Indonesien - 500 Beiträge pro Seite

[Holger6]

kann mir jemand eine gute Seite empfehlen wo ich mich über Kurse indonesischer Aktien und Marktberichten informieren kann. wenn möglich in deutsch.
Indoexchange ist oft nicht erreichbar und sehr lahm.

[broker*709]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[broker*709]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[broker*709]

Viele kleine Schritte sind notwendig, dann wird es schon werden !

Was sagt Ihr dazu ?

Farallon completes first payment for BCA stake


JAKARTA (JP): A consortium led by U.S. investment firm Farallon Capital Management completed on Thursday the first stage of payment for acquiring the government`s 51 percent stake in Bank Central Asia (BCA).

Deputy chairman of the Indonesian Bank Restructuring Agency (IBRA) Soebowo Musa said that Farallon paid US$320.7 million for the first 30 percent stake in BCA, the country`s largest retailbank.

He said that for the remaining payment, Farallon would have until December 31 to complete it and the payment could be made in both the rupiah or American dollar.

Based on an exchange rate of Rp 9,905 to the dollar, the government expects to receive some Rp 5.3 trillion from the BCA sale.

"At the moment, BCA shares have been handed over toFarallon," Soebowo said.

The government nationalized BCA via IBRA in the wake of the 1998 regional financial crisis. Under an economic reform program sponsored by the International Monetary Fund, the government mustgradually divest its ownership in BCA as well as in other nationalized and recapitalized banks, not only to raise cash tohelp plug state budget deficit, but also to accelerate the recovery of the banking sector and to help revive investors confidence.

Farallon becomes the new owner of BCA after beating Standard Chartered Bank Plc during the last round of bidding process.StanChart had been previously tipped to win the bid mainly because of its strong experience in banking.

Nevertheless, the market has been reacting positively to the completion of the sale process with analysts believing it has been the prime factor in this week`s surge in the rupiah.

The stock market has also benefited from the relatively controversy-free process, as evidenced in the steady upward movement of its Composite Index.

However, the BCA divestment had also drawn opposition from part of employee, fearing the change of ownership would lead to major shake-ups in the bank, including massive lay-offs.

Brushing aside such concern, Soebowo guaranteed that there is no plans for massive lay-offs in the first two years, as stated in the Sales and Purchase Agreement (SPA).

"This does not necessary mean that they will immediately dismiss employee after two years," Soebowo added without elaborating.

Meanwhile, the government has placed Bank Niaga on its next divestment list in a process scheduled to be concluded in June.

Another banks to be followed include Bank Danamon, Bank Internasional Indonesia (BII) and the bank resulting from the planned merger of five banks under the supervision of IBRA.

The five are, Bank Bali, Bank Patriot, Bank Artha Media, Bank Universal and Bank Prima Express. (dan)

[broker*709]

Kennt jemand von Euch den RMC-Indonesia Fund ?


Die Trends der vergangenen Monate setzen sich im neuen Jahr fort. Die kurzfristige Wertentwicklung ist dabei über die meisten Morningstar Kategorien positiv. Doch nach oben sowie nach unten gibt es Ausrutscher.

Die Performance der verschiedenen Fonds weist im ersten Quartal große Unterschiede auf. Am meisten brachte die Kategorie Aktien Asien ohne Japan. Der Durchschnitt aller hier gelisteten Fonds legte in den ersten drei Monaten um rund 15,5 Prozent zu.

folgt die Kategorie Rohstoffe und Ressourcen. Im Gegensatz zu den meisten anderen Sektorenfonds betrug hier das Plus 15 Prozent. Mit 13,2 Prozent folgen die Fonds aus der Kategorie Aktien Osteuropa mit einem Wertzuwachs von 13,2 Prozent.

Doch wo Licht ist, ist auch Schatten: Mit den Branchenfonds aus dem Gesundheitswesen verloren Anleger durchschnittlich 7,8 Prozent während der ersten drei Monate. Nicht viel besser erging es den Fonds aus der Branche Technologie, Medien und Telekom (TMT): Ein Minus von 7,4 Prozent ist hier zu beklagen.

