Indonesia - Financial crisis

(9 Mar 1998) T/I: 10:06:09 Indonesia could be better off without assistance from the IMF, the World Bank and other foreign parties if such aid means meddling in the beleaguered country's domestic affairs, a senior minister was quoted as saying Monday. Indonesian President Suharto on Sunday (08/03) said a 40 billion dollar bail-out fund put together by the IMF, which demands sweeping economic reforms, was unsuitable for the country and "not in line" with its constitution. Suharto signed the IMF deal in January but there are increasing concerns he is not fully implementing reforms mandated by the organisation. The rupiah opened trading on Monday at around 12,500 to the dollar compared to 2,450 rupiah to the dollar in early July. SHOWS: JAKARTA, INDONESIA, 9/3 City skyline with traffic; Interior of money changer's shop; people changing money; currency rate board; rupiah notes in automatic counting machine; VOX POP in English, woman saying she does not understand why it is happening and she wishes the rate would stabilise at 5,000 rupiah per US dollar; VOX POP American man saying, "this is like a circus all these people standing around watching the rate go up and down"; Newspaper headline about the IMF deal; Same American man as above, "what's really upsetting if you read the headlines it says the IMF agreement is against the Indonesian constitution so why did the president sign it if that is the case - people are confused" Bank signs; JAKARTA, 8/3: exterior of Suharto's Cendena residence; Suharto greeting Golkar (ruling party) members; photo-op with Golkar officials; SOT Lietenant General Yunus Yosfiah, outgoing Armed Forces chief of sociopolitical affairs (in Bahasa), "He said he was prepared to devote his soul, not to mention his possessions, to the country." SOT Golkar faction rep Ginandjar Kartasasmita (Bahasa), "He said we are facing an economic crisis and monetary turbulence. Let's cope with it together. With support from all the people and sociopolitical forces, God willing Indonesia can solve the difficulties" Delgation leaving residence; security outside; 3.27 Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter:   / ap_archive   Facebook:   / aparchives   ​​ Instagram:   / apnews   You can license this story through AP Archive: http://www.aparchive.com/metadata/you...