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                      Office of the Press Secretary
                           (New York, New York)
For Immediate Release                                   January 15, 1998


Agreement between Indonesia and the IMF

President Soeharto called President Clinton to inform him that the Indonesian government has signed a Letter of Intent with the International Monetary Fund (IMF) outlining a number of commitments to advance economic reform. President Soeharto explained his plans to implement his country's commitments under the program and conveyed his determination to rebuild market confidence. President Clinton welcomed these constructive steps. Indonesia's vigorous and sustained implementation of its reform commitments undertaken in conjunction with its IMF program offers the best prospects of restoring financial confidence. Indonesia has significant underlying economic strengths that can provide a foundation for renewed growth.

The United States has been actively engaged in international efforts to restore financial stability in Asia. The prosperity and stability of the Asia-Pacific region are important to our national economic and security interests. Indonesia plays an important leadership role in the region, especially within ASEAN and APEC.