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Technology Stocks : INDONESIA'S PT TELECOM(TLK)
TLK 21.55-3.6%Nov 28 9:30 AM EST
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To: Duke who wrote (104)1/22/1998 9:42:00 PM
From: Duke  Read Replies (2) of 947
 
Indonesia's revised budget targets zero growth
JAKARTA, Jan 23 (Reuters) - Indonesian Finance Minister Mar'ie Muhammad
on Friday reaffirmed budget targets for the next fiscal year of zero
economic growth and 20 percent inflation in line with an IMF agreement
signed last week.
Speaking before parliament, Mar'ie also said the budget for 1998/99
(April-March) assumed an exchange rate of 5,000 to the dollar and a
crude oil price of $17 per barrel.

President Suharto's formal presentation of the fiscal 1998/99 budget on
January 6 was criticised by financial markets for lack of specifics on
economic reform and some dubious figures, including an optimistic
prediction of four percent economic growth.

Indonesia agreed to economic reforms with the International Monetary
Fund last October in return for a $43 billion bail-out, but the
government was widely seen as backsliding on the measures.

In a televised address after last week's signing ceremony with the IMF,
Suharto revealed agreement on an exchange rate of 5,000 rupiah to the
dollar, and predictions of zero economic growth and 20 percent inflation
in the revised 1998/99 budget.

The earlier budget had predicted inflation of just nine percent and a
rupiah exchange rate of 4,000.
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