[WILLKIE FARR & GALLAGHER LETTERHEAD]



June 11, 2001






The Indonesia Fund, Inc.
466 Lexington Avenue
16th Floor
New York, New York  10017-3147

Ladies and Gentlemen:

You have asked us for our opinion concerning certain federal income tax
consequences to (a) Jakarta Growth Fund, Inc., a Maryland corporation (the
"Acquired Fund"), (b) The Indonesia Fund, Inc., a Maryland corporation (the
"Acquiring Fund"), and (c) holders (the "Acquired Fund Shareholders") of voting
shares of common stock of the Acquired Fund (the "Acquired Fund Shares") when
Acquired Fund Shareholders receive voting shares of common stock of the
Acquiring Fund (the "Acquiring Fund Shares") in exchange for their Acquired Fund
Shares pursuant to the acquisition by the Acquiring Fund of substantially all of
the assets of the Acquired Fund in exchange for the Acquiring Fund Shares and
the assumption by the Acquiring Fund of all of the liabilities of the Acquired
Fund (the "Reorganization"), all pursuant to that certain Agreement and Plan of
Reorganization, dated as of March 29, 2001 (the "Agreement"), between the
Acquired Fund and the Acquiring Fund. This opinion is delivered pursuant to
Section 8.4(b) of the Agreement.

Pursuant to the Reorganization (a) the Acquiring Fund will acquire substantially
all of the assets of the Acquired Fund and assume all of the liabilities of the
Acquired Fund solely for Acquiring Fund Shares and cash in an amount equal to
the aggregate net value of the fractional Acquiring Fund Shares otherwise
distributable to the Acquired Fund Shareholders, (b) the Acquired Fund will
liquidate after having distributed such full Acquiring Fund Shares and cash to
the Acquired Fund Shareholders in exchange for their Acquired Fund Shares, and
(c) the Acquired Fund will terminate its registration under the Investment
Company Act of 1940, as amended (the "1940 Act").

We have reviewed such documents and materials as we have considered necessary
for the purpose of rendering this opinion. In rendering this opinion, we have
assumed that such documents as yet unexecuted will, when executed, conform in
all material respects to the proposed forms of such documents that we have
examined. In addition, we have assumed the genuineness of all signatures, the
capacity of each party executing a document to so execute that document, the
authenticity of all documents submitted to us as originals and the






June 11, 2001
Page 2


conformity to original documents of all documents submitted to us as certified
or photostatic copies.

We have made inquiry as to the underlying facts which we considered to be
relevant to the conclusions set forth in this letter. The opinions expressed in
this letter are based upon certain factual statements relating to the Acquired
Fund and the Acquiring Fund set forth in Post-Effective Amendment No. 1 to the
Registration Statement on Form N-14 (the "Registration Statement") filed by the
Acquiring Fund with the Securities and Exchange Commission and representations
made in letters from the Acquired Fund and the Acquiring Fund addressed to us
for our use in rendering this opinion (the "Tax Representation Letters"). We
have no reason to believe that these representations and facts are not valid,
but we have not attempted to verify independently any of these representations
and facts, and this opinion is based upon the assumption that each of them is
accurate. Capitalized terms used herein and not otherwise defined shall have the
meaning given them in the Registration Statement.

The conclusions expressed herein are based upon the Internal Revenue Code of
1986, as amended (the "Code"), Treasury regulations issued thereunder, published
rulings and procedures of the Internal Revenue Service and judicial decisions,
all as in effect on the date of this letter.

Based upon the foregoing, we are of the opinion that for federal income tax
purposes:

     (a)  the Reorganization as provided in the Agreement will constitute a
          reorganization within the meaning of Section 368(a)(1) of the Code,
          and the Acquired Fund and the Acquiring Fund will each be a "party to
          a reorganization" within the meaning of Section 368(b) of the Code;

     (b)  no gain or loss will be recognized by the Acquired Fund as a result of
          the Reorganization or upon the conversion of the Acquired Fund Shares
          to Acquiring Fund Shares;

     (c)  no gain or loss will be recognized by the Acquiring Fund as a result
          of the Reorganization;

     (d)  no gain or loss will be recognized by the Acquired Fund Shareholders
          upon the conversion of their Acquired Fund Shares into Acquiring Fund
          Shares except to the extent such shareholders are paid in cash in lieu
          of fractional Acquiring Fund Shares in the Reorganization;

     (e)  the tax basis of the Acquired Fund assets in the hands of the
          Acquiring Fund will be the same as the tax basis of such assets in the
          hands of the Acquired Fund immediately prior to the consummation of
          the Reorganization;






June 11, 2001
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     (f)  immediately after the Reorganization, the tax basis of the Acquiring
          Fund Shares received by each Acquired Fund Shareholder in the
          Reorganization (including that of fractional Acquiring Fund Shares
          deemed distributed by the Acquiring Fund) will be equal, in the
          aggregate, to the tax basis of the Acquired Fund Shares owned by such
          Acquiring Fund Shareholder immediately prior to the Reorganization;

     (g)  an Acquired Fund Shareholder's holding period for Acquiring Fund
          Shares (including that of fractional Acquiring Fund Shares deemed
          distributed by the Acquiring Fund) will be determined by including the
          period for which he or she held the Acquired Fund Shares exchanged
          pursuant to the Reorganization, provided, that such Acquired Fund
          Shares were held as capital assets;

     (h)  the Acquiring Fund's holding period with respect to the Acquired Fund
          assets transferred will include the period for which such assets were
          held by the Acquired Fund; and

     (i)  the paym`ent of cash to an Acquired Fund Shareholder in lieu of
          fractional Acquiring Fund Shares will be treated as though the
          fractional Acquiring Fund Shares were distributed as part of the
          Reorganization and then redeemed by the Acquiring Fund with the result
          that the Acquired Fund Shareholder will have a capital gain or loss to
          the extent the cash distribution differs from such Acquired Fund
          Shareholder's basis allocable to the fractional Acquiring Fund Shares.

The opinion set forth in (i) above assumes that (a) the converted Acquired Fund
Shares were held by the Acquired Fund Shareholder as capital assets immediately
prior to the Reorganization, (b) the percentage of the outstanding Acquiring
Fund Shares owned by the Acquired Fund Shareholder immediately after the cash
distribution (including any Acquiring Fund Shares which are deemed to be owned
at such time by such Acquired Fund Shareholder pursuant to Section 302(c)(1) of
the Code) is less than the percentage that would have resulted if fractional
Acquiring Fund Shares had actually been distributed to such Acquired Fund
Shareholder in lieu of cash, and (c) the distribution of cash in lieu of
fractional Acquiring Fund Shares is not pursuant to a formal or informal plan to
proportionately reduce the holdings of all of the owners of Acquiring Fund
Shares.

Our opinion is based upon the accuracy of the certifications, representations
and warranties and the satisfaction of the covenants and obligations contained
in the Agreement, the Tax Representation Letters and in the various other
documents related thereto. Our opinion may not be relied upon if any such
certifications, representations or warranties are not accurate or if any of such
covenants or obligations are not satisfied in all material respects.






June 11, 2001
Page 4


Very truly yours,

/s/ Willkie Farr & Gallagher