RI trade program 'must avoid fraud'<\/p>\n
SINGAPORE (AP): Singapore Prime Minister Goh Chok Tong said
\nthat a proposed trade financing program with Indonesia must be
\ncarefully formulated in order to prevent fraud, The Sunday Times
\nreported.<\/p>\n
Goh announced last week that Singapore will use at least US$ 2
\nbillion to set up a bilateral guarantee program for trade with
\nIndonesia.<\/p>\n
The amount is to come from the $5 billion pledged last fall as
\nSingapore's contribution to a bailout package for Indonesia
\norchestrated by the International Monetary Fund.<\/p>\n
The IMF aid is designed to help the Southeast Asian country
\nrecover from an economic crisis triggered by a plunge in the
\nIndonesian currency last year.<\/p>\n
In a interview conducted Thursday and published on Sunday, the
\nSingapore leader cautioned that \"we have to make sure the rules
\ncan be implemented clearly to prevent possible fraud.\"<\/p>\n
\"We have no experience in running such a bilateral scheme,\"
\nGoh was quoted as saying. \"It's not going to be a small scheme;
\nit's going to cover a large proportion of our trade\" with
\nIndonesia.<\/p>\n
An earlier Singapore proposal for a multilateral trade
\nfinancing plan failed due to lack of support from the Group of
\nSeven leading industrialized nations, according to Goh.<\/p>\n
He said the bilateral program, which came at Indonesia's
\nrequest, will have some flexibility built into it so that other
\ncountries can participate once it has started up.<\/p>\n
As of Sunday, it was still unclear when Singapore would
\nrelease further details of the plan.<\/p>\n
\"We need time to study, so I will not know at this stage when
\nI can announce it formally,\" Goh was quoted as saying in the
\nreport.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ri-trade-program-must-avoid-fraud-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}