Emerging Asian Nations Seek Aid Amid Financial Crisis

A number of emerging Asian economies are now talking with international donors to ask for assistance in the wake of the global financial meltdown. “Concrete discussions [are not] as far advanced as Indonesia … but we anticipate a significant demand for additional assistance from the region, both for budget assistance and for project financing,” Lawrence Greenwood, a vice president at the Asian Development Bank, said. ADB, along with the World Bank, Japan and Australia, created a standby budget support facility of up to USD6 billion for Indonesia. Greenwood said the bank is ready to provide a “significant” sum in addition to the 2009 allocation of USD700 million. (“Asian nations appeal for funding aid” - Financial Times, Dec. 2, 2008)

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