ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Three Coins in a Fountain

but created only about 20,000 jobs for Indonesians, The profits of the foreign companies are huge and whatever capital is invested is usually repatriated within three or four years. There are hardly any controls on foreign investment for fear of driving it away. The result of such policies is that Indonesia has had to borrow more than 1,500 million dollars from foreign creditors. When Sukarno was divested of effective power in 1965 the foreign debt stood at $ 1.270 million (53 per cent of which was owed to socialist countries): now it is far higher and servicing it uses up almost 20 per cent of Indonesia's annual foreign exchange earnings. Not surprisingly, the balance of payments deficit rose from $ 248 million
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