An dritter Stelle liegt eine Kategorie, die zunehmend in den Fokus der Anleger gerät: Aktien Euroland Nebenwerte. Die Fonds mit den kleinen Titeln erlitten einen Verlust von 6,6 Prozent. Erstaunlich ist, dass die entsprechende gesamteuropäische Kategorie, Aktien Europa Nebenwerte, mit 2,3 Prozent im Plus liegt.

Über alle Kategorien hinweg wären in den vergangenen drei Monaten sogar über 50 Prozent Plus drin gewesen: Der Dresdner RCM Indonesia Fund hätte es möglich gemacht. Von den zehn besten Fonds dieses Zeitraums investieren zwei in Indonesien, drei in Korea und: vier im Goldsektor.

Damit konnten die Goldfonds ihre gute Performance kurzfristig weiter ausbauen. Grund: Der Goldpreis erklomm zuletzt wieder neue Höchststände.

Ein Musterportfolio aus den zehn besten Fonds des ersten Quartals ergibt eine gefährliche Mischung. Das Morningstar X-Ray zeigt unter anderem:

- Der regionale Fokus liegt mit über 38 Prozent in den Schwellenländern, gefolgt von den asiatischen Tigerstaaten mit knapp 37 Prozent. Der Europaanteil liegt unter einem Prozent, Japan fehlt völlig, und in den USA liegen lediglich 9,5 Prozent des Kapitals.
- Durch die zahlreichen Fonds aus einer Kategorie gibt es erwartungsgemäß eine hohe Quote von Aktienüberschneidungen bei vielen Produkten.

An den grundsätzlichen Bedingungen für eine erfolgreiche Depotzusammenstellung hat sich nichts geändert. Wer auf die kurzfristigen Sieger setzt, geht erhöhte Risiken ein. Ein gutes Portfolio setzt sich zum Großteil aus sogenannten Basis-Investments zusammen, die durch Regionen-, Branchen- oder Sektorenfonds ergänzt werden können.

Bei schwankungsintensiveren Anlagen empfehlen sich langfristig Sparpläne.

Das Wichtigste ist jedoch die Diversifikation, die Aufteilung des Vermögens auf verschiedene Wertpapierarten, Regionen, Unternehmensgrößen und Anlagestile. Mit einem breit aufgestellten Depot sind zwar nicht 50 Prozent in drei Monaten möglich dafür aber ist die Gesamtanlage wesentlich weniger risikobehaftet.

[broker*709]

Mal sehen was bei den Verhandlungen mit dem Pariser Club defintiv herauskommt ?!

Paris Club meeting set to affect rupiah
Friday, April/5/2002 11:35:21 GMT+7.

Bank Indonesia Governor Syahril Sabirin has said the upcoming meeting of the Paris Club will have a positive impact on the rupiah, particularly if the forum agrees to reschedule Indonesia`s debt repayments.
"The meeting will affect the rupiah. The optimistic statement made by Finance Minister Boediono that the Paris Club will support the government has already affected the rupiah.

"If this happens, there will be a more positive impact on the rupiah," Syahril said.

Indonesia is planning to seek an extension of the repayment of $5.5bn in foreign debt principal and its interest between April 2002 and December 2003, when the Paris Club meets on April 8-11.

"I am more optimistic now, because we have met them and we have explained our problem and our need, and it seems that they understand it," Boediono said.

The government, Syahril said, should be able to convince member countries of the Paris Club that rescheduling is really necessary.

Indonesia needs to reschedule Rp27tr ($US2.8bn) in foreign debts for fiscal year 2002.

In a Paris Club meeting in Paris last year, Indonesia was able to reschedule $5.8bn in debt principal.

Other than the Paris Club meeting, the rupiah`s exchange value had also been influenced by the government move to privatize several banks, including the BCA, he said. Political and security affairs, however remained important aspects that influenced the rupiah`s exchange rate.

[laigueglia]

@broker*709
....den Fonds kenne ich.

Ist wahrlich ziemlich gut. Im Vergleich mit den übrigen im Angebot befindlichen Fonds weisst er langfristig die beste Performance auf und der verantwortliche Manager ist seit nunmehr bald 10 Jahren (Auflegungsdatum) ein und derselbe.

