Connect with us


Asean+3 bailout fund raised to US$120b



CHERNG TALAY, PHUKET: East Asian finance ministers will finalize the upgrading of the region’s bilateral currency-swap arrangement into a US$120 billion multilateral facility at their next meeting in May.

“In order to ensure regional market stability and to foster confidence in the markets, we stress the importance of ‘operationalizing’ the multilateralization of the Chiang Mai Initiative,” Finance Minister Korn Chatikavanij said at the close of a special ‘Asean plus Three’ Finance Ministers’ Meeting held at the Shearton Grande Laguna Resort over the weekend.

The move is aimed at deepening cooperation among the 10 Asean member countries, along with the regional economic powerhouses of China, Japan and South Korea.

Finance ministers from the 13 countries agreed to expand their currency pool from US$80 billion to US$120 billion. The agreement will become effective after Asean governments give official endorsements.

Asean will contribute 20% of the proposed US$120-billion facility, while China, Japan and Korea will be responsible for the remainder, said Mr Korn, who chaired the meeting. The ministers will finalize key elements of the agreement at their next meeting in May in Bali.

In the first phase, the fund will be coupled with the International Monetary Fund (IMF). When a country asks for help due to capital flight during a financial crisis, 80% of the financial aid will be tied to the IMF’s reform prescription, while only 20% will not be subject to the stringent conditions.

An independent regional surveillance unit will also be established to begin objective economic monitoring. When the surveillance system becomes fully effective, the regional fund would be de-linked from the IMF, he said.

Sheraton Grande Laguna Director of Marketing and Communications Ashleigh Brayshaw said the event went off without a hitch.

“It was great to have such a high profile event in Phuket and within Laguna. The feedback we got from the ministers of the delegations on how well organized it was, was very positive. They achieved what they set out to do, and from the hotel’s perspective we got fantastic feedback and are really pleased at how it went,” said Miss Brayshaw.

— Nation & Phuket Gazette Reporters


Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Follow Thaiger by email:

Video1 hour ago

THAILAND NEWS TODAY | Korean woman arrested for 5-million-baht theft, 6-year overstay

Crime1 hour ago

Tuhao’s Chinese gang buys 50 homes in Bangkok luxury village with cash

Road deaths1 hour ago

Bus flipped in Tak injuring 44 Burmese workers, killing 3

Sponsored3 hours ago

Krungthong Plaza offers endless choices of well-selected plus-size fashion products

Thailand1 hour ago

3 men were arrested for stealing Thai Internet connection & World Cup betting in Cambodia

Pattaya1 hour ago

Intoxicated Pattaya woman left uninjured after overturning car

Crime2 hours ago

Woman who allegedly scammed victims for over 30 million baht arrested in Pattaya

Join the conversation on the Thaiger Talk forums today!
Bangkok2 hours ago

Bangkok BTS Skytrain fares to increase next year

Thailand2 hours ago

Police put brakes on car rental thief in Bangkok

World3 hours ago

New drug marks major milestone in slowing Alzhemier’s

World Cup3 hours ago

400 to 500 migrant workers in Qatar died due to World Cup, not 6,500

Visa4 hours ago

Thailand advises Indians to obtain visa prior to travelling to avoid long queues

Thailand4 hours ago

Driver furious with Bangkok shopping mall after foreigner accidently causes damage to her car

Politics4 hours ago

Iran promises Thailand it won’t attack Israeli tourists

Crime5 hours ago

Korean woman arrested for 5 million baht theft, 6-year overstay

Tourism5 hours ago

Japan is the No.1 tourist destination among Thais

Thailand1 year ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand2 years ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism2 years ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket2 years ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism2 years ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11