ASEAN, Japan reaffirm commitment to IMF bailout
ASEAN, Japan reaffirm commitment to IMF bailout
KUALA LUMPUR (Reuters): Leaders of the nine ASEAN nations and Japan yesterday reaffirmed their support for IMF bailout schemes and called for swift implementation of the Manila framework to restore regional financial stability.
The call was contained in a joint statement following a meeting between Association of South East Asian Nations (ASEAN) leaders and Japanese Prime Minister Ryutaro Hashimoto at an annual ASEAN summit in Kuala Lumpur.
"We support the agreement reached among finance ministers on the swift implementation of the Manila Framework as a constructive step towards the promotion of the region's financial stability," the statement said.
The ASEAN members pledged to conduct structural reforms of their financial sectors, while Japan promised continued aid within existing frameworks such as the International Monetary Fund (IMF), World Bank and the Asian Development Bank (ADB).
ASEAN comprises Brunei, Myanmar, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
The annual three-day ASEAN summit ending on Tuesday was also being attended by Japan, China and South Korea, making it the biggest-ever meeting of only Asian leaders.
In the joint statement, Japan also offered the bilateral transfer of technology and exchange of human resources.
It said the nations were confident that ASEAN would continue to be a dynamic region with strong economic fundamentals and the potential for continued growth despite the current difficulties.
The ASEAN nations thanked Japan for its contribution to bailout packages orchestrated by the IMF, which amount to more than $100 billion for Thailand, Indonesia and South Korea.
The statement also emphasized the need to strengthen the overall relationships between the ASEAN nations and Japan, including the need for frequent high-level talks among leaders to discuss not only the economy but political and security issues.
It welcomed ASEAN endeavors to achieve regional security, and reconfirmed the need to strengthen cooperation within the ASEAN Regional Forum (ARF).
The nations also welcomed the progress of, and reconfirmed continued support for, projects launched by the Korea Energy Development Organization (KEDO) aimed at promoting the peaceful use of atomic energy in North Korea.
ASEAN and Japan also pledged to work jointly on global issues such as preserving the environment, promoting the efficient use of energy sources, strengthening measures to fight international terrorism, and strengthening a "south-south" cooperation scheme to share the experiences of ASEAN development with other developing nations.
During the meeting, Hashimoto proposed several programs to support ASEAN attempts to fight the current financial crises and promote sustainable development.
These included programs to exchange human resources, lower interest rates on Japanese loans, cooperate in cultivating mid- sized and other supporting industries of the region, and establish a Japan-ASEAN round-table to exchange views on regional development.
It was the first joint statement between ASEAN and Japan since then-Japanese prime minister Takeo Fukuda visited the region in 1977.