Asean+3 to set up standby liquidity fund

http://www.bangkokpost.com/breaking_news/breakingnews.php?id=131434


Manila - The Association of Southeast Asian Nations and partners Japan, China and South Korea agreed to set up a regional standby liquidity fund to deal with the global economic woes, according to Philippines President Gloria Macapagal Arroyo.


She said the World Bank confirmed that it will initially contribute $10 billion to the fund, in a bid to prevent the global economic crisis from damaging the East Asian economy.


"The facility can be used to purchase what the bankers call toxic assets and recapitalise troubled financial institutions and private companies," the president said.


Asean includes Thailand, Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore and Vietnam. (Agencies)