interested in two recent missions, one to Russia and one to Uzbekistan. In terms of Russia, the mission coincided with some spirited debate in Russia about the budget, so I`m interested in the views of the Fund on the new Russian budget, and the financial situation in general.
MR. DAWSON: On Russia, we did in fact have a staff team in Moscow from June 13th to the 25th to discuss the macro performance as well as the draft 2003 budget. The macro developments in 2002 are broadly in line with authorities` targets. Inflation has come down to 16 percent year on year and the authorities targets are 14 percent for the year end, seems attainable. In terms of the budgetary targets, I don`t have great detail for you, but the overall expenditure limits seem not to have been increased relative to the overall budget, and revenues are certainly in line with projections I think overall. Prospects remain strong and the goals set forward for 2003, which would be inflation in the range of 10 to 12 percent, growth around 4½ percent, and a budget surplus of slightly less than 1 percent of GDP, all seem attainable. So I think it was considered—performance is considered to be continuing to be quite strong.
QUESTION: To stay with Russia for a moment, were there any signs that the capital is starting to return?
MR. DAWSON: There certainly are signs of the capital flight situation getting general. The question as to when the sign turns positive, negative and how you assess the, given the flows and given the ways the capital flight takes place, it`s not like there`s an entry item in the balance of payments that says capital flight. It appears in a number of guises. But certainly there are indications that increased confidence—there is increased confidence in the economy and that money is not flowing out in the fashion that it was, and indeed by many measures it is returning.
With regard to Uzbekistan, we have a staff monitored program which is trying to establish something of a track record that would allow a program to go forward in the future. We could give you some more information on that, but that is basically where we are, with a staff monitoring program. The purpose of that is, in cases such as Uzbekistan, to try to establish a track record that might then provide for a program that could include the financial support.
QUESTION: But the program was concluded prior to the mission, right? Did you decide on a new one?
MR. DAWSON: No. We are still assessing, and we will basically have to see if it was fully implemented basically.
QUESTION: So the assessment is not yet over?
MR. DAWSON: Correct.
QUESTION: And I`m sorry, but to stay with Russia for just a little bit more, I have had two people, one from the World Bank, one from the Russian Government, tell me in recent weeks that they see the signs of—encouraging signs of capital returning. I`m sure the Fund`s people looked into that.
MR. DAWSON: I think we don`t disagree with that. I mean clearly capital flight is an important indicator of confidence in an economy, success of reform programs. And it is quite clear that the net capital outflows have been reduced. The question was sort of—I think your question was more has it been reversed, and I don`t think that we quite have that evidence, but clearly it is far lower than it was previously, and this is a very positive sign. That`s not optimistic enough for you?
QUESTION: No, it`s not a matter of optimism. What I am trying to see is if there is a pattern here that the Fund normally has for such situations. For instance, the Bank person was saying that you need to have your own money come back before you can expect any major international investment happening.
MR. DAWSON: That`s true.
QUESTION: But that seems to be a little different.
MR. DAWSON: No. That`s absolutely right. I think it is entirely consistent with what I said. It is the indication of people`s confidence is when domestic money comes back.
QUESTION: Right. And the situation that we see now, does that bear out this general scenario or is it different from this general scenario?
MR. DAWSON: I think it bears out the general scenario. I`m not sure what the distinction is. We agree. We agree completely.
Two last questions, back here and then here.
QUESTION: I believe it was about a month ago that Mr. Köhler suggested that a loan agreement for Argentina could be reached by the end of July. I would assume with all of these multiple missions, that timetable has slipped?
MR. DAWSON: We are working as urgently and quickly as possible. We have not set a deadline. He was in fact responding to a question, is it possible that it be reached by the end of July, and almost anything is possible, and certainly at that point it was possible. But the progress has not clearly been as rapid as we had expected and hoped for, but I think we now have some new momentum with the authorities, and we are going forward in that. But I am not going to be predicting a particular date for you at this point, but we are entering into a period of every activity and we`re hopeful that it will be done as quickly as possible, and we are—there is no shortage of resources being devoted to this.
