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SIGNATURE MICHAEL A. PIGNATARO
TITLE CFO
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000859120
<NAME> THE INDONESIA FUND, INC.
<S> <C>
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<PERIOD-START> JAN-01-1995
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
The Indonesia Fund, Inc.:
In planning and performing our audit
of the financial statements and financial
highlights of The Indonesia Fund, Inc. for
the year ended December 31, 1995, we
considered its internal control structure,
including procedures for safeguarding
securities, in order to determine our
auditing procedures for the purpose of
expressing our opinion on the financial
statements and financial highlights
and to comply with the requirements of
Form N-SAR, not to provide assurance
on the internal control structure.
The management of The Indonesia Fund,
Inc. is responsible for establishing and
maintaining an internal control structure.
In fulfilling this responsibility,
estimates and judgments by management are
required to assess the expected benefits and
related costs of internal control structure
policies and procedures. Two of the objectives
of an internal control structure are to
provide management with reasonable, but not
absolute, assurance that assets are safeguarded
against loss from unauthorized use or
disposition and that transactions are
executed in accordance with management's
authorization and recorded properly to permit
preparation of financial statements in
conformity with generally accepted accounting
principles.
Because of inherent limitations in any
internal control structure, errors or
irregularities may occur and not be detected.
Also, projection of any evaluation of the
structure to future periods is subject to the
risk that it may become inadequate because of
changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of the internal control
structure would not necessarily disclose
all matters in the internal control structure
that might be material weaknesses under
standards established by the American Institute
of Certified Public Accountants. A material
weakness is a condition in which the design
or operation of the specific internal control
structure elements does not reduce to a
relatively low level the risk that errors or
irregularities in amounts that would be
material in relation to the financial
statements and financial highlights being
audited may occur and not be detected
within a timely period by employees in the
normal course of performing their assigned
functions. However, we noted no matters
involving the internal control structure,
including procedures for safeguarding securities,
that we consider to be material weaknesses, as
defined above, as of December 31, 1995.
This report is intended solely for the
information and use of management and the
Board of Directors of The Indonesia Fund,
Inc. and the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
February 16, 1996
Registrant Name: The Indonesia Fund, Inc.
SEC File Number: 811-6024
CIK Number: 0000859120
Shares
Trade Selling Purchased
Issuer Date Broker (00's)
PT Telekomunikasi 11/14/95 Merrill Lynch 50.0
Indonesia ADR
Per Share Fund Percent of Syndicate
(U.S.$) Assets (1) (Issue (2) Member
$18.00 2.19% 0.33% C/S First Boston
(1) Purchase may not exceed 3% of the Fund's total assets.
(2) Represents purchase by the affiliated fund, The Indonesia Fund, Inc.;
may not exceed the greater of (i) 4% of the principal amount
of the offering, or (ii) $500,000 in principal amount, but in no event
greater than 10% of the principal amount of the offering.
