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To: Gary Korn who wrote (29782)	1/9/1998 9:12:00 AM
From: Glenn D. Rudolph	Respond to of 61433

U.S., IMF react to Indonesia money woes United Press International - January 09, 1998 04:58 %WASHINGTON %INDONESIA %CURRENCY V%UPI P%UPI WASHINGTON, Jan. 9 (UPI) - In an effort to help Indonesia avert an economic disaster, the Clinton administration and the International Monetary Fund (IMF) have taken emergency measures to try and curtail the financial crisis in Asia. The IMF has announced it will send its top two officials to Jakarta to try and bolster Indonesia's $43 billion international bailout, and the Clinton administration also plans to send a delegation. The coordinated move comes amid a growing financial crisis in Indonesia, where the rupiah devalued by 25 percent on Thursday and sank even lower on Friday. Many companies in the world's fourth most populous nation will be bankrupt unless the currency makes a comeback. Rumors have prompted panic buying in Indonesia, where a number of stores have been restricting the amount of purchases or have closed down altogether after running out of goods. The mounting crisis, with the rupiah setting record lows against the dollar every day this week, threatens to ruin the economies of neighboring countries as well. The IMF seeks to convince Indonesian President Suharto (''Soh-ahr- toh'') to employ a series of measures drawn up by the IMF to revamp the nation's sagging banking system. On Thursday, the rupiah crashed to a historic low of 9,900 against the U.S. dollar as the composite index at the Jakarta Stock Exchange plummeted 12 percent. Dealers say the sharp drop was a reaction to a new budget plan announced by Suharto on Tuesday night, which is widely seen lacking concrete measures to stem the current economic turmoil. -- Copyright 1998 by United Press International. All rights reserved. --