On his way to Jakarta the Managing Director of the IMF, Michel Camdessus, said he hoped that President Suharto and the Indonesian government would not only implement reforms but would accelerate and strengthen the requirements laid down by the IMF. Mr Camdessus said he hoped a new letter of intent would be signed on Thursday.

This is a make-or-break week for Indonesia after the down-turn in its economy. President Suharto has been visited by a string of concerned international visitors. Apart from the IMF delegation he has also seen senior members of the United States administration and the Prime Minister of Singapore, Goh Chok Tong.

No details of any specific reforms have yet been given, but the markets in Indonesia have rallied slightly in anticipation of new confidence-building measures being announced. The economic crisis has repercussions not just for the rest of Southeast Asia but globally.