Bank Indonesia To Buy IMF Securities

Jakarta, July 10 (ANTARA) - Bank Indonesia governor Darmin Nasution said BI would buy International Monetary Fund (IMF) security as the country`s contribution to strengthening the institution`s funding to deal with crisis. "We will buy IMF securities. It is BI that will buy not the government," he said after a meeting between President Susilo Bambang Yudhoyono and visiting IMF executive director Christine Lagarde at the former`s office here on Tuesday. Darmin said the fund would be used as a contingency fund by the IMF to deal with crisis while it would remain as a foreign exchange reserve belonging to Indonesia. "We will still keep the value in the form of securities and it would remain part of our foreign exchange reserve. So, it doesnot mean that the funds would be gone. The money would only be used as a second line reservve for IMF," he said. The Group of 20 developed and developing countries in a recent meeting in Mexico have committed themselves to contribute to overcome current economic crisis in Europe. The IMF has said it needs additional US$420 billion to overcome the crisis. Indonesia in the meeting, according to finance minister Agus Martowardojo, has pledged to contribute maximally US$1 billion. In the meeting between President Yudhoyono and Lagarde views had been exchanged on the current world economic conditions. Lagarde said that no single country was now immune to crisis. "Due to current inter-connection of economies no single country is now immune to what is happening in other regions," she said in a press conference after the meeting.