Jedoch: Der Dresdner RCM Indonesia Fund ist extrem volatil, spiegelt den Index nicht unbedingt wider, hat dafür aber i.R. in Boomphasen eine gehörige Outperformance.

Ich finde es eine ideale Angelegenheit, um den indonesischen Markt zu spielen, da dass mit den in D angebotenen Aktien so gut wie unmöglich ist (zu geringe Umsätze etc.).

Nähere Infos finden sich auf der Homepage des DIT oder bei morningstar

[broker*709]

Jetzt nur noch 20 Jahre warten und Indonesien steht wieder gut da !

Paris Club reschedules Indonesian debt


JAKARTA (Agencies): Indonesia has struck a deal to reschedule US$5.4 billion in sovereign debt, the Paris Club of international government creditors said in a statement from Paris Friday (early Saturday Indonesian time).

Under the deal, Indonesia will repay the money over the next 20 years. The move follows an agreement three months ago between Indonesia and the International Monetary Fund on a new economicreform program, AP Dow Jones reported.

The Paris Club said the rescheduling would boost Indonesia`s efforts at economic reform, though it underscored the importance of attracting private sector investors.

Indonesia is in a debt trap. Huge interest costs ongovernment bonds, issued to rescue the financial system after it nearly collapsed in 1997-98, mean its budgets are likely to remain in deficit for years to come. Indonesia`s total debt stands at about US$ 140 billion.

In a statement, the Paris Club said it has agreed to reschedule US$ 5.4 billion of the US$ 7.5 billion in debt payments falling due before the end of 2003.

Under the agreement, ODA loans - largely soft credits from lenders like the World Bank - will be repaid over 20 years, including a 10-year grace period. Commercial loans are to berescheduled over 18 years, with a five-year grace period.

The Paris Club said the rescheduling leaves Indonesia repaying a maximum of US$2.7 billion for the period covered by the agreement, between the beginning of April and the end of 2003.

As part of the deal, Indonesia has promised to seek similar rescheduling terms from other creditors, notably the London Club of non-government lenders.

Friday`s deal was Jakarta`s third since Indonesia, the world`s most populous Muslim country, was hit by the Asian economic crisis in the late 1990s and was the first to cover interest as well as principal on some of its $140 billion debts.

"We think the terms we have got are much better than what we got in previous Paris Club rounds," Indonesia`s Chief Economic Minister Dorodjatun Kuntjoro-Jakti told reporters in Paris asreported by Reuters.

"We hope this will alleviate the pressure on the budget and balance of payments for this year and next but there are still uncertainties, notably the price of oil and the yen-to-dollar exchange rate," he said.

Jakarta needs the rescheduling to help cut its 2002 budget deficit, reduce balance of payment risks and ease local interest rates driven up by stubbornly high inflation.

Expectations that the deal would be reached had led to sharp gains in recent days on the Jakarta stock market.

Top creditors Japan and the United States have already said they expect broadly to support Indonesia in its efforts to restore its battered economy.

"The agreement represents a substantial positive contribution to the financing of the economic (recovery) program supported by the IMF," the Paris Club statement said as quoted by Reuters.

It said Indonesia`s debt service payments to Paris Club creditors over the period of the deal would not exceed $2.7 billion.

Under the restructuring, foreign development aid loans would be repaid over 20 years, including 10 years` grace. Other official foreign debt covered by the deal would be repaid over 18 years, with five years` grace.

Indonesian officials in Paris said they were keen to continue discussions to consolidate debt held with other parties in the run-up to an election in two years time.

"It`s much better that we try to consolidate everything in the run-up to the elections so that we can move to a more stable situation," Dorodjatun Kuntjoro-Jakti added as quoted by the newsagency.

[broker*709]

Wie neues vom IMF - Indonesien wird auch positiv erwähnt !

Transcript of a Press Briefing
by Thomas C. Dawson
Director
External Relations Department
International Monetary Fund
Friday, April 12, 2002

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. As usual, the briefing is embargoed until about 15 minutes after conclusion. We`ll set the precise time at that point.

Though you know I would never, ever limit questions, or answers, at my briefings, we did call this briefing primarily to assist you in the preparation of stories ahead of the April 20-21 meetings of the IMFC, International Monetary and Financial Committee, and the Development Committee here in Washington.

