ASEAN member countries, China, Japan, and South Korea would possibly increase the total crisis funds to 120 billion U.S. dollars from the previous target of 80 billion U.S. dollars, Indonesian Foreign Minister Hassan Wirajuda said here Monday.
The central banks of the ASEAN + 3 countries have agreed to raise the crisis funds under the Chiang Mai Initiative which can be used by the ASEAN + 3 countries should a crisis on their balance payment occur.
"There is a signal that ASEAN + 3 countries will increase the funds," Wirajuda said.
The minister said that the plan may be approved at the ASEAN + 3 countries finance minister meeting. But he was uncertain about the timing of the meeting.
It was not clear yet how the ASEAN + 3 countries will split the sharing of the additional 40 billion U.S. dollars funds.
Previously, 80 percent of the funds will be donated by China, Japan and South Korea, and the rest by the ASEAN member countries, including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Source: Xinhua
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