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ASEAN mulls regional financing arrangement for crisis times |
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April 6, 2000
HONG KONG, APR 5 (AP) - Hoping to avoid any repeats of the devastating financial crisis, southeast Asian nations are contemplating plans for weathering the next downturn, a top official said Wednesday.
Among the proposals under consideration would be establishment of a fund of foreign exchange reserves that could be used to defend Asian currencies from speculative attacks, said Rodolfo Severino, secretary-general of the Association of Southeast Asian Nations.
Severino said the ASEAN nations have also considered setting up an Asian monetary fund- although this might not be necessary.
Finance ministers from the ASEAN members meet next month in Chiang Mai, Thailand, where they also are expected to discuss ways to better monitor international capital flow.
"We are considering a number of options," Severino told reporters after speaking to a gathering of business leaders, diplomats and academics.
ASEAN's members are Brunei, Malaysia, Myanmar, Indonesia, Thailand, the Philippines, Singapore, Laos, Cambodia and Vietnam. The group's finance summit on May 6 will also include representatives from powerful neighbors - China, Japan and South Korea.
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