Media Relations briefed television networks on logistical matters this morning, and any logistical questions by the print media should be directed to our Media Relations Division. Logistics are their job, and I don`t think I can help much on that.

The tentative schedule of events is posted on our website, and you should refer regularly to the information there as well.

Before taking questions, let me briefly review the very busy week that we have ahead.

First, I would note the luncheon address at approximately 1:00 p.m. of the Managing Director on April 17th at the National Press Club here in Washington. He will take questions after the address, and this will be an opportunity for journalists attending the Spring Meetings to gain insights into some of the key issues facing the IMF and economic policymakers at this point.

The World Economic Outlook will be released on Thursday, April 18th. Ken Rogoff, the Fund`s Economic Counselor, will brief the press on the Outlook on Thursday morning. We`ve already circulated a note on embargoed access to the WEO.

Now let me turn to the broad agenda of the April 20 meeting of the International Monetary and Financial Committee, which is, of course, the policy guiding body of the IMF.

The IMFC will start meeting at the lunch hour on Saturday, and I expect we will conclude in the early evening with a press conference by Managing Director Kohler and Gordon Brown, Chairman of the IMFC and Chancellor of the Exchequer. They will review the IMFC Communiqué and take questions on the deliberations of the panel.

Broadly speaking, there will be discussions of the World Economic Outlook, a range of crisis prevention issues, and ongoing efforts to address poverty in the world`s poorest countries.

In the context of looking at the array of poverty and development issues facing the Fund, it`s anticipated that there will be a joint dinner of the IMFC and the Development Committee. The Development Committee, which meets on Sunday, April 21st, is the joint committee of the institutions and provides guidance to the Fund and the Bank on key development issues, and I believe the World Bank`s External Relations Unit can offer guidance on Development Committee questions.

The joint dinner of the IMFC and the Development Committee is an innovation that was introduced at the last meetings of the committees last November in Ottawa. The weekend meetings overall are part of the ongoing efforts of the Fund and the Bank to consult with our 183 member countries on issues of interest and to take stock of evolving operational matters.

Now let me take your questions. And proper decorum, identifying yourself and your institution. Thank you.

QUESTION: Do you expect any protests?

MR. DAWSON: Certainly given the events at meetings over the last couple of years, it would be prudent for us to be aware of the possibility and to take precautions. On the other hand, I think in terms of what we understand at the moment, while there may be some demonstrations planned in the Washington area, the days around, before, and after these meetings, we do not have a sense of the level of interest and activity regarding the institutions themselves.

On the other hand, of course, as I say, it would only be prudent for us to take appropriate precautions. But, frankly speaking, we do not expect anything like the events of two years ago, and probably not even like last year. I`m talking about the two Spring Meetings.

QUESTION: Is SDRM on the agenda of the meeting? And if not, why?

MR. DAWSON: SDRM, well, crisis resolution is indeed on the agenda of the meetings, and the SDRM is indeed one of the aspects, elements of the crisis resolution effort. So yes, indeed, it is certain to be a discussion item in the meetings, and we would expect to get some guidance from the Committee on how to proceed with the issue of sovereign debt restructuring.

QUESTION: A few weeks ago, you said that it was not planned that the SDRM would be at the agenda, so why suddenly does it--

MR. DAWSON: No, I don`t think that`s quite what I intended to say. I don`t expect decisions to be made on it. That is, I believe, what I was indicating previously. Certainly I expected that it would be discussed. I continue to expect it will be discussed, and I do expect that we will get guidance on how to further proceed. It is certainly an item that has attracted a great deal of interest. I would just note, without going into detail so don`t try to follow up too much. I was yesterday at a meeting of the IMFC Deputies, who meet 10 days or so before each meeting of the IMFC itself, and it was an item of discussion then in preparation for the meetings for this--for next weekend.

QUESTION: A follow-up on that. What would the couple of areas be that there are expected to be decisions and, you know, agreements, to sort of modify the Fund or, you know, change direction or modify direction? If you could sort of pinpoint one or two of them so that we can [inaudible] what the focal point is going to be. And then also if you could update us on the talks about this new loan with Indonesia.

MR. DAWSON: I`m sorry, what--

QUESTION: Indonesia.

