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To: H James Morris who wrote (92833)	2/2/2000 11:25:00 PM
From: GST	Respond to of 164684

HJ OT -- because you invest in Malaysia -- FYI: Malaysia economy recovering, but still problems-IMF WASHINGTON, Feb 2 (Reuters) - Malaysia is recovering from a slump caused by the 1997-99 world financial crisis, but the rebound is slower than that of Asia's star performers and there are still problems ahead, the head of the International Monetary Fund said on Wednesday. Michel Camdessus told a meeting at Georgetown University that Malaysia, which incurred the wrath of the international community when it brought in capital controls in 1998, faced ``serious problems with corporate restructuring.' ``They are recovering, which is good for them, and good for Asia, but less quickly than countries such as Korea, which have taken the full prescriptions of the IMF,' Camdessus said in one of his last public appearances before he steps down this month. When it brought the curbs in in September 1998, Malaysia said the measures would shield its economy from foreign speculators, and Camdessus conceded that the controls had been implemented against a backdrop anti-IMF rhetoric. But at the same time, the Malaysians had followed IMF advice in bank restructuring and other fields. ``They took the lessons very seriously,' he said. Camdessus said the IMF was not opposed to capital controls in themselves, but said they could give countries a false sense of security. Malaysia's controls were more modest than those in many other countries, he added, reminding his audience that he had introduced ``a much more severe exchange control system' when he was head of the French Treasury in the 1980s. The IMF last year admitted that Malaysia's controls had brought better-than-expected results and had been applied in a flexible and pragmatic way. Malaysia had not been shut out of capital markets, as some pessimists had feared. Camdessus defended IMF policy prescriptions in Asia and said the crisis had forced countries to tackle deep-rooted problems of weak banks, high debt levels and rampant corruption. ``Asia is now starting again on a sounder basis,' he said. ``It is perhaps a blessing in disguise.'