THE JAKARTA POST
Indonesia, along with other members of ASEAN, will this weekend seek the formalization of a multi-billion dollar ASEAN+3 cooperation fund aimed at bolstering foreign exchange reserves — the first concrete joint action in Asia to cope with the global economic downturn.
Under the framework of the Chiang Mai Initiative Multilateralization scheme, ASEAN members and Japan, China and South Korea (or ASEAN+3) will create a pool amounting to US$84 billion which will later be accessible to members to boost their forex reserves.
There have been talks however that the funds could be increased to as much as $120 billion.
Finance Minister Sri Mulyani Indrawati is set to lead the Indonesian delegation in the meeting to be held in the Andaman Sea resort of Phuket in Thailand. The meeting will be attended by finance ministers of the 10 members of the Association of South...