Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

IMF rescue for Indonesia

Friday 31 October 1997 19:02 EST
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

The International Monetary Fund has announced a $23 billion emergency rescue-package - the second-largest in the fund's history - for Indonesia, with the United States and other countries preparing to provide additional billions of dollars.

The IMF itself will provide $10bn, the World Bank $4.5bn and the Asian Development Bank $3.5bn for the economic bail-out, announced Michel Camdessus, IMF managing director. Another $5 billion will come from Indonesian assets, he said.

The U.S. contribution in loans, if necessary, would amount to $3 billion and would come from the Exchange Stabilisation Fund; the source that President Bill Clinton tapped in 1995 to rescue the Mexican economy after its currency collapsed.

-AP, Washington

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in