MR. DAWSON: I`m not sure I am--we`ll get to Indonesia.

In terms of what to expect out of the meetings, I mean, change in the institutions is, of course, our nature. So, I mean, we`ll be reviewing what we`ve been doing the last few years in crisis prevention, and I think as we look at the record in terms of the recent difficulties in emerging markets, the lack of contagion and so on, that is something we took--we continue to take some comfort in. But we know that we have more work to do in trying to, you know, pursue our agenda on crisis prevention. And in terms of the crisis resolution, it is our belief, as presented by First Deputy Managing Director Ms. Krueger that in dealing with sovereign debt restructuring issues, there`s sort of a hole in the system where we think we need additional work, and we believe an additional mechanism.

I think the Committee will be looking at that and, as I say, will come to give us, I think, some guidance as to how to proceed on that.

We certainly are meeting at a time, compared to, say, last November, when we had the meetings, where the prospects for the global economy seem, as I think is generally known, don`t seem as worrisome as they did last fall. So, as a consequence, I think people will take stock of that and see what sort of guidance both to the institution and for our members in terms of the appropriate policies to be following at this point.

I should also note I skipped over one of the agenda items; also we`ll be discussing anti-money laundering and combating the financing of terrorism, which will also be an item on the agenda. And I think you can expect the IMFC to be expressing its view on that, as they did at the meetings last November in Ottawa. But in terms of a proposal for, radical reform of the institution, I think that`s not the nature of these meetings. The reality is we are a changing institution, and we are constantly evolving, and this is the semi-annual opportunity of our membership at the policy level to give us sort of a report card and some direction as to where they want us to go next.

QUESTION: [inaudible] next tranche [inaudible] negotiating a [inaudible] loan for Indonesia in addition to the one you already have?

MR. DAWSON: I will confess--

QUESTION: [inaudible] the Paris Club [inaudible] today so--

MR. DAWSON: That`s right, but I`m not sure I have any more.

We`ll get back to you. I`m not sure I have any more on that.

QUESTION: Your reaction to the Paris Club [inaudible]--

MR. DAWSON: That`s a logical follow-through to the conclusion of, you know, the review. Not to denigrate our friends in the Paris Club. The Paris Club agreements tend to be a lagging indicator of something the Fund has already done.

QUESTION: Could you tell us about, you know, if [inaudible] problems with some manifestation like other previous years? And what is the security measure that authorities in D.C. are taking?

MR. DAWSON: Well, certainly I don`t think you could expect us to go into the detail on security measures that will be taken. But I do think that the indications are that while there are a number of demonstrations planned, it would certainly appear that the bulk of the traffic discussing the demonstrations does not actually involve the Fund or the Bank. It tends to be other issues, anti-war issues, and so on.

So in that sense, we have an expectation of a lower level of activity, but we certainly--you will see, if you wanted to compare this to the meetings three years ago, I think you would see heightened security, but I don`t think you would see security of the nature that we had two years ago or maybe even last year.

QUESTION: It seems the Board will meet on Turkey on Monday.

MR. DAWSON: Correct.

QUESTION: Anything you`d like to say about that, and about last year`s negative growth rate [inaudible] minus 9.4, which is worse than expected? And is this a reason to revise this target?

MR. DAWSON: First of all, you are correct that the Board will be meeting--will be meeting on Monday for the review of the Turkish program. Broadly speaking, the Turkish program in terms of the performance objectives criteria appears to have gone really rather well. I think that`s been evidence supported by declines in interest rates, relative strength of the Turkish currency and so on. By those measures, the program remains on track. The government has followed through with the actions that were contemplated in the program.

You are correct also that the growth figures for the year 2001 were disappointing. They were lower than expected, and this is indeed something that we hope that, as confidence returns to the economy, that growth will pick up. So, indeed, you know, that is an area of concern, but I think we do recognize and commend the Turkish authorities` commitment and perseverance in implementing the program, and we think that has been the appropriate way for them to go.

QUESTION: Are you going to revise the targets?

MR. DAWSON: We will be discussing the targets this year. I believe in some areas it`s still only preliminary data for the end of last year, so I think that some of that will have to be taken into account at the next review. But I`m not aware of any changes in the targets. But, frankly, I have not looked--I didn`t look at the program paper today. I did go through the review of the work to date, and we`ll have a release, of course, on late Monday or early Tuesday. I think it`s the last of the Board items, so it may be a late issue in the day.

