Paris club expected to reschedule $ 2.2 bln of Indonesia's debts
Regional, Economics, 1/31/2000

Some $ 2.2 billion of Indonesia's foreign debts due in 2000 is expected to be rescheduled at a Paris Club meeting and possibly also at a London Club gathering in September, a World Bank official said here last week.

"Of a gross financing need of $ 6.6. billion, about $ 2.2 billion is expected to be rescheduled under the auspices of the Paris Club and possibly also of the London Club," World Bank Country Director for Indonesia Mark Baird was quoted by Indonesian news agency ANATAR as saying at a news conference here.

Baird was speaking about preparations for a meeting of the consortium of countries regularly providing financial assistance to Indonesia called the Consultative Group on Indonesia (CGI) in Jakarta on February 1-2.

The CGI meeting, the first to be held in Indonesia, would be officially opened by Vice-President Megawati Soekarnoputri.

According to Baird, Indonesia needed between $ 4.2 billion and $ 4.7 billion from the CGI for fiscal 2000.

Vikram Nehru, a World Bank economist, said on the same occasion that in view of the forthcoming CGI meeting, it was important for Indonesia to show its ability to practise good governance and maintain political stability.

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