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.