Asian officials vow to tackle economic reforms

Asian officials vow to tackle economic reforms

GENEVA (Reuters): Top Asian officials hammered home their
commitment to reforming their battered economies yesterday, the
second day of the Asian Development Bank's annual meeting in
Geneva.

Ministers from Indonesia, South Korea, Japan and Thailand all
had the same message for over 2,000 delegates at the gathering:
economic reform to revitalize flagging economies is the number
one priority.

The Asian financial crisis sent shockwaves around the world
when it broke last July, triggering a flood of calls for the
former tiger economies to address the root of their problems and
reform financial and corporate practice.

Indonesian Finance Minister Fuad Bawazier echoed the sentiment
of many of his Asian colleagues on Thursday when he said his
government remained committed to such reform.

"We are convinced that the storm will pass. We remain mindful
that the ultimate responsibility for economic reform and re-
establishment of international credibility rests squarely on our
shoulders," he told the meeting.

"I assure you that my government remains committed to the
process of economic and financial reforms."

A common theme running through the speeches given by the 19
heads of delegations was the need for cooperation and keeping to
international standards.

"All of our reform efforts will have at their basis a strict
adherence to market principles and international standards," said
South Korean finance minister Lee Kyu-Sung. "We particularly
appreciate this cooperative and broad-based approach to economic
difficulties."

The Japanese government, which has earned itself a "must try
harder" tag for not doing enough to stimulate its economy,
fiercely defended its latest economic package.

"While striking the right balance with the longer-term goals
of structural reform, our government is now making the utmost
effort to ensure economic recovery," Japanese Vice Finance
minister Eisuke Sakakibara said.

Dubbed "Mr Yen" for his ability to move currency markets with
his comments, Sakakibara said Japan did not react to foreign
pressure when setting its policies.

"Officials overseas have freedom of speech. But Japan does not
react to foreign pressure when deciding its policies. We act on
our own judgment," he said.

The head of the Chinese delegation, deputy central bank
governor Yin Jieyan, also gave an upbeat assessment of his
country's economy.

In a speech peppered with references to "enterprise reform",
and "cooperation", he said China's economic performance in 1998
would be better than last year's.

The U.S. delegation put its weight behind calls for economic
reform. U.S. assistant Treasury Secretary for international
affairs Timothy Geithner told Reuters financial restructuring was
key to Asia's problems.