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Thursday, February 09, 2006

Indonesia to repay IMF debts early

The Indonesian government plans to speed up repayment of debts from the International Monetary Fund ( IMF) amounting to some 8 billion U.S. dollars, Finance Minister Sri Mulyani Indrawati said Thursday.

"The Ministry of Finance and Bank Indonesia are working on a plan to accelerate debt repayment to the IMF," the minister said in an open hearing with the House of Representatives' commission nine here.

She did not elaborate further.

The minister said Indonesia didn't take IMF's program loans. The debts taken from the IMF were aimed at strengthening the country's foreign exchange reserves at the central bank, she said.

Indonesia quitted IMF financial assistance during the Megawati Soekarnoputri administration but the international creditor maintained its presence under the post-program monitoring stage.

Xinhua via COMTEX

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