SE Asia must 'rely less on rich states'<\/p>\n
KUALA LUMPUR (Reuters): Southeast Asia should rely less on
\nrich countries or \"charity\" bailouts by financial institutions
\nand instead raise funds at home, Malaysian Prime Minister
\nMahathir Mohamad said yesterday.<\/p>\n
Mahathir told a conference that he believed mobilization of
\nfinancial resources from within the region should be the first
\nstep towards self-reliance and \"gaining dignity\".<\/p>\n
\"The indifference of the rich countries to our economic
\nsituation should motivate us enough to take the initiative in
\nlooking into the potential of this region for alternative paths
\nto sustainable progress,\" Mahathir said.<\/p>\n
\"This is more appropriate than relying on multilateral and
\nbilateral donors,\" he said when opening an international women's
\nconference on poverty eradication.<\/p>\n
The prime minister recently said his country will not ask for
\nany foreign help to recover from its economic crisis. Foreign
\ninvestors have fled Malaysia's currency and stock markets in the
\npast several months as the contagion from Thailand's economic
\ntroubles spread to the region.<\/p>\n
Thailand and the Philippines have recently received financial
\naid from the International Monetary Fund (IMF) and Indonesia is
\nseeking assistance from the body.<\/p>\n
Mahathir criticized the IMF's aid package for Thailand, saying
\nthe servicing of the debt would be more of a burden than help to
\nBangkok.<\/p>\n
He also accused international financial institutions of
\nserving big financial institutions and foundations \"in the guise
\nof assisting the poorest\".<\/p>\n
\"They undermine micro finance by perpetuating the mentality of
\ncharity to these financially viable institutions,\" he said.<\/p>\n
Last week, Malaysian Deputy Prime Minister and Finance
\nMinister Anwar Ibrahim said an ASEAN-proposed fund to assist
\ntroubled Asian economies with the help of Japan would need $100
\nbillion.<\/p>\n
But he said the fund would only be for countries that had
\nfallen into trouble accidentally. \"Those who have created their
\nown economic fiasco cannot be beneficiaries of this fund,\" he
\nsaid.<\/p>\n
The IMF and United States are wary of the concept and Germany
\nis strongly opposed, fearing a regional facility would disperse
\nfunds without demanding the strict -- some Asians say too strict<\/p>",
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