Jittery Southeast Asia looks outside for help<\/p>\n
By Ruth Youngblood<\/p>\n
MANILA (DPA): Anxious Southeast Asian foreign ministers are
\ncautiously counting on Japan's new leader to revitalize bleeding
\nneighbors while the United States is exhorted to cough up more
\nfunds to replenish the International Monetary Fund (IMF).<\/p>\n
But diplomats note the nine-member Association of Southeast
\nAsian Nations (ASEAN) has been painfully slow in adopting reforms
\nsuch as the use of local currencies in trade and setting up a
\nsurveillance mechanism to sound an early alarm against future
\nfinancial crises.<\/p>\n
With Japanese Foreign Minister Keizo Obuchi expected in Manila
\nto meet with his ASEAN counterparts today, Malaysian Foreign
\nMinister Abdullah Badawi focused on expectations from outside.<\/p>\n
\"We hope they will play a more active role and will be able to
\nhelp us,\" he said. \"We know they are having problems themselves,
\nbut I think that in spite of that, the Japanese role is still
\nvery, very important if we hope to see a recovery of the ASEAN
\neconomies.\"<\/p>\n
Obuchi, who has emerged as the next prime minister of Japan
\nwhile the country battles its worst recession since World War II,
\nhas acknowledged he has little economic experience, leaving ASEAN
\ndignitaries scrambling for reasons to anticipate better times
\nahead.<\/p>\n
\"Like any other government in our part of the world, of course
\nthe Japanese have to address themselves to the problems that are
\narising mostly in the financial and economic field,\" said
\nIndonesian Foreign Minister Ali Alatas.<\/p>\n
\"But we are very convinced that Japan will continue to play
\nits traditional role, its very constructive role of helping out
\ndeveloping countries in the region,\" he said.<\/p>\n
Philippine Foreign Minister Domingo Siazon noted Japan's
\nforeign policy will not change. \"What is important is that Obuchi
\nknows the region quite well. He has been around.\"<\/p>\n
Against such vague prognoses, the delegates are turning to the
\nUnited States to make more funding available to the dwindling
\ncoffers of the IMF. The ASEAN Regional Forum, which traditionally
\ndeals with security concerns, is expected to take up the
\nfinancial crisis as its top priority today.<\/p>\n
U.S. Secretary of State Madeleine Albright and ASEAN's eleven
\nother dialogue partners are likely to hear some ardent arguments
\nfor more funds for the IMF and other institutions.<\/p>\n
IMF-led rescue packages for Indonesia, Thailand and South
\nKorea amounted to more than US$120 billion in the past year. Cash
\nreserves are low, but wrangling in the U.S. House of
\nRepresentatives has held up fresh funding.<\/p>\n
Philippine President Joseph Estrada called on world economic
\npowers to help restore financial stability in Asia by opening
\ncredit lines and providing greater market access.<\/p>\n
\"The United States and Europe, being the principal outlets of
\nASEAN exports, can spur our recovery,\" Estrada said, adding the
\nIMF resources are \"frighteningly insufficient\" to prevent a
\nfurther slide.<\/p>\n
Estrada noted, however, that ASEAN must take an active part in
\nshaping the international financial system.<\/p>\n
The establishment of an ASEAN surveillance mechanism proposed
\nlast year is not in place yet. Both ASEAN and the Asian
\nDevelopment Bank (ADB) want the secretariat at the ADB's Manila
\nheadquarters for two years.<\/p>\n
\"We are still working on the precise nature of the mechanism,\"
\nsaid ASEAN Secretary General Rodolfo Severino.<\/p>\n
As for greater use of regional currencies, Severino said the
\napproach would encourage trade with each other and stimulate
\neconomic activity. Only the Philippines and Malaysia have kicked
\nthe scheme off.<\/p>\n
ASEAN groups Brunei, Indonesia, Malaysia, the Philippines,
\nThailand, Singapore, Vietnam, Laos and Myanmar (Burma).<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jittery-southeast-asia-looks-outside-for-help-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}