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Suharto Signs Reform Package

January 15, 1998

JAKARTA, Indonesia (AP) _ President Suharto on Thursday signed a reform package aimed at boosting Indonesia’s troubled economy, the head of the International Monetary Fund said.

IMF head Michel Camdessus said the agreement will help pull the world’s fourth-most populous nation out of its economic slump.

``All these achievements were made possible by President Suharto’s good leadership,″ he said.

Camdessus had flown to Indonesia to urge stronger and quicker reform action amid concern that Indonesia was reluctant to implement the austerity measures.

Suharto thanked IMF officials for ``their hard work that has produced the documents that I have just signed.″

``I personally, the government and the people of Indonesia sincerely appreciate the cooperation and hard work you have presented to us,″ Suharto told Camdessus.

The IMF has fashioned a $40 billion bailout package for Indonesia, which has suffered a serious slide in its currency, the rupiah, along with other Asian currencies.

Suharto, who has ruled Indonesia for 32 years, has held a series of high-level talks with IMF and international envoys this week. He assured them he was committed to reform.

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