QUESTION: Some experts are speaking about the danger of a financial crisis in Latin America. Do you still think there is no contagion at all, on Uruguay, maybe Paraguay?
MR. DAWSON: The markets are nervous. There is no doubt about it. But the contagion is word that is viewed, for example, in the context of 1998 and what happened globally between regions, for example. We don`t see any indication of that at this point. Markets are certainly nervous. Uruguay is perhaps the most obvious example, Paraguay as well. There is no doubt that at times markets have sympathy spill overs from country to country and indeed from region to region, but we do not see this as a contagion in the sense of which that phrase has been used in recent history. And we think that markets do in fact differentiate quite strongly among countries, and the fundamental judgments that markets are making about countries, and if we deal with the Latin American region, I made this point the last time, and I will repeat it, is markets fundamentally are judging the prospects and the performance and the policies interested individual countries. And I think the markets` judgments of what goes on in Brazil are fundamentally based on Brazilian policy and performance. Similarly, Mexico, Chile, the others.
In the case of Uruguay, which you cited in your question, clearly is an example where there is an element of contagion. There is no doubt about that, but I think the word "contagion" has a meaning from the sort of 1998 time period, and we do not see that at this point.
Thank you very much. We will lift the embargo at 20 minutes after 10:00.
[Whereupon, the press briefing was concluded.]
Transcript of a Press Briefing
By Thomas C. Dawson
Director, External Relations Department
International Monetary Fund
Tuesday, July 2, 2002
Washington, D.C.
View this press conference using Media Player
MR. DAWSON: Good morning, everyone. I`m Tom Dawson, Director of External Relations at the IMF and this is another of our regular press briefings. We have our normal ground rules. The briefing is embargoed until about 15 minutes after conclusion, and we`ll set the precise time at that point. And in observing good decorum, would you please identify yourselves and your affiliation when you ask questions?
When we last met on June 19th the Fund`s Executive Board had just completed the latest review of Brazil`s performance under its standby arrangement. Since then interest in the Fund has continued to center on our relations with a number of emerging market member countries. You will have seen in recent days Fund Board approval of lending to Indonesia, Turkey and Uruguay to support those countries` economic programs. As the Managing Director, Mr. Köhler, announced last Friday, we are in an act of negotiating a situation, relationship with another member country, Argentina. Let me just briefly explain what this means.
Following the progress in our discussions last week with Minister Lavagna and his team, we expected over the coming days and weeks a number of Fund staff missions, rather than a single grand negotiating mission, will travel to Buenos Aires. They will focus on finalizing the fiscal framework, addressing critical problems with the banking sector, developing an effective monetary anchor for the Authority`s economic program, and reinforcing central bank independence.
The Managing Director is a making a number of public appearances this week. Yesterday he addressed the high level meeting of the UN Economic and Social Council, ECOSOC, on the role of the Fund in the IMF and the Global Economy, and a copy of his remarks is available on our website. On July 3rd, tomorrow, he will speak at a press conference at the Bundesbank at the invitation of Bundesbank President, Mr. Eichel and the International Club of Frankfurt Economic Correspondents. That is—I will be there—an on-the-record but embargoed press conference, but I`m sure your affiliates in Frankfurt are aware of that already. On July 4th he will speak on the IMF in the Process of Change before the U.K. Treasury Select Committee in the House of Commons in London. And on July 5th he will speak on Reform of the International Financial Architecture at the Central Bank Governors` Symposium at the Bank of England Conference Center. The July 4th and 5th remarks will also be posted on the Web.
Finally, you have seen a story in today`s "Washington Post" about a discussion that took place at the World Bank last Friday between the IMF`s Economic Counselor, Ken Rogoff and Joe Stiglitz, the Bank`s former Chief Economist and now of Columbia University. I do not have any comments on the discussion which was on Mr. Stiglitz`s new book, Globalization and its Discontents, partly because it was off the record and partly because I wasn`t there. We are, however, posting a statement by Mr. Rogoff, on the book Globalization and its Discontents later this morning, and we will also be posting later this morning a speech that I gave on June the 13th to the MIT Washington Alumni Chapter, who had asked that the Fund respond to comments that Professor Stiglitz had made about the Fund at a previous meeting of the MIT Washington Alumni Chapter. So those comments will also be posted on the Web, I think around 10:30.
