ID :
24888
Thu, 10/16/2008 - 18:00
Auther :
Shortlink :
http://m.oananews.org//node/24888
The shortlink copeid
EAST ASIAN ECONOMIES MORE RESILIENT TO GLOBAL TURBULENCE
BANGKOK, Oct 16 (Bernama) -- East Asian economies continue to perform strongly and are more resilient in facing the current global economic turbulence, following significant changes since the 1997 Asian financial crisis, a senior World Bank official said Thursday.
However, Jim Adams, the World Bank's East Asia and Pacific regional vice
president said like all countries, Asian economies must be prepared to deal with
any effects of the turmoil which started in the United States.
"We stand ready to support our member countries across East Asia to
deal
with challenges arising from the financial crisis," he said in a statement
Thursday.
The World Bank, he said, was also supporting the initiatives of Asean
members in sharing information and developing a coordinated response in close
cooperation with the Asean Secretariat.
"While we have not discussed commitment of funds at the regional level,
numerous discussions with individual governments were held during the recent
annual meetings of the World Bank and IMF on the impact of the financial crisis
as well as the possible ways towards providing support at the country level," he
added.
Adams said the World Bank was committed to helping governments and the
private sector manage the impact of the global financial crisis by providing
increased lending, equity investments, innovative new tools, and safety net
programs.
He also said the World Bank had the financial capacity to comfortably
double
its middle-income lending arm (IBRD) to developing countries to meet additional
demand from partner countries.
The IBRD's lending was US$13.5 billion for the last fiscal year.
The World Bank's private sector arm, the International Finance Corporation
(IFC) is considering establishing a special fund that would provide equity to
recapitalise small to medium-sized banks in poor countries with an insufficient
government capacity, to help innoculate them from the global financial market
turmoil.
He said the IFC may contribute around US$1 billion and seek to raise
another
US$2 billion or more from various sources including international financial
institutions (IFIs), commercial banks, bilateral government financial agencies
and other investors.
However, Jim Adams, the World Bank's East Asia and Pacific regional vice
president said like all countries, Asian economies must be prepared to deal with
any effects of the turmoil which started in the United States.
"We stand ready to support our member countries across East Asia to
deal
with challenges arising from the financial crisis," he said in a statement
Thursday.
The World Bank, he said, was also supporting the initiatives of Asean
members in sharing information and developing a coordinated response in close
cooperation with the Asean Secretariat.
"While we have not discussed commitment of funds at the regional level,
numerous discussions with individual governments were held during the recent
annual meetings of the World Bank and IMF on the impact of the financial crisis
as well as the possible ways towards providing support at the country level," he
added.
Adams said the World Bank was committed to helping governments and the
private sector manage the impact of the global financial crisis by providing
increased lending, equity investments, innovative new tools, and safety net
programs.
He also said the World Bank had the financial capacity to comfortably
double
its middle-income lending arm (IBRD) to developing countries to meet additional
demand from partner countries.
The IBRD's lending was US$13.5 billion for the last fiscal year.
The World Bank's private sector arm, the International Finance Corporation
(IFC) is considering establishing a special fund that would provide equity to
recapitalise small to medium-sized banks in poor countries with an insufficient
government capacity, to help innoculate them from the global financial market
turmoil.
He said the IFC may contribute around US$1 billion and seek to raise
another
US$2 billion or more from various sources including international financial
institutions (IFIs), commercial banks, bilateral government financial agencies
and other investors.
