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Ministers sidestep disagreemetn on IMF role in currency swap plan
Southeast Asian finance ministers have debated a planned regional pact to avert future currency crises, sidestepping disagreements on the role of the International Monetary Fund.
In a vaguely worded statement, the ASEAN ministers stressed that the currency swap plan would supplement the world fund's facilities.
The issue of IMF involvement has dogged implementation of the so-called Chiang Mai initiative to link the international reserves of the 10 ASEAN countries with those of economic heavyweights China, South Korea and Japan.
The issue has assumed greater urgency as the region's export-driven economies are hit by a global slowdown and the falling yen which has impacted on other Southeast Asian currencies.
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Malaysia, which is deeply suspcious of IMF prescriptions, had led objections to a supervisory role for
the fund in the expanded swap deals.
But Northeast Asian nations have stressed they want IMF surveillance to ensure the money is used properly.
8/04/01 5:46:02 | ABC Radio Australia News
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