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Fischer urges early implementation of bank scheme.

TOKYO, Nov. 5 Kyodo The No. 2 man at the International Monetary Fund (IMF) urged Japan on Thursday to implement the new bank-bailout package to nurse Japan's financial system back to health, a Finance Ministry official said.

In a meeting with Finance Minister Kiichi Miyazawa, IMF First Deputy Managing Director Stanley Fischer also voiced hope Japan will continue taking necessary fiscal steps this year and the next to stimulate the economy, the official said.

Miyazawa briefed Fischer on the Japanese government's plan to form a third supplementary budget for fiscal 1998 ending next March 31 and to carry out sizable tax cuts starting from next year, the official said.

Turning to Indonesia's economic conditions, Fischer was quoted as saying he is happy with the rupiah's recent recovery, noting a stronger rupiah is conducive to resolving Indonesia's huge private-sector debt issue.

The IMF official hailed Japan's newly launched plan to spend 30 billion dollars to support economically embattled Asian economies such as Indonesia, Malaysia, the Philippines, Thailand and South Korea.

Fischer arrived in Japan earlier Thursday on his way to Kuala Lumpur, where he will attend a meeting this weekend of senior finance officials from industrial and emerging-market economies.

He is due to hold talks with Bank of Japan Governor Masaru Hayami on Friday, possibly on Japan's monetary policy, before leaving for the Malaysian capital.
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Publication:Asian Economic News
Geographic Code:9INDO
Date:Nov 9, 1998
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