Asia told to fight corruption<\/p>\n
MANILA (Reuters): The United States said yesterday it would
\nencourage the return of investment to Asia but added that ailing
\ncountries must take the bitter \"medicine of economic reform\" and
\nfight corruption.<\/p>\n
\"We also have to recognize that this crisis is not going to be
\nresolved by aid alone,\" U.S. Secretary of State Madeleine
\nAlbright told American businessmen before she left Manila after
\nthe annual meeting of the Association of Southeast Asian Nations
\n(ASEAN).<\/p>\n
Foreign ministers who attended the meeting agreed ravaged
\nAsian economies needed foreign assistance to cope with the year-
\nlong crisis but that this must go hand in hand with internal
\nfinancial reforms.<\/p>\n
\"In some countries, the medicine of economic reform will be
\nbitter. It requires that the old ways of doing business must
\nchange. The consequences for workers and families caught in the
\nmiddle can be difficult and unfair,\" Albright said in a speech to
\nthe American Chamber of Commerce.<\/p>\n
\"But this does not change the fact that reform is medicine. If
\nrefused, the illness only grows worse.\"<\/p>\n
The crisis began in Thailand in mid-1997 and rapidly spread,
\ncausing many currencies and stocks to tumble and prompting
\nwidespread bankruptcies.<\/p>\n
Albright said direct foreign investment was essential to get
\nAsia back on track and \"the United States is ready to work with
\nits partners in this region to encourage renewed investment\".<\/p>\n
But \"competition must be encouraged...foreign investors should
\nbe treated like domestic investors...corruption must be frankly
\ndiscussed and vigorously fought,\" she said.<\/p>\n
\"Economies powered by open and sound financial policies will
\nbe better able to adjust to the global market than economies that
\nare closed and hobbled by financial favoritism.\"<\/p>\n
She said Asian economies must accept that the current crisis
\nwould not be resolved by aid alone.<\/p>\n
\"One thing aid cannot do is to make up for the billions of
\ndollars in new private investment Asian economies are losing,\"
\nshe said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asia-told-to-fight-corruption-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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