Which international financial agreement, signed by President Soeharto in January 1998 while IMF Managing Director Michel Camdessus stood with folded arms, symbolized the severity of the Asian Financial Crisis in Indonesia?
Answer and explanation
Correct answer: A. IMF Letter of Intent (50-Point Reform Package)
- Step 1: On 15 January 1998 in Jakarta, Soeharto signed the second IMF Letter of Intent agreeing to dismantle monopolies (including the cloves board and national car project). Step 2. The famous photograph of Camdessus looking on with crossed arms became an iconic symbol of foreign financial dictates during the crisis (Krismon). Answer: IMF Letter of Intent (50-Point Reform Package). Why not the others: Paris Club agreements were bilateral debt reschedulings.
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