Japan to give SE Asia new aid<\/p>\n
SINGAPORE (AP): Trying to reassure Japan's neighbors that it
\nwill help lead them out of economic turmoil, Japanese Foreign
\nMinister Keizo Obuchi said yesterday his government is
\nconsidering an additional US$20 million in aid to Southeast Asia.<\/p>\n
Obuchi made the announcement during a policy speech in
\nSingapore, the last stop on his three-nation tour of the region.<\/p>\n
"We are also studying a fresh contribution of about $20
\nmillion to the ASEAN Foundation," Obuchi told political and
\nbusiness leaders. He said the money would be a "solidarity fund"
\nwith the Association of Southeast Asian Nations, which comprises
\nBrunei, Indonesia, Laos, Malaysia, Myanmar, Philippines,
\nSingapore, Thailand and Vietnam.<\/p>\n
Obuchi said the money would promote ASEAN's strategy "for
\ndeveloping human resources and alleviating poverty, as well as
\nidentifying regional projects," but gave no further details on
\nwhen or how it might be implemented.<\/p>\n
The assistance would be in addition to $42 billion Japan has
\npledged to help Southeast Asia through bilateral packages and the
\nInternational Monetary Fund. That amount "far exceeds the
\nassistance from any extra-regional country," he said.<\/p>\n
Despite its own economic woes, Japan feels a responsibility to
\nhelp its neighbors by tailoring "our efforts to address the needs
\nof the region's less developed countries hit by the economic
\ndifficulties."<\/p>\n
"The Japanese economy has still not been able to overcome the
\nafter-effects of the collapse of the bubble economy and is in a
\nstate of severe stagnation," he noted. But social and economic
\nreforms will proceed regardless of the pain they cause, he said.<\/p>\n
Continued multilateral trade and investment liberalization in
\nthe region is essential if it is to overcome the economic woes,
\nhe said.<\/p>\n
Defending his government's recent stimulus package, Obuchi
\nsaid it will help steer Japan out of its economic doldrums and
\nthat "in the not-too-distant future, the Japanese economy will
\nrecover."<\/p>\n
IMF director Michel Camdessus, who was also in Singapore on
\nTuesday, said that the stimulus package is seen as a temporary
\ninitiative, and that Japan still needs "permanent" measures to
\nboost the economy.<\/p>\n
"We consider in the IMF that it would be extremely important
\nthat these temporary measures be substituted as soon as possible
\nby permanent measures" and these should give an incentive to
\nconsumers to spend rather than save.<\/p>",
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