Asian nations hope for economic stability

Calcutta News.Net
Wednesday 15th October, 2008

The president of the Phillipines, Gloria Macapagal Arroyo, has said South-East Asian nations will create a standby liquidity fund for the region.

Ms Arroyo said the World Bank had committed to initially provide a $14.3 billion as its contribution.

She said she hoped other multilateral institutions could contribute to the fund to protect the region from the global financial downturn.

The facility will purchase what the bankers call toxic assets while restructuring troubled financial institutions.

Aside from the Philippines, ASEAN comprises Indonesia, Thailand, Malaysia, Singapore, Brunei, Vietnam, Myanmar, Cambodia and Laos.

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