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NEWS UPDATES 4 September 2009

G20 Summit: Indonesia to call for stronger IMF role

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Indonesia will, at least, propose three agenda in its "exit strategy" that will be presented to delegations attending the upcoming G20 meeting set for September 24 to 25 in Pittsburgh, the United States, the Jakarta Post reported, quoting an Indonesian analyst.

Umar Juoro, head of the Center for Information and Development Studies (CIDES) said that those three agenda included supporting the efforts to strengthen the role of the International Monetary Fund (IMF), improving the supervision on financial firms and calling on the developed countries to set up a donor agency whose role equals to the IMF.

"The alternative donor agency should act as a 'standby agent' since the IMF assistance is much associated for emergency purpose," Umars told Xinhua, explaining the possible Indonesia's agenda drafted in its strategy to come out from the economic crisis.

But of those agenda, the efforts to strengthen the role of the IMF will be likely the most approved by delegates to attend at the high profile summit.

"Some of IMF programs does not require strict monitoring program and provides more benefiting scheme. It makes IMF's assistance become favourite in several member countries," the economist said.

He cited an example on the recent fund provided by the IMF to Indonesia at an amount of $2.7 billion to improve the country's fund reserves. The IMF did not require strict monitoring on the fund usage, he said.

Umar said that strengthening the IMF can be conducted by increasing the fund contributions from member countries, particularly from the non-developed countries.

As a non-developed country and the only country that represents the Southeast Asia region in the summit, the agenda brought by Indonesia will likely get the support from the other non-developed countries, Umar said.

The Indonesian finance minister said on Wednesday that the Indonesian delegation will bring "exit strategy" agenda in the G20 summit. She said that the agenda will not hamper the emerging markets in obtaining financing funds.


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