Suharto refuses to call it a day

She is banking on the perception that if a credible alternative were to emerge, ensuring that the decades of economic growth are not thrown to the winds, the electorate could swing in her favour. But so far, no Opposition leader has articulated a clear programme of economic resuscitation.

Megawati’s supporters have also criticised the International Monetary Fund intervention, arguing that the country needs to pursue its own reforms. Ironically, the IMF itself has been critical of the lack of commitment on the part of the government to carry forward the reforms package it has proposed. In Singapore, IMF chief Michel Camdessus stressed today that he wanted Indonesia to accelerate economic reforms to put its embattled economy in order. "The very purpose of my visit is to arrest and turn around the tremendous loss of confidence in the Indonesian economy," he told mediapersons in Singapore, ahead of his visit to Indonesia later today.

Camdessus comment came a day after Suharto sought to mollify IMF officials by agreeing to revise some of the budget estimates, such as the 4 per cent growth rate for this year. IMF had extended a $43 billion bail-out package to steer the country out of its economic mess.