And with that, I am happy to take any questions that anyone may have.
QUESTION: Heather Scott of Market News. Can I ask the obvious question? Is the mission going to Argentina this week and what type of mission? What kind of discussions are they going to be having? Have they made progress towards starting formal negotiations?
MR. DAWSON: Well, this is a negotiating process. We expect a number of staff missions to go, so I don`t think one should be focusing on the arrival of a particular mission. There is a great deal of work to be done. It`s going to be done intensively, and I think the missions will be there on a more or less continuous basis for the coming weeks. So as specific missions go, I suspect either on the Buenos Aires end or on the end up here, there will be comments about whether it`s an MAE mission or a fiscal mission or Western Hem mission, but we will, as usual, confirm those developments. But again, I do not focus on a particular mission. I think the fact is that the activity and the relationship is going to be going on at quite an intense level across the board.
QUESTION: Mark Egan with Reuters. You guys are certainly couching developments with Argentina as positive. And yet those of us who follow the situation, you know, looked at that statement. We saw the two legal issues that were resolved, but they had largely been resolved before. We saw—we had heard management say that they were pretty happy with them. They needed to look at the fine print, so they had assumed that those issues were going to be fine. You also said that the Minister, who was offering further progress on fiscal issues, he`s been doing that for quite some time.
MR. DAWSON: I disagree with every one of your premises in that regard. We had in fact questions regarding both the issues in the legal area as to whether there were movements to repeal or otherwise nullify the changes in the laws. It is only recently that we were assured that those efforts were not proceeding and had a strong commitment from the government that they would be opposing them. Secondly, on the fiscal side, there were letters of intent, to use a paraphrase, that existed before. The indications from the Minister were on implementation agreements which are the details. So those were steps forward in each of those areas.
QUESTION: And the four areas that were pointed out as the major ones, have been, roughly speaking, of primary concern for quite some time. So we were wondering what substantively and specifically changed.
MR. DAWSON: Again, you`re wrong about that. We had indicated those three areas were in fact what were needed to be able to go forward on the negotiating process. Those precise three areas have been satisfied exactly according to the fashion in which we`ve identified for probably a couple months now, at least 5 to 6 weeks.
QUESTION: The Minister also said on Saturday in a radio interview with Argentina that he was not interested in changing monetary products or foreign exchange products. And then the President on Sunday said that U.S. ignorance and a preference to giving money to the Middle East was his biggest hurdle. I wonder if you can respond to that?
MR. DAWSON: I have absolutely no response on that latter issue since it`s not directed toward the Fund. The authorities understand fully that we have concerns on the monetary program, the need for it to develop an anchor, and we are pursuing that along with a number of other related issues, the banking sector and so on, that are going forward. That is the reason that—that`s going to be the subject matter of the missions that go down, and I would also note what was noted in the statement, the Managing Director`s statement on Friday as well, that we and the authorities are looking at a possible selection of an expert, group of experts, to advise on the monetary policy issues.
In that regard, to perhaps preempt a question that may be coming forward, yesterday I read that this idea was unprecedented and the initiative of the Argentines, and this morning—I read this in Argentine Press—that this idea was an idea of the Fund management opposed by the Fund staff. Now, it`s hard to have both stories be true. Let me tell you the truth is indeed that it was a recommendation idea from the Fund management, and it is also not unprecedented. I would cite Indonesia in 2001 when there was an outside group of experts to handle much the same issue, headed by Don Brash I think the Governor of the Reserve Bank of New Zealand, along with Mr. Zahler, Governor of the Central Bank of Chile. So it is not an unusual or unprecedented step to go forward in this regard.
QUESTION: Do you know who`s going to integrate this commission of experts?
MR. DAWSON: No, we do not have information as to who it would be. There`s been quite a bit of speculation in the press, and in looking at least at those names, I`m reasonably certain that each of them is somebody that somebody has thought of, but to my knowledge—and I`ve asked quite recently—no decisions have been made.
