JAKARTA, Nov 10: Indonesia's finance minister reaffirmed Monday the government's decision to liquidate 16 insolvent banks despite lawsuits filed by some angry bank owners, including wealthy members of President Suharto's family, reports AP.

Mar ie Muhammad ordered the banks closed on November 1 in a first step toward reform under a multibillion-dollar package put together by the International Monetary Fund to rescue Indonesia's economy.

Indonesia asked for outside help after a currency crisis across Southeast Asia sliced more than a third off the value of the rupiah and sent its stock market tumbling.

So far about'34 billion dollars in aid. loans and pledges of support have been promised by the IMF. other agencies and friendly countries keen to preserve economic stability in the world's fourth most populous nation.