Brunei sets up council on crisis

Brunei sets up council on crisis

BANDAR SERI BEGAWAN (AP): Brunei's sultan has appointed his brother to head a fledgling economic council tasked with ensuring that the tiny oil-rich kingdom remains insulated from the shocks of the Asian economic crisis.

Sultan Hassanal Bolkiah named his brother, Prince Mohamed Bolkiah, to preside over the newly-formed Ministerial Economic Council, the Prime Minister's office said Tuesday in a statement.

The MEC will evaluate "the current economic situation of the country and the region" and plan "short and long-term action necessary for the country as a whole", it said.

The statement provided no other details about how the council will operate. It was not immediately clear how Brunei felt threatened by the Asian downturn but some big Brunei-based private companies appear to be in trouble.