The United States Will Participate in an Economic Rescue Package for Indonesia, Expected To
The United States Will Participate in an Economic Rescue Package for Indonesia, Expected To Total About $15 BillionBy MARTIN CRUTSINGER
WASHINGTON (AP) _ The Clinton administration, jolted into action by global market unrest, will participate in an economic rescue package for Indonesia expected to total around $15 billion, administration officials said today.
The U.S. contribution in loans will amount to $3 billion and will come from the Emergency Stabilization Fund, the same source of support that President Clinton tapped in 1995 to rescue the Mexican economy after its currency collapsed.
Administration officials, who spoke on condition of anonymity, said the formal announcement of the U.S. support would be made shortly after the International Monetary Fund unveils details of the rescue package today.
The administration, which had declined to play a major role in a $17.2 billion bailout package assembled in August for Thailand, was forced to reconsider following Monday’s record stock market plunge on Wall Street triggered by the spreading economic troubles in Southeast Asia.