High-level officials focus on Asian regional financial

High-level officials focus on Asian regional financial
integration

Deutsche Presse-Agentur
Singapore

High-level officials from the International Monetary Fund (IMF)
and other bodies explored opportunities for Asian regional
financial integration at a Singapore seminar on Saturday.

The closed-door meeting, organized by the IMF and Monetary
Authority of Singapore (MAS), was attended by finance ministers,
central bank governors and senior officials from the region.

Emphasis was on the challenges of Asian financial integration
and ways to enhance regional surveillance and monetary
cooperation, delegates said.

"In an increasingly interconnected world, Asia's economic
integration is a process of global consequence," IMF Managing
Director Rodrigo de Rato said in a statement issued earlier.

"It has significant implications for the global economy and
the smooth functioning of the international financial system."

He stressed the IMF fully supports efforts toward integration
in Asia.

Tharman Shanmugaratnam, Singapore education minister and
deputy chairman of the MAS, said the event was a good opportunity
"for a meeting of minds on Asian financial challenge and
opportunities for further integration."

The Asian Development Bank (ADB) expects strong Asian growth
this year, with India and China the key engines of expansion.

President Haruhiko Kuroda expressed concerns on Friday that
high oil prices could slow the momentum.

The ADB's forecast of 6.5 percent for developing countries in
Asia can be basically maintained, he said.

"The two biggest economies in developing Asia, the Chinese and
the Indian economies, are showing no signs of a slowdown," Kuroda
added.

But soaring oil prices, which have been hitting record highs,
could undermine growth in 2006, he warned.