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Politics : Idea Of The Day

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To: PitBull who wrote (16983)	2/15/1998 3:26:00 AM
From: IQBAL LATIF	Read Replies (1) of 50167

Important news which may have negative effect on ASEAN markets, especially Malaysia and Indonesia, is reportedly a letter obtained by Washington Post from IMF Chief, Michel Camdessus, according to which he has threatened Suharto that the $43 billion loan package intended to help Indonesian economy regain stability can be cancelled if a currency board proposal was adopted. According to him, he would recommend to the IMF Board for discontinuation of this current program, because of the risk to the Indonesian economy. IMF is demanding from Indonesia not to impose a rigid currency; if the currency board fails it will undermine credibility and growth prospects of Indonesia. Lawrence Summers, as part of the executive board of IMF, is likely to support IMF Executive Board. Monday will not be a good day for Indonesian markets in Ike's opinion. Japan government is ready to launch an economic package and this package will use public money to buy lands held by construction companies and financial institutions. Ike expects Japanese banks to do well. Toshiba Corp. is also going to discontinue producing 16-mega bit dram by April 1999, that will help solve this glut problem and maybe good news for MU.

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