Southeast Asian nations finalized their contributions Thursday to increase the size of planned foreign exchange pool from $80 billion to $120 billion in order to fight the global financial crisis.
The Foreign exchange pool, which the countries agreed to create in February, can be used to extend emergency credit to member countries within the Association of Southeast Asian Nations (ASEAN). The service will also be created with assistance from China, Japan and South Korea.
The ministries of the ASEAN nations, plus representatives of China, Japan and South Korea, agreed Wednesday to enlarge by 50 percent the foreign exchange pool to provide emergency funds for countries in turmoil.
We are pleased to announce that individual contributors from ASAEN member countries have been finalized, Thai finance minister Korn Chatikavanij said at a press conference, according to Agence France Presse.
ASAEN nations will contribute 20 percent of the $120 billion, while China, Japan and South Korea, who are set to attend the summit will take the rest.
Indonesia, Malaysia, Singapore and Thailand would contribute $4.76 billion for the fund while Philippines would contribute $3.68 billion, the AFP report states
Ministers all agreed to increase existing capital for the Asian Development Bank to $168 billion from $56 billion to boost its ability to support regional growth, the Bangkok Post reports.