In 1997 and 1998, Indonesia was the country hardest hit by the 1997 Asian financial crisis, which had dire consequences for the Indonesian economy and society, as well as Suharto's presidency. At the same time, the country suffered a severe drought and some of the largest forest fires in history burned in Kalimantan and Sumatra. The rupiah, the Indonesian currency, took a sharp dive in value. Suharto came under scrutiny from international lending institutions, chiefly the World Bank, International Monetary Fund (IMF) and the United States, over longtime embezzlement of funds and some protectionist policies. In December, Suharto's government signed a letter of intent to the IMF, pledging to enact austerity measures, including cuts to public services and removal of subsidies, in return for aid from the IMF and other donors. Prices for goods such as kerosene and rice, as well as fees for public services including education, rose dramatically. The effects were exacerbated by widespread corruption. The austerity measures approved by Suharto had started to erode domestic confidence with the New Order and led to popular protests.