|
MANILA, PHILIPPINES - PHILIPPINE President Gloria Macapagal Arroyo said on Wednesday Southeast Asian nations and their dialogue partners have agreed to create a standby liquidity fund for the region.
Mrs Arroyo said the World Bank had committed to initially provide US$10 billion (S$14.7 billion) as its contribution to the facility.
She said she hoped other multilateral institutions could contribute to the fund to protect the region from the ravages of the global financial crisis.
'The facility can be used to purchase what the bankers call toxic assets and recapitalise troubled financial institutions and private companies,' she said.
Aside from the Philippines, Asean comprises Indonesia, Thailand, Malaysia, Singapore, Brunei, Vietnam, Myanmar, Cambodia and Laos.
Asean plus three includes the group's dialogue partners China, Japan and South Korea. -- REUTERS
| 
