Jakarta (VNA) – Indonesia will not take loans offered by the International Monetary Fund to deal with the impact of the current global financial crisis, said a senior government finance officer.
“We will not use the IMF programme because the problem of overcoming the crisis is not on the balance of payment but on maintaining budget deficit,” State Minister for National Development Planning Paskah Suzetta was cited as saying by Antara news agency.
Indonesia ’s confirmation came in reply to the IMF’s earlier offer to give loans to developing countries including Indonesia five times higher than their earlier loans for three months. The IMF and the World Bank have also committed to giving a standby loan of 5 million USD to Indonesia .
State Minister Paskah said what the government would do was maintaining the national budget deficit through issuance of bonds. He added the country’s debt ratio was still below 30 percent and therefore the government would not increase its debts.-
Posts Tagged ‘IMF’
Indonesia says no to IMF aid offer
In Uncategorized on November 14, 2008 at 12:22 pmIMF says Cambodian economic growth to slow in 2009
In Uncategorized on November 8, 2008 at 2:32 pmHanoi (VNA) - Cambodia’s economy will grow by a modest 4.8 percent next year due to slowdowns in key sectors and a drop in foreign direct investment caused by the global economic crisis, the International Monetary Fund said on November 7.
After a robust start to the year, growth momentum eased over the course of 2008 and, more recently, the economy has begun to experience adverse effects from global financial stress, the IMF was quoted by news agencies as saying in a statement.
Foreign direct investment in 2009 is expected to be 25-30 percent lower than the 750 million USD the country has received this year.
Garment exports – Cambodia’s main dollar-earning industry – will weaken further, as will the tourism industry. Construction, which has benefited from a recent real estate boom, will also slow down “partly as a result of tighter global liquidity conditions,” the IMF statement said.
The country has enjoyed double-digit growth over the past few years, posting an annual average of 11.1 percent in the 2004-2007 period. However, IMF’s deputy division chief for Asia and Pacific Department David Cowen was quoted as saying that Cambodia’s economic growth this year would drop to around 6.5 percent, a similar projection to that given by the Asian Development Bank last month.-
