PHUKET: Malaysia has agreed to contribute US$3.4bil as part of a multi billion credit line to help Asean countries to cope with the current economic crisis under the Chiang Mai Initiative.
Deputy Prime Minister Datuk Seri Najib Tun Razak said the fund, available as loans to member countries, would be available in May, once the main component of the initiative was endorsed at their next meeting in Bali this May.
“The Malaysian fund will be standby credit facilities for any country who want it. It will be given out in loan form,” he said after attending the special ASEAN+3 finance ministers’ meeting here on Sunday.
“Malaysia, Indonesia, Singapore, Philippines and Thailand have agreed to fork out an equal US$3.4bil each towards fund,” he said.
Najib said the other remaining five other Asean countries – Cambodia, Myanmar, Laos, Vietnam and Brunei - would contribute 5% of their reserves to the initiative.
He said the Asean, Japan, China and South Korea Finance Ministers have also agreed to increase the total size of the fund from US$80bil, as proposed last May, to US$120bil.
ASEAN members will contribute 20 percent of the total amount, or US$24bil while the remaining 80 percent will be shared by Japan, China and South Korea.
Najib, who is also the Finance Minister, said the fund is aimed at improving short-term liquidity of member countries facing the global economic crisis.
“Asean finance ministers have also agreed and reaffirm their determinations at the meeting to increase free trade, investment and to stand firmly against protectionist measures which could worsen the crisis to revive the regional economy.”
On Sunday, Malaysia also held bilateral meetings with Indonesia, China and Thailand to further promote trade and spur economic growth to weather the crisis.
“We discuss ways to promote economic initiatives and boost bilateral activities,” he said.
At the Special Asean + 3 meeting, which ended Sunday, also saw participating countries draw up frameworks, proposals and agreements on how Asean countries could work together as trade partners to reduce the impact of the crisis.
The meeting, ahead of the 14th Asean Summit in a Thai resort of Hua Hin between Feb 27 and March 1 to discuss the region’s response to the crisis, also saw various issues on the regional economic situation, policy measures and other financial cooperation being thrashed out.
Chiang Mai Initiative was originally created as a measure against the 1997-98 Asian financial crises.
Outcome from the ASEAN+3 finance ministers’ meeting will also be presented to upcoming ministers’ meeting next month for the Group of 20 economies and the G20 summit in April.
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Circular No 107/2012: 4th LAWASIA Family Law Conference, Penang (13 and 14 July 2012)
