Promises, Promises

Because of freely-made promises, Indonesia's credit rating has dropped further from CCC+ to CCC. How serious is the impact on economic recovery efforts?

November 13, 2001

The smile on the face of Coordinating Minister for the Economy, Dorodjatun Kuntjoro-Jakti vanished, as he listened to a question on why world-class rating institute Standard & Poor had lowered Indonesia's credit rating. His expression was in contrast to the one he wore last August, when Djatunas he is familiarly knownwas appointed coordinating minister. At that time, he had promised that in the next six months Indonesia's credit rating would rise f...

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