Asean to set up US$80b fund to dodge financial mayhem
Meeting of leaders: (Above) His Majesty (2nd L), speaking to Malaysia Prime Minister, Dato Abdullah Ahmad Badawi (3rd L) along with the Philippines President, Gloria Macapagal Arroyo (L) and Vietnam Prime Minister, Nguyen Tan Dung (R) with other Asean and European leaders prior to group photo session at the opening ceremony of 7th ASEM Summit in Beijing, China.Picture: BT/Rudolf Portillo
Saturday, October 25, 2008
SOUTHEAST Asian leaders, including His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, have agreed to create a US$80 billion ($120.33 billion) joint fund to inject new life into the financial markets.
During an informal working breakfast on the sidelines of the Asia-Europe Meeting (Asem) yesterday, His Majesty joined other Asean leaders and their partners China, Japan and South Korea to discuss the weak global economy in its efforts to shield the crisis away from the region.
A statement from the group's chair, Thailand, said that the joint fund would be established by next June. However, there was no official confirmation from Brunei's Ministry of Foreign Affairs and Trade.
The leaders were also optimistic that Asean's financial sector remained solid despite the economic downturn.
"Close consultations and coordination among members are firmly in place and the stand-by liquidity is available to respond to any emergency need," the statement said.
The statement added that precautionary actions are still needed to send a clear signal that Asean is better prepared than 10 years ago when the financial crisis hit the region in 1997. The leaders also urged officials to implement recommendations from the informal Asean Finance Ministers' Meeting in Dubai on October 7-8, including a setting up of a new high-level Macroeconomic and Finance Surveillance office in the Asean Secretariat.
Chaired by Chinese Prime Minister Wen Jiabao, the Asean meeting with partners China, Japan and South Korea, the meeting also saw an agreement on the need to improve regional cooperation amid the current global financial crisis.
Later in the day, His Majesty met President Demetris Christofias of Cyprus at Beijing's Sofitel Wanda Hotel, where His Majesty is also staying.
Both leaders discussed ways to explore further cooperation in various fields, in particular trade, tourism and other areas of mutual interest, a statement from the Ministry of Foreign Affairs and Trade said.
Both sides also expressed satisfaction with the existing ties and friendship between Brunei and Cyprus.
The Brunei Times
During an informal working breakfast on the sidelines of the Asia-Europe Meeting (Asem) yesterday, His Majesty joined other Asean leaders and their partners China, Japan and South Korea to discuss the weak global economy in its efforts to shield the crisis away from the region.
A statement from the group's chair, Thailand, said that the joint fund would be established by next June. However, there was no official confirmation from Brunei's Ministry of Foreign Affairs and Trade.
The leaders were also optimistic that Asean's financial sector remained solid despite the economic downturn.
"Close consultations and coordination among members are firmly in place and the stand-by liquidity is available to respond to any emergency need," the statement said.
The statement added that precautionary actions are still needed to send a clear signal that Asean is better prepared than 10 years ago when the financial crisis hit the region in 1997. The leaders also urged officials to implement recommendations from the informal Asean Finance Ministers' Meeting in Dubai on October 7-8, including a setting up of a new high-level Macroeconomic and Finance Surveillance office in the Asean Secretariat.
Chaired by Chinese Prime Minister Wen Jiabao, the Asean meeting with partners China, Japan and South Korea, the meeting also saw an agreement on the need to improve regional cooperation amid the current global financial crisis.
Later in the day, His Majesty met President Demetris Christofias of Cyprus at Beijing's Sofitel Wanda Hotel, where His Majesty is also staying.
Both leaders discussed ways to explore further cooperation in various fields, in particular trade, tourism and other areas of mutual interest, a statement from the Ministry of Foreign Affairs and Trade said.
Both sides also expressed satisfaction with the existing ties and friendship between Brunei and Cyprus.
The Brunei Times
Business Besides Oil