QUESTION: Mike Mussa, former chief economist here, has written a report for a think tank in town in which he`s somewhat critical of the IMF`s handling of the Argentine case, especially of the decision in August to extend money when he felt that that was a mistake.

Do you have any reaction to that, that assessment that he`s made? And, also, can you--will Argentina`s situation be discussed in these meetings?

MR. DAWSON: With regard to Mike`s paper, actually I did have the opportunity on the plane ride yesterday to read it in its entirety. And I think I would suggest that people read it in its entirety. I mean, I think it has a lot of interesting reading, a lot of views. He is, as I think you all know, someone who`s quite frank in his opinions, and I think from his point of view and with his views, this is quite a reasoned document. And he is certainly entitled to his opinions with regard to the August 2001 tranche, which, as you note, he did not support, or with regard to the decision to support Argentina at the beginning of 2001, which he did support.

So I think that there`s a lot to be read into that paper. He also deals with a number of the criticisms of the Fund`s approach to Argentina, gives a context with his point of view as to how that could be--should be viewed. And I think it`s another example of sort of interesting commentary that we certainly will reflect on.

Without revealing too many secrets, I would note that, you know--I mean, first of all, as I understood it, this paper was under preparation for some time, and Mike indeed was one of the outside experts that we consulted with a couple of weeks ago when we had the session with academics from various parts of the world to discuss options in Argentina.

So I would view his commentary as part of the range of responsible opinion, and we do not ever turn down advice, whether it`s solicited or unsolicited.

QUESTION: [inaudible question related to Argentina].

MR. DAWSON: I`m absolutely certain it will be not only a discussion in the corridor sense of the word but a discussion among Ministers. Indeed, the scenario going on in terms of the mission presently in Argentina was it has been--and we`ve noted this from the beginning--anticipated that the mission would return sometime shortly before the Spring Meetings, which would allow the Fund, management, staff, as well as our members, to use the opportunity of the Spring Meetings to discuss the situation. So it will be there.

It is not an agenda item in the context of `agenda item 3(c)` or something like that, but it is certainly going to be discussed.

QUESTION: Is it--I mean, there has been some hope that during the course of the meetings that there will be a statement by the Managing Director on Argentina that would at least leave the impression of whether a deal could be reached soon, maybe not details, maybe not, you know, whether there would be money attached or whatever, but just to say, you know, with the mission back we believe we can support a program. Is that a possibility over the weekend?

MR. DAWSON: I mean, first, you premised that by saying there`s been some discussion of that. I`m not aware of such discussion.

Now, on the other hand, I think I would find it rather difficult to imagine that at the wrap-up press conference of the IMFC that one of you enterprising journalists will not ask a question that would allow an answer to come forward along those lines. But it has not been part of a scenario that there was a plan to make a particular announcement at that time on Argentina, but it`s perfectly reasonable to expect that in the context of the meetings it will, as I said earlier to Marty`s question, not only come up but that, you know, we will give some sense of where we stand.

But to repeat from what I had said at previous briefings, the anticipation had been, assuming things go well, that sometime after the Spring Meetings an additional--a follow-on mission could go down. That would be to take it to the next step. Now, whether that is heralded by a formal announcement or not, we`re just simply not in a position to say.

QUESTION: Any comment on the situation in Japan?

MR. DAWSON: I don`t think I have an update at this point. I think it`s appropriate to ask that question, again, at perhaps the National Press Club or next Thursday when Ken Rogoff has his briefing. But I think I don`t have new developments on that, and I think that`s the kind of a question that I think is better off taken next week.

Back there?

QUESTION: Does the IMF have any concern about the current events in Venezuela? And what are--or what is the status of the IMF-Venezuela relationship?

MR. DAWSON: Obviously, we are concerned about the human developments down there, the loss of life and so on. In terms of the Fund`s relations with Venezuela, in recent time they mainly involve surveillance of economic developments. There is not a Fund-supported program.