QUESTION: Can I follow up? Who`s going to choose them?
MR. DAWSON: I think it will be something that the authorities and we would work up mutually.
QUESTION: And a final one. What`s going to happen with the payments that Argentina has to make to the Fund next month?
MR. DAWSON: The authorities indicated that they expect to exercise provisions under the Supplemental Reserve Facility which allow a postponement of one year on the original payments coming due, and I think we will deal with that issue when it comes forward. The SRF facility is designed precisely with that option in mind. And as I`m sure you`re aware, we`ve already done that with regard to some payments.
QUESTION: Los Angeles Times. Can you say anything about the context of the discussion last Friday, who arranged the debate and who was invited and what the purposes was?
MR. DAWSON: It was an initiative that came in the most immediate sense from the Bank, in other words, that they were planning an event with Stiglitz, but they—but from the outset, at least as far as I can tell, they asked us to participate, and we agreed with that.
QUESTION: So it was a World Bank event?
MR. DAWSON: Yes. I mean it was open to all World Bank staff and Fund staff, as a matter of fact, and it`s my understanding that it was video-streamed to the Bank staff on a live basis. We did not have that technical capability here but I the Fund staff have been able to look at it.
QUESTION: Were there any outsiders invited?
MR. DAWSON: I honestly do not know. I am aware that some press attended on an off-the-record basis. I don`t know whether you consider yourselves outsiders or not.
QUESTION: Apparently from the description in the newspaper today, the discussion got rather heated, and there was a comment from a World Bank economist criticizing Rogoff for personal attacks. Has Mr. Rogoff had any comments with Mr. Stiglitz since then? Have there been any apologies or will there be any apologies?
MR. DAWSON: I can`t imagine why there would be an apology. I would just suggest that you read the book, and if you want to know what personal attacks are, you will find a lot of them in the book, and I think the Fund has been remarkably restrained, as the Post article sort of gave us credit for this morning, in not responding previously. But a number of the comments in the book I think are absolutely outrageous, and some of Mr. Stiglitz`s personal comments that he has made in promoting his book, I think are similarly outrageous.
I will just cite one from last week on WAMU on June 26th, the Diane Rehm Show, with Susan Page hosting it, in which Mr. Stiglitz essentially says that the Fund has promoted terrorism in Pakistan by cutting educational spending there. It`s an absolute lie. He knows it, and I would expect he would apologize. We can make the transcript available. But those sorts of comments, I think it`s not surprising that they get a response. Let me read his actual answer. The question was—the phone-in question had to do with, wouldn`t it be a good idea to promote, quote, "American style schools in Pakistan?" And his answer was, "Thank you. I think there are two interesting points I want to raise. First, you are right that there are strong austerity programs that are often imposed by the Fund that have consequences that go beyond macroeconomics. In the case of Pakistan there were strong austerity. It means that they couldn`t spend as much money on education, and that led to the fact that the public schools weren`t there, and the children were sent to these Madrasa schools with obviously some severe consequences. That kind of severe austerity that the IMF pushed, I document interested context of the book."
First of all, there is no reference whatsoever to this issue in Pakistan in his book. Secondly, there is absolutely no evidence that we did in fact counsel cuts in social spending in Pakistan. In fact, I think our record is quite clear. In fact, I remember a Reuters story I think earlier this year that the headline was "IMF Pushes for Increased Social Spending in Pakistan." And then finally, at least I was told, according to World Bank statistics, these Madras schools account for seven-tenths of one percent of school enrollment.
QUESTION: Going back to this group of experts, I would like to know how do they work. What would be the outcome of their participation? MR. DAWSON: It`s clearly advice for both the authorities as well as the Fund. This is part of our learning process and our openness to ideas. I note in the context of Argentina several months ago, we had a seminar of leading economists from around the world on advice on Argentina that came in and met with senior Fund staff. So this is part of a learning, getting advice. We don`t think we have a monopoly on ideas, and it`s to advise both parties.
