Indonesia : The Imperative for Reform
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Washington, DC
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In the one hundred days since assuming
office, the new administration of Megawati Soekarnoputri has
made little progress on structural and governance reforms.
The events of September 11 and the slowdown in the global
economy worsened the investment climate in Indonesia, adding
to the government's already formidable array of
challenges. Indonesia's recovery has lagged behind its
neighbors and over half its population vulnerable to
poverty, more than any other crisis country. Moreover, its
fragile banking and corporate sectors, and the precarious
state of its government finances, make the country highly
vulnerable to risks--with immediate implications for fiscal
sustainability. Donors need to be realistic about what is
feasible, given strong vested interests, severe
institutional weaknesses, the uncertainties arising from
decentralization, and a turbulent transition to democracy.
Progress is most needed in the key areas of structural
reforms, good governance, and empowering and investing in
the poor. Together with fiscal sustainability, they are
consistent with the premise that stability, growth, and
effective government are the key ingredients for
long-lasting and sustainable poverty reduction.
Palabras clave
ADB, AGGREGATE ANALYSIS, AGRICULTURE, ANTI- CORRUPTION, ANTI-CORRUPTION, ASSET SALES, AUDITS, AUTHORIZATION, AUTONOMY, BALANCE OF PAYMENTS, BANK FOR INTERNATIONAL SETTLEMENTS, BANK INDONESIA, BANK LOANS, BANK RESTRUCTURING, BANKING SYSTEM, BANKRUPTCY, BANKRUPTCY PROCEEDINGS, BONDS, BUDGET DEFICIT, BUDGETARY RESOURCES, CAPITAL ADEQUACY, CAPITAL FLIGHT, CAPITAL FLOWS, CAPITAL FORMATION, CENTRAL BANK, CIVIL SERVICE, CIVIL SERVICE REFORMS, COMPETITIVE BIDDING, CONSUMER PRICE INDEX, CONSUMERS, CORPORATE SECTOR, CPI, DEBT, DECENTRALIZATION, DEMOCRACY, ECONOMIC OUTLOOK, ENDANGERED SPECIES, EXCHANGE RATE, EXPENDITURE, EXPORT GROWTH, FINANCIAL DATA, FINANCIAL INSTITUTION, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCIAL SECTOR, FISCAL, FISCAL DECENTRALIZATION, FISCAL POLICY, FISCAL SUSTAINABILITY, FISCAL YEAR, FOREIGN BANKS, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FORESTRY, FREE TRADE, GDP, GOOD GOVERNANCE, GOVERNANCE REFORM, GOVERNANCE REFORMS, GOVERNMENT BONDS, GOVERNMENT OFFICIALS, GOVERNMENT POLICIES, GOVERNMENT REGULATION, GROSS DOMESTIC PRODUCT, GROWTH RATE, GROWTH RATES, IMPAIRED ASSETS, IMPORTS, IMPROVING GOVERNANCE, INCOME, INFLATION, INFLATIONARY PRESSURES, INSTITUTIONAL WEAKNESSES, INSURANCE, INTEREST RATES, INTERMEDIATE GOODS, INTERNATIONAL COMMUNITY, INTERNATIONAL DEVELOPMENT, INTERNATIONAL RESERVES, INTERNATIONAL TRADE, INVESTMENT CLIMATE, LAWS, LEGAL DISPUTES, LEGAL FRAMEWORK, LIQUIDITY, MACROECONOMIC PERFORMANCE, MACROECONOMIC STABILITY, MINISTRY OF FINANCE, MONETARY POLICY, MONEY LAUNDERING, NATIONAL DEVELOPMENT, NATIONS, NET EXPORTS, OIL, OIL PRICES, ORGANIZATIONAL STRUCTURE, PARLIAMENT, POLITICAL INSTABILITY, POLITICAL UNCERTAINTY, POVERTY ALLEVIATION, PRICE INCREASES, PRIVATE CONSUMPTION, PRIVATIZATION, PROFITABILITY, PUBLIC PROCUREMENT, PUBLIC PROCUREMENT SYSTEM, PUBLIC SECTOR, REAL WAGES, REGULATORY FRAMEWORK, REHABILITATION, REPRESENTATIVES, REVENUE MOBILIZATION, REVENUE SHARING, SECURITIES, SERVICE DELIVERY, SOCIAL SAFETY, SOCIAL SAFETY NET, STATE ADMINISTRATION, STATE BANKS, STATE-OWNED ENTERPRISES, TELECOMMUNICATIONS, TELEVISION, TRANSPARENCY, TRANSPORT, WAGES, WORLD TRADE ORGANIZATION, WTO INVESTMENT ENVIRONMENT, GOVERNANCE, POVERTY INCIDENCE, POLITICAL ENVIRONMENT, GOVERNMENT FINANCE, ECONOMIC RISK, FISCAL SUSTAINABILITY, DECENTRALIZATION, INSTITUTIONAL CAPACITY, TRANSITIONAL ECONOMIES, EMPOWERMENT, STRUCTURAL REFORMS, EXTERNAL FINANCE, INTERNATIONAL TRADE, FISCAL POLICY, DEBT MANAGEMENT, CORPORATE RESTRUCTURING, AGRICULTURAL PRODUCTIVITY, ENERGY POLICY, PRIVATE SECTOR PARTICIPATION, MINING SECTOR, CORRUPTION, LEGAL FRAMEWORK, NONGOVERNMENTAL ORGANIZATIONS