Fund missions visited Caracas in December of last year, and, in fact, there`s a small team there at the moment to conduct reviews with the authorities that are carried on on an annual basis. And we would hope that these discussions could continue with the new administration, and we stand ready to assist the new administration in whatever manner they find suitable.

QUESTION: I`m just interested in when you said take it to the next level with Argentina, does that mean to sign an agreement to--

MR. DAWSON: No, no. I was quite clear in my previous statements. The next level would be a further mission to possibly start working on an actual letter of intent and that--I mean, we are sticking to the precise scenario that we had outlined several weeks ago, that this mission, which is a negotiating mission, would then break and come back and there would be consultations in a number of directions and levels at the time of the Spring Meetings, and then assuming things went well, the next step, the next level would be another negotiating mission that hopefully--hopefully; there`s nothing guaranteed on this--that would be able to start negotiating an actual draft letter of intent. And this is exactly the same scenario that the authorities have been--or "calendar" is the word they use--have been describing.

I would, by the way, direct to you the attention, the statement that Anoop Singh put out--was it Wednesday night?--Wednesday night, which may have missed some of you because it was rather late in the day.

QUESTION: Is there a time frame for this negotiation mission which will take off after the Spring Meeting?

MR. DAWSON: Which could take off, if all things went well, shortly after the Spring Meetings. That`s as precise a time frame as we could have.

I think maybe just a couple questions, a couple more.

QUESTION: On the protest, the meetings have been compressed for the first time. You`re meeting on the same day at the G-7, G-8 sessions, as opposed to the day before. Was there any thought that this--of expanding it out, since you`re not expecting that much of a protest presence here, to go back to that, or was that just--

MR. DAWSON: No, I`m not aware--there has been, I think--actually, there may be some benefit from the condensed time frame to, you know, getting focused on the discussions, focusing on discussing what is truly important, and maybe even shortening the length of some of the interventions.

Last question.

QUESTION: Could you tell us any comments about the mission in Buenos Aires, and if there are problems?

MR. DAWSON: No, I think we should just leave it with the statement that Anoop Singh put out on Wednesday, Wednesday evening, and I think we would expect that it is likely that there would also be a concluding mission statement from Mr. Singh before he leaves Argentina, which, according to our thoughts, would be sometime around the middle of next week. But I think we`d just leave it at that.

Thank you very much. We`ll lift the embargo at 10 minutes after 3:00. Thank you.

[broker*709]

Die Rupiah wird ja immer besser !

JAKARTA (AFX-ASIA) - Share prices are expected to open higher, extending
gains from yesterday due in part to the stronger rupiah, with the focus
likely to shift to second liners and dollar-sensitive stocks, dealers said.
They said momentum remains strong following the Paris Club debt
rescheduling but the upside for large caps is expected to be limited.
Yesterday the composite index closed up 10.568 points or 1.96 pct at 549.
838, off a high of 551.969, on volume of 2.6 bln shares worth 1.3 trln
rupiah.
The LQ45 index was up 2.553 points at 121.675.
Gainers led fallers 130 to 47, with 83 stocks unchanged.
The rupiah was at 9,350/9,365 to the dollar compared to yesterday`s close
of 9,405/9,415 per dollar.
"I think we may see second liners rally today given that the blue chips
have gone up a lot recently. Some stocks that you may never heard of may also
go up," Niaga Securities investment manager Achmad Subagja said.
He said the market may see profit taking at midday before rebounding
later.
Subagja said there are no other specific developments that should provide
strong leads today, but the continued gains of the rupiah should be
sufficient to boost the market, particularly companies with
dollar-denominated debt.
He added that with local investors still dominating the market, any
stocks that are up early on will attract more buyers later in the day.
"It is a matter of momentum. You may not really see fresh inflow of money
but more likely a switch of funds from one stock to the other," he said.
A foreign exchange dealer with a European bank said the rupiah may again
test the 9,350/dollar level today.
alo/tr

[broker*709]

Was sind das für Sachen ?

Programs in fifth LOI not to affect IMF`s loan disbursement: Minister


JAKARTA (JP): A Cabinet minister said on Friday that the failure of the programs mentioned in the fifth Letter of Intent (LoI) with the IMF, such as the issuance of "treasury bills" and the issue of shareholders` debts` settlement (PKPS), would notaffect the IMF`s loan disbursement.

