The Market Vectors Indonesia (IDX) fund is up 13.3% YTD and 8.3% over the last month.

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Having bailed out Thailand and Indonesia, can the Fund say no to the South Koreans?

ECONOMIST: The IMF and Asia | The

Still, Indonesia's second Fund deal signed in January was criticized for largely ignoring the most pressing problems of rupiah free-fall and crushing foreign debt, which by then were dragging down banks and firms.

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"I'm very bullish but that doesn't mean that you shouldn't introduce policies that would both accelerate growth further and improve the quality of growth, " said Milan Zavadjil, senior representative for the International Monetary Fund in Indonesia.

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In return for the Fund's backing, Indonesia would carry out specific reforms of its financial sector, the better to prepare its economy for the rupiah peg and ease the concerns of the IMF and foreign investors.

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Are you interested in the closing price of Indonesia's Asia Tetap Berbunga fixed-income fund?

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Real rates in Indonesia topped 49% in August 1997 (even before the fund arrived).

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In 1998 the fund vehemently opposed the establishment of a board in Indonesia, but it has recently praised the five currency boards set up in the 1990s and also Hong Kong's.

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South Korea, Thailand and Indonesia, which are all under the stewardship of the International Monetary Fund (IMF), will see their economies contract in 1998.

CNN: FROM BAD TO WORSE

The ADB's participation in International Monetary Fund-led bailouts of Crisis-hit countries South Korea, Thailand and Indonesia has raised concerns about the state of its coffers.

CNN: Inside Asia's New Bank for the Poor