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Wednesday, 8 March 2000
Page: 14260

Mr Andren asked the Treasurer, upon notice, on 7 June 1999:

(1) What were the terms of the $1 billion line of credit provided to the Indonesian Government through the International Monetary Fund (IMF) after the 1997Asian financial crisis.

(2) What measures has the IMF put in place to ensure funds flowing from this line of credit have been used appropriately to stabilise Indonesia's financial system.

Mr Costello (Treasurer) —The answer to the honourable member's question is as follows:

(1) In November 1997, Australia offered to provide, within the Manila Framework arrangements, up to $US1 billion in `second tier' support to Indonesia as part of a $US23 billion IMF-led assistance package. No funds were lent to Indonesia under this facility.

On 4 February 2000, the IMF Executive Board approved a new three-year, $USS billion program for Indonesia, replacing the previous program. It is unlikely that Australia will be approached by the IMF to provide financial assistance to Indonesia in support of its new program.

(2) As noted above, the proposed loan to Indonesia has not gone ahead.