Indonesia hopes to be allowed to use OPEC fund
Friday, September 29 2000 - 02:00 AM WIB
Members of the Organization of Petroleum Exporting Countries (OPEC) facing financial problems should be allowed to use OPEC Fund, an Indonesian minister said.
Energy and Mineral Resource Minister Purnomo Yusgiantoro told reporters in Caracas Wednesday that Indonesia was beset by prolonged economic crisis and hoped to be able to use that fund.
OPEC Fun was formed in 1975 to help eliminate poverty in poor countries outside OPEC.
Purnomo said it is time that the fund could be used also by the member countries of the oil cartel to cope with their financial woes.
Indonesian Ambassador to Austria Rhousdy Soeriatmadja said it might take a long way before the Indonesian proposal is accepted as based on the statute of the Fund it is available only to non OPEC countries.
"The statute would have to be amended first," Soerijaatmadja said.
OPEC Fund has raised US$5.8 billion and more than US$3 billion of which have been distributed to help eradicate poverty in a number of countries including Srilanka, Bangladesh and Uzbekistan. (*)