ASEAN + 3 likely to increase crisis funds to 120 bln USD: Indonesian minister
15/12/2008 17:13
ASEAN member countries, China, Japan, and South Korea would possibly
increase the total crisis funds to US$120 billion from the previous target of
US$80 billion, Indonesian Foreign Minister Hassan Wirajuda said in Jakarta
today.
The central banks of the ASEAN + 3 countries have agreed to raise the
crisis funds under the Chiang Mai Initiative which can be used by the ASEAN + 3
countries should a crisis on their balance payment occur.
"There is a signal
that ASEAN + 3 countries will increase the funds," Wirajuda said.
The
minister said that the plan may be approved at the ASEAN + 3 countries finance
minister meeting. But he was uncertain about the timing of the meeting.
It
was not clear yet how the ASEAN + 3 countries will split the sharing of the
additional US$40 billion funds.
Previously, 80 percent of the funds will be
donated by China, Japan and South Korea, and the rest by the ASEAN member
countries, including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the
Philippines, Singapore, Thailand and Vietnam.
Xinhua
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