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ASEAN to cope with crisis


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Details of a sizeable foreign currency reserve pool among the Association of Southeast Asian Nations, China, Japan and South Korea (ASEAN+3) were finalized here on Sunday, two years after the initiative was first introduced to combat emergent financial problems. 

  Finance ministers of the ASEAN+3 nations reached the agreement on all main components of regional reserve pool, known as Chiang Mai Initiative Multilateralization (CMIM), and it will be implemented before the end of this year. 

  The agreement on the CMIM includes "the individual country's contribution, borrowing accessibility, and the surveillance mechanism," said a statement issued after the finance ministers' meeting. 

  The total size of the CMIM is 120 billion U.S. dollars with the contribution portion between ASEAN and the Plus Three countries at 20 percent versus 80 percent.

Asked whether the CMIM is meant to replace the role International Monetary Fund plays in the region, he said the mechanism is only "good complement" to what IMF does.

  "ladly, we don't have the situation like in the U.S. or Europe but it's better to be prepared. Once there is a need, we are able to present our concerns and there is facility there,"


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