Indonesia has set a date for the signing of a vital agreement with the IMF designed to put reforms back on track and revive a frozen financial bailout after an 11th-hour delay yesterday.
'It is purely a bureaucratic issue,' IMF Asia-Pacific director Hubert Neiss told Business Post.
'There is no issue,' he said. 'As far as both the IMF and Indonesian Government are concerned, we have concluded.' The IMF had asked Indonesia to delay the release of the details in the letter of intent by a day until yesterday to allow time for distribution to members of its executive board in the United States. However, this could not be completed on time.
Mr Neiss yesterday said he could not say how long this would take. Complicating matters is a public holiday in Indonesia today.
'We realise the Indonesians are eager to release it. It will be done. There is no doubt about it,' he said.
'However, the IMF's management has not yet received it and we feel it is not right for the journalists to get it first.' Sources yesterday said Indonesia had agreed with the IMF on a comprehensive package of 117 reform measures with precise dates to implement all key points.
The sources, who have seen the memorandum of understanding, said 46 measures had already been implemented.
