News Summary: Indonesia Outlines Economic Plan

By The Associated Press

PROPPING THE RUPIAH: Indonesia is curbing imports of luxury cars and taking other steps to bolster its finances as Southeast Asia's largest economy suffers a slumping currency and stock market.

CARROT AND STICK: The government will increase the import tax on some branded products, provide tax incentives for investment in agriculture and metal industries, and seek to reduce oil imports.

REGIONAL WOES: Indonesia, along with India, Malaysia and Thailand, has been buffeted by an exodus of cash from its financial markets as improving economic prospects in the U.S and Europe reverse the tide of money that swept into developing nations the past few years.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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