ASEAN to Set Up USD120 Billion Crisis Fund

The Association of Southeast Asian Nations will put up a USD120 billion fund, similar to that of the International Monetary Fund, to help shield the bloc from the impact of an economic crisis. “The matter is being discussed through the (ASEAN) Finance Ministers meeting in Singapore at present and we should receive news soon,” Malaysian Foreign Minister Datuk Seri Dr Rais Yatim said. “But we have been informed that the fund would be a reality by the time the (ASEAN) Summit is held in February.” (“ASEAN To establish USD120 bil fund to help members” - New Straits Times Online, Dec. 16, 2008)

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