Malaysia, RI to have small summit delegation

Malaysia, RI to have small summit delegation

SINGAPORE (AP): As central bank governors, finance ministers
and stock exchange chiefs meet for the World Economic Forum's
East Asian summit this week, the two countries in the worst
economic straits -- Indonesia and Malaysia -- will have only meager
representation.

Though both countries will send their central bankers to the
seventh annual East Asian Economic Summit, no cabinet ministers
from Malaysia and Indonesia will attend the Monday-Wednesday
gathering.

"I know that they are all under tremendous pressure, given the
situation in these two countries," Claude Smadja, the
organization's managing director, said Friday. "Their
participation and interaction would have been of tremendous value
to these two countries."

Philippines President Joseph Estrada, making his first
international visit as leader of his country, gives the keynote
speech. He will also make a quick side trip to the Indonesian
island of Batam to meet with President B.J. Habibie.

The only other head of government attending is Singapore Prime
Minister Goh Chok Tong.

The capital and currency controls recently imposed by
Malaysia, as well as the political turmoil the country is going
through, will be a central topic, formally and informally, at the
conference, Smadja said.

"This is an issue that will be addressed at many of the
sessions ... a key issue that no one will want to sweep under the
carpet," Smadja said. "It is too bad that they don't have any of
the officials (here) to present their point of view."

One of the missing officials is Anwar Ibrahim, former
Malaysian deputy prime minister and finance minister, who had
committed in July to addressing the conference. Meanwhile, Anwar
was fired and mounted an unprecedented popular challenge to the
17-year rule of Prime Minister Mahathir Mohamad. Anwar was
arrested Sept. 20 and charged with illegal homosexual acts and
corruption.

Smadja said that the absence of senior officials from some
countries "is a good indication that these countries don't feel
fully confident that they can deliver a message" to the summit.

This year's gathering is also devoid of some top-ranking
European officials.

The highest European official on the agenda, Danish Finance
Minister Mogens Lykketoft, canceled just ahead of the meeting.

"I am very disappointed," Smadja said. "It's a time when East
Asia is going through such turmoil and difficulties. It was a
golden opportunity for Europeans to show that it meant what it
was saying" about transcontinental cooperation.

The conference will include economic reports by the East Asian
countries, panel discussions, speeches and networking meals on
how what actions and structures are needed to fix Asia's economic
mess.

"We are putting a lot of emphasis this year on financial
restructuring," Smadja said. "Nevertheless, the impact of the
crisis on the political situation is becoming a key issue."

Smadja said he hopes the conference will help restore
confidence in the region and help crystallize policy options for
governments.

Speakers include China's deputy finance minister, Lou Jiwei;
Stanley Roth, U.S. assistant secretary of state for East Asia-
Pacific; and Hubert Neiss, Asia-Pacific director for the
International Monetary Fund.

Central bankers from Australia, Hong Kong, Indonesia, Japan,
Malaysia, New Zealand and Singapore are also among the
participants.