Tuesday June 27, 2006

Indonesia to repay half of its IMF debt in advance

channelnewsasia.com :

Indonesian authorities have informed the International Monetary Fund of plans to repay in advance about US$3.7 billion in debt, half of its debt to the institution. According to Indonesia's original repayment schedule, it would have made its final repayment in December 2010 on the [USD] $11.1 billion-dollar line of credit which was extended in August 1998, during the Asian financial crisis.

Rodrigo Rato, the IMF's managing director, welcomed the announcement and commended the Indonesian authorities for their economic management over the past few years. Bank Indonesia governor Burhanuddin Abdullah said on June 5 that Indonesia may settle all of its outstanding debt to the IMF by December.

The decision of Argentina and Brazil this year to turn their backs on IMF tutelage, by repaying their multi-billion-dollar loans early, has left the Fund facing an operating shortfall of US$110 million this fiscal year. Brazil repaid US$15.5 billion and Argentina repaid US$9.6 billion.

- Dollar dumping, anyone?

(2006-06-27 23:14:00 SGT) [Biz] Permalink

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