I`ll try to get you some information on the experience under Indonesia. That was simply an example. There have been other cases, sometimes more publicized, sometimes less publicized, of outside advisers assisting countries and the Fund, in the context particularly on monetary issues.
QUESTION: Did they advise to Mr. Singh?
MR. DAWSON: I believe Mr. Singh probably was involved at that point on the mission. He certainly was in the Asia Pacific Department at the time, yes. I mean there`s a little confusion as to when the advice was. I recall some advisers as early as 2001. I think there were a number of times in the context of Indonesia in particular, where advisers came in. We will get you some more information on that. But as I say, it`s not unusual for us to do that. In its own way it is a natural extension of technical assistance that we provide to countries, and quite often, technical assistance in the monetary area consists of former Central Bank Governors and senior staff going in and advising the authorities, and for that matter, advising the Fund.
QUESTION: Can we have a comment about the reaction from the staff?
MR. DAWSON: I checked that this morning. It is complete astonishment about that, because this is something that is accepted. The Fund staff actually look forward to getting the advice of these people. I mean we have regular training programs, seminars, outside experts coming in to talk on a wide range of subjects. So I think, frankly, that story, as far as I can tell, and I`ve talked to people involved, has absolutely no foundation.
QUESTION: Just to clarify, when is the next mission going to Buenos Aires and what specifically will it be dealing with? Could you set the date please?
MR. DAWSON: We have at least four subjects for missions plural, so I can`t give you a particular date when they`re going, but it is quite shortly, but there will be likely multiple missions there at a given point in time.
QUESTION: So this week then?
MR. DAWSON: I`m not sure how the holiday affects that, but certainly by next week. There might even be some mission people there now. I have no heard of anyone going over the weekend though.
QUESTION: How many people do you expect to be on this committee?
MR. DAWSON: On the advisers?
QUESTION: Yes.
MR. DAWSON: I don`t know. I honestly don`t know. I mean, you know, one or more is all I can answer.
QUESTION: And if I can just follow up. Some people have cast this as a sign that there is a deadlock between the IMF and Argentina on the issues of which this committee will be discussing. How do you respond?
MR. DAWSON: Well, I`m not sure I would describe it as a deadlock. We have been very open about the idea that there are differences of views about how the monetary anchor can contribute to the stabilization and growth of the economy, and how the banking system can be made to be more functional. So I mean I`m not sure I would call that an impasse or a standoff, but there certainly are different views, and we and the authorities have been very open in discussing that.
QUESTION: I was interested in the point of the independence and the central bank, why this has become a so much important issue? Why did Köhler link it to the trust on the government, the importance that the central bank being independent. You could develop a little bit more that point.
QUESTION: I think our views on central bank independence are well known and they come up in a number of country contexts, so it is not a specific Argentine point in that regard, in that we do find central bank independence quite usually contributes to a sounder monetary policy, greater competence in economic policy generally, and while I`m sure the econometric studies are under way, I think our view is also it`s likely to lead to better results, better performance results. So it`s in that context that we mention that, but it is I think a general view of the Fund for which we are well known and for which occasionally we even have some critic saying that we put too much emphasis on that, but I don`t think that`s our view.
QUESTION: I have a follow up. You know there has been a discussion in Argentina about the immunity that the Central Bank President or Chairman and Directors have to have. Is this linked to that discussion also?
MR. DAWSON: I mean our views on central bank independence are far wider than just that particular issue. I am certainly aware of that issue. I suspect it fits under it, but that is—I don`t think that recent issue over immunities would have led us to have this view on central bank independence. We have that with regard—as a view more generally. It`s come up, for example, recently, in the context of countries such as Poland and Israel. I mean it is not a—it`s an issue and a position which the Fund has well-established views.
I think the immunity fits under the panoply of the issue, but it is an issue that we feel strongly about, and so the issue of immunity or not immunity—is not what led us to take our position on central bank independence.
QUESTION: You mentioned last time that there`s about a billion dollars left in the current program. What`s the time length for consideration for the next disbursement?
And separately, is it fair to say that any expansion, augmentation or introduction of a new program for Brazil would have to await the formation of a new government at this point?
