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.