The Indonesian Government's initial response to the pressure on the rupiah was generally seen by commentators and financial analysts as pragmatic and decisive. As well as floating the currency and increasing interest rates, a number of policy announcements in September included plans to reorganise the banking sector, cut some tariffs and facilitate exports, postpone or review large capital-intensive development projects and eliminate certain restrictions on foreign equity in Indonesian companies.(8) The short calm soon passed by, however, with a further collapse of confidence in regional currencies. This followed comments by Malaysian Prime Minister, Mahathir, blaming the problem on international financier George Soros. Confronted with a renewed fall in the rupiah, on 8 October 1997 the Indonesian Government approached the International Monetary Fund (IMF) for financial support.