MR. DAWSON: I mean that`s a hypothetical question.
Well, let me get on the first part of the question. That is the amount left, as I recall. The agreement expires toward the end of this calendar year, I think in October, unless I`m mistaken. And that is the timeframe over which the remaining money would be available. As we have indicated, the Brazilians` performance under the program has been very strong, very resolute, bold, and I think we have continued to have a high degree of confidence in the authorities` ability to manage their situation, and I don`t have a sense of your hypothetical question becoming less than hypothetical.
QUESTION: Associated Press. And I have a question on Ecuador. The new Finance Minister visited the IMF last week. Do you have any update on the Ecuador situation?
MR. DAWSON: Sure. The new Minister, Minister Arosemana did in fact visit the Fund. He indicated that his main priorities were to take the necessary measures to bring the fiscal position back to a sustainable path, and to work towards reaching agreement with the Fund on a program that could be supported by us as well as providing for a smooth transition to the government that will emerge after the coming elections, which I think are in October. The authorities are now working to prepare the necessary measures so that a Fund mission could travel to Quito and we would let you know when we do have a date in that regard.
QUESTION: Mark Egan with Reuters. There was a little run on the banks in Paraguay on Friday. I wonder do you have any comment on the situation there or how concerned the IMF is?
MR. DAWSON: I mean I certainly know that we have been following developments in Paraguay quite closely. They obviously are affected by their large neighbor to the South, South and West I guess also. But I don`t have any more details on Paraguay, and I think we could provide some guidance for you later on.
QUESTION: Another question on Argentina. The negotiations have been fairly tense, and the situation there is pretty tense. The press there has at various times labeled different people as the villain, including Mr. Singh and Ms. Krueger. This weekend the villain du jour was the Managing Director with members such as Ms. Krueger and Mr. Singh being interceding on Argentina`s behalf as well as Paul O`Neill and even Alan Greenspan, according to the one report. Can you give us a feel for how the negotiations went? Was there this tension? Did these people intervene on behalf of Argentina with the Managing Director to sort of soften his stance?
MR. DAWSON: I was on the fringes of these meetings, and I saw the Minister a couple of times, and I sensed no tension. In fact I sensed progress, and I sensed quite a sense that the visit had been quite successful, and indeed the fact that the Minister extended his stay and they were able to work out a plan of action, I think was quite positive, and as I say, they stayed over and wound up having lunch on Friday, and agreeing on this course of action. So I don`t think that`s an accurate characterization, although I don`t disagree that there does seem to be a villain du jour tendency in a number of these cases, but there`s usually only one institutional villain.
That`s it? Oh, Mr. Sitov, I`m sorry. I meant to call on you at the beginning.
QUESTION: Sure, the obligatory region of interest. I`m interested in two recent missions, one to Russia and one to Uzbekistan. In terms of Russia, the mission coincided with some spirited debate in Russia about the budget, so I`m interested in the views of the Fund on the new Russian budget, and the financial situation in general.
MR. DAWSON: On Russia, we did in fact have a staff team in Moscow from June 13th to the 25th to discuss the macro performance as well as the draft 2003 budget. The macro developments in 2002 are broadly in line with authorities` targets. Inflation has come down to 16 percent year on year and the authorities targets are 14 percent for the year end, seems attainable. In terms of the budgetary targets, I don`t have great detail for you, but the overall expenditure limits seem not to have been increased relative to the overall budget, and revenues are certainly in line with projections I think overall. Prospects remain strong and the goals set forward for 2003, which would be inflation in the range of 10 to 12 percent, growth around 4½ percent, and a budget surplus of slightly less than 1 percent of GDP, all seem attainable. So I think it was considered—performance is considered to be continuing to be quite strong.
QUESTION: To stay with Russia for a moment, were there any signs that the capital is starting to return?
MR. DAWSON: There certainly are signs of the capital flight situation getting general. The question as to when the sign turns positive, negative and how you assess the, given the flows and given the ways the capital flight takes place, it`s not like there`s an entry item in the balance of payments that says capital flight. It appears in a number of guises. But certainly there are indications that increased confidence—there is increased confidence in the economy and that money is not flowing out in the fashion that it was, and indeed by many measures it is returning.
