Indonesia Development Policy Review : The Imperative for Reform
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Washington, DC
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Indonesia's recovery was already
slowing several months before the events of September 11.
Political instability had raised social tensions and slowed
reforms--fueling capital flight, alarming investors, and
delaying official external finance for development. Progress
on bank restructuring had slowed and the debt of financially
strapped corporations remained largely unresolved.
Corruption flourished, unchecked by a justice system that
itself was corroded. Regional tensions increased even as the
country embarked upon an ambitious decentralization program.
And, if real wages are any indication, progress on poverty
reduction--encouraging in 1999 and 2000-ground to a halt.
Although markets initially welcomed President Megawati
Soekarnoputri into office, the new administration has made
little progress on structural and governnance reforms in her
first one hundred days in office, thus renewing nervousness
in markets and worrying external donors and creditors. The
events of September 11 have emphatically underscored the
urgency of Indonesia's reform priorities. but 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.
Palabras clave
ADB, AGGREGATE ANALYSIS, AGRICULTURE, ANTI- CORRUPTION, ANTI-CORRUPTION, ASSET SALES, AUDITS, AUTONOMY, BALANCE OF PAYMENTS, BALANCE SHEET, 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, CENTRAL GOVERNMENT, CIVIL SERVICE, CIVIL SERVICE REFORMS, CLEAN WATER, COMPETITIVE BIDDING, CONSUMER PRICE INDEX, CONSUMERS, CORPORATE SECTOR, CPI, DEBT, DECENTRALIZATION, DEMOCRACY, DEVELOPMENT PROJECTS, DISTRICTS, ECONOMIC GROWTH, ECONOMIC OUTLOOK, ENDANGERED SPECIES, EXCHANGE RATE, EXPENDITURE, EXPENDITURES, EXPORT GROWTH, FINANCIAL DATA, FINANCIAL INSTITUTION, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCING CONSTRAINTS, FISCAL, FISCAL DECENTRALIZATION, FISCAL POLICY, FISCAL SUSTAINABILITY, FISCAL YEAR, FOREIGN BANKS, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN INVESTORS, FORESTRY, FREE TRADE, GDP, GOOD GOVERNANCE, GOVERNANCE REFORM, GOVERNANCE REFORMS, GOVERNMENT BONDS, GOVERNMENT CONSUMPTION, 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 RATE, 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, MUNICIPALITIES, NATIONAL DEVELOPMENT, NATIONS, NET EXPORTS, OIL, OIL PRICES, ORGANIZATIONAL STRUCTURE, PARLIAMENT, POLICY INTERVENTION, POLITICAL INSTABILITY, POLITICAL UNCERTAINTY, POTENTIAL INVESTORS, POVERTY ALLEVIATION, PRICE INCREASES, PRIVATE CONSUMPTION, PRIVATIZATION, PROFITABILITY, PUBLIC PROCUREMENT, PUBLIC PROCUREMENT SYSTEM, PUBLIC SECTOR, REAL WAGES, RECAPITALIZATION, REGULATORY FRAMEWORK, REHABILITATION, REPRESENTATIVES, REVENUE MOBILIZATION, REVENUE SHARING, SECURITIES, SERVICE DELIVERY, SOCIAL SAFETY, SOCIAL SAFETY NET, STATE ADMINISTRATION, STATE BANKS, STATE ENTERPRISES, STATE-OWNED ENTERPRISES, TELECOMMUNICATIONS, TELEVISION, TRANSPARENCY, TRANSPORT, VESTED INTERESTS, WAGES, WORLD TRADE ORGANIZATION, WTO DEVELOPMENT POLICY, MACROECONOMIC POLICY, INTERNATIONAL TRADE, FISCAL POLICY, EXTERNAL FINANCE, FISCAL SUSTAINABILITY, DEBT MANAGEMENT, STRUCTURAL REFORMS, PRIVATIZATION OF PUBLIC ENTERPRISES, CORPORATE RESTRUCTURING, AGRICULTURAL POLICY, ENERGY POLICY, MINING DEVELOPMENT, GOVERNANCE, CORRUPTION IN POLITICS, FINANCIAL MANAGEMENT, PROCUREMENT, LEGAL FRAMEWORK, JUDICIAL REFORM, DECENTRALIZATION, FORESTRY OPERATIONS, POVERTY REDUCTION STRATEGIES, GOVERNMENT SPENDING POLICY, EMPOWERMENT, MONEY LAUNDERING, ORGANIZATIONAL STRUCTURE, RICE PRODUCTION, MACROECONOMIC STABILIZATION, STATE BANKS, SUGAR INDUSTRY, BANK MERGERS, CIVIL SERVICE REFORMS, REGULATORY FRAMEWORK, ALLOCATION OF RESOURCES