"I am optimistic that there will be no problem if we have honestly tried to fulfill the LoI," Minister of Finance Boediono said as quoted by Antara.

Some programs might not have been implemented as scheduled in the LoI, he said.

But Boediono said he would explain this condition to the Washington-based financial agency due to the fact that there were some technicalities that were difficult for the government to tackle.

Meanwhile, head of the IMF`s representative office in Indonesia, David Nellor said the IMF executive board would hold a meeting this month for talks about the outcome of a review of its fifth LoI with Indonesia.

After the executive board meeting, Indonesia could get the next loan tranche by the end of April, he said.

The shareholders` debts` settlement issue would be among the agenda items of the IMF`s executive board meeting, he said.

The fifth LoI with IMF was signed by the Indonesian government last week. It mainly contained changes to some economic recovery programs.

Among the changes were finishing a plan to issue treasury bills and extending the period to settle the Bank Indonesia liquidity assistance from March 2002 to June 2002.

Asked about the government`s policy on tax amnesty, Boediono said it was needed but the government would make it effective within the next few years because it needed comprehensive preparations.

[broker*709]

Die nächste Tranche von 347 Mio US $ stehen vor der Auszahlung !

Gut so - was meint Ihr auf die künfige Entwicklung ?


News Brief No. 02/38
April 26, 2002 International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA



IMF Completes Fifth Review of Indonesia Program,
Approves US$347 Million Disbursement
The Executive Board of the International Monetary Fund (IMF) completed today its fifth review of Indonesia`s performance under a SDR 3.638 billion (about US$4.6 billion) Extended Fund Facility. This opens the way for release of a further SDR 275.24 million (about US$347 million) from the arrangement.

At the conclusion of Executive Board discussions on Indonesia`s economic program, Anne Krueger, First Deputy Managing Director and Acting Chair, stated:

"The completion of the fifth review under the extended arrangement between Indonesia and the IMF is based on the government`s strengthened performance under the program, and the Board granted the necessary waivers to complete the review. Market sentiment toward Indonesia has responded favorably to recent progress in policy implementation, while the global economic environment has also become somewhat more favorable. In implementing its 2002 program, Indonesia has a further opportunity to embark on a positive cycle of enhanced policy implementation and strengthened economic performance, which can lay the basis for sustained growth and reduction in poverty. There is no room for complacency in the current circumstances.

"In 2002, Indonesia aims at further significant fiscal consolidation and lower inflation, while continuing to pursue structural reforms to promote bank and corporate restructuring, and encourage investment and a return of private capital flows. Achievement of the 2002 budget will represent a significant step toward ensuring medium-term fiscal sustainability. Implementation of the automatic mechanism for adjusting domestic fuel prices and the ongoing efforts to strengthen tax administration constitute important elements of the program. However, Indonesia will need to meet further important challenges in order to be firmly established on the path of medium-term fiscal sustainability. These include further efforts to strengthen fiscal decentralization and contain its associated risks. Indonesia`s recent agreement on a successor Paris Club debt rescheduling has helped secure the external financing needed to support the government`s economic program.

"Financial sector reform remains a key element of the government`s economic program. The recent majority sale of Bank Central Asia (BCA) was a step toward returning ownership of the banking system to the private sector, and will be important for the government to build on this momentum, beginning with the planned sale of bank Niaga. Further improvements in state bank governance, and strengthened financial sector supervision, also remain essential elements of the bank reform agenda.

"Achieving the targets set for Indonesian Bank Restructuring Agency (IBRA) asset recovery in 2002 remains a key part of the economic program, given its role in promoting corporate restructuring and reducing the public debt. This will require a significant acceleration of IBRA loan disposal, progress in the sale of IBRA`s bank holdings, and more decisive action with respect to the chronic problems with non-cooperative bank owners. With respect to the latter, forceful implementation of the government`s new strategy for improving performance under the existing IBRA shareholder settlement agreements will send a needed signal of the government`s commitment to the rule of law, and help facilitate improved asset recoveries. Further progress is needed also in the areas of corporate debt restructuring, and on legal and judicial reforms, which remain critical to a sustained improvement in the investment climate.

"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. The program deserves the continued strong support of the international community," Ms. Krueger said.