Japan to expand Asian aids

Japan to expand Asian aids

TOKYO (Dow Jones): The Ministry of Finance is set to expand a
$30 billion aid scheme to Asia, following strong demand for
funds, The Nihon Keizai Shimbun reported in its Sunday edition.

The so-called Miyazawa Initiative -- named after Finance
Minister Kiichi Miyazawa who announced the program in October
1998 -- has received a positive response from the five intended
recipients: Thailand, Malaysia, the Philippines, Indonesia and
South Korea.

Aid worth US$12.75 billion has already been agreed, and this
will rise to almost half the total once a new aid request from
Indonesia is granted.

Other countries, notably Myanmar and Vietnam, are lobbying to
be included in the scheme. An MOF source said that the ministry
is prepared to increase total aid once demand exceeds Y30
billion, the newspaper said.