With regard to Uzbekistan, we have a staff monitored program which is trying to establish something of a track record that would allow a program to go forward in the future. We could give you some more information on that, but that is basically where we are, with a staff monitoring program. The purpose of that is, in cases such as Uzbekistan, to try to establish a track record that might then provide for a program that could include the financial support.
QUESTION: But the program was concluded prior to the mission, right? Did you decide on a new one?
MR. DAWSON: No. We are still assessing, and we will basically have to see if it was fully implemented basically.
QUESTION: So the assessment is not yet over?
MR. DAWSON: Correct.
QUESTION: And I`m sorry, but to stay with Russia for just a little bit more, I have had two people, one from the World Bank, one from the Russian Government, tell me in recent weeks that they see the signs of—encouraging signs of capital returning. I`m sure the Fund`s people looked into that.
MR. DAWSON: I think we don`t disagree with that. I mean clearly capital flight is an important indicator of confidence in an economy, success of reform programs. And it is quite clear that the net capital outflows have been reduced. The question was sort of—I think your question was more has it been reversed, and I don`t think that we quite have that evidence, but clearly it is far lower than it was previously, and this is a very positive sign. That`s not optimistic enough for you?
QUESTION: No, it`s not a matter of optimism. What I am trying to see is if there is a pattern here that the Fund normally has for such situations. For instance, the Bank person was saying that you need to have your own money come back before you can expect any major international investment happening.
MR. DAWSON: That`s true.
QUESTION: But that seems to be a little different.
MR. DAWSON: No. That`s absolutely right. I think it is entirely consistent with what I said. It is the indication of people`s confidence is when domestic money comes back.
QUESTION: Right. And the situation that we see now, does that bear out this general scenario or is it different from this general scenario?
MR. DAWSON: I think it bears out the general scenario. I`m not sure what the distinction is. We agree. We agree completely.
Two last questions, back here and then here.
QUESTION: I believe it was about a month ago that Mr. Köhler suggested that a loan agreement for Argentina could be reached by the end of July. I would assume with all of these multiple missions, that timetable has slipped?
MR. DAWSON: We are working as urgently and quickly as possible. We have not set a deadline. He was in fact responding to a question, is it possible that it be reached by the end of July, and almost anything is possible, and certainly at that point it was possible. But the progress has not clearly been as rapid as we had expected and hoped for, but I think we now have some new momentum with the authorities, and we are going forward in that. But I am not going to be predicting a particular date for you at this point, but we are entering into a period of every activity and we`re hopeful that it will be done as quickly as possible, and we are—there is no shortage of resources being devoted to this.
QUESTION: Some experts are speaking about the danger of a financial crisis in Latin America. Do you still think there is no contagion at all, on Uruguay, maybe Paraguay?
MR. DAWSON: The markets are nervous. There is no doubt about it. But the contagion is word that is viewed, for example, in the context of 1998 and what happened globally between regions, for example. We don`t see any indication of that at this point. Markets are certainly nervous. Uruguay is perhaps the most obvious example, Paraguay as well. There is no doubt that at times markets have sympathy spill overs from country to country and indeed from region to region, but we do not see this as a contagion in the sense of which that phrase has been used in recent history. And we think that markets do in fact differentiate quite strongly among countries, and the fundamental judgments that markets are making about countries, and if we deal with the Latin American region, I made this point the last time, and I will repeat it, is markets fundamentally are judging the prospects and the performance and the policies interested individual countries. And I think the markets` judgments of what goes on in Brazil are fundamentally based on Brazilian policy and performance. Similarly, Mexico, Chile, the others.
In the case of Uruguay, which you cited in your question, clearly is an example where there is an element of contagion. There is no doubt about that, but I think the word "contagion" has a meaning from the sort of 1998 time period, and we do not see that at this point.
Thank you very much. We will lift the embargo at 20 minutes after 10:00.
[Whereupon, the press briefing was concluded.]
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