I am using a ribbon for the drawstring rather than knitting or crocheting a drawstring for now.

Rnds 11, 13, 15, 17 and 19: Yo, k3tog, k3, yo, k1, yo, k4, sl 1, k2tog, psso, yo, k1; rep from to end

From http://sticks-and-tones.blogspot.com/2007/07/indigo-rippl...

The other major modification I made was to alter the cast-on and increases to make my skirt sit lower on the waist. I’m not a big fan of clothes that hit at my natural waist (I can’t stand to have anything tight around my belly). So, I cast-on the stitch number for the next size up, and stopped the first set of increases when the total stitch count matched that listed for my size (so I did 4 fewer increase rounds in the end). Seems to have worked -- the skirt sits relatively low.