Press Release No. 05/01

Press Release: Statement by IMF Managing Director Rodrigo de Rato Ahead of Jakarta Meeting on Asia Tsunami Disaster

January 5, 2005

Mr. Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF), issued the following statement today after arriving in Jakarta, Indonesia, for a high-level meeting on humanitarian relief for countries affected by the Asia tsunami disaster:

"First, I would like to express once again my deep sympathy to the countries affected by this devastating human tragedy, and also reiterate the IMF's commitment to help as much as possible in the international assistance effort.

"We are working closely in our areas of expertise with the most affected countries, including in assessing the macroeconomic consequences and financing needs. I will be participating in the high-level meeting tomorrow in Jakarta, and IMF Management and staff will also be visiting the affected countries in the coming days.

"The financing needs have yet to be fully assessed. This, together with the most appropriate forms in which the assistance should be delivered, will be discussed tomorrow and in the coming days. For our part, the IMF stands ready to provide financial assistance to affected countries, in the first instance through our Emergency Natural Disaster Assistance facility. This financing, which could be on the order of US$1 billion for the most affected countries, could be made available quickly and without an IMF program."