VIVAnews - Members of the ASEAN members welcomed the agreement that the Ministers of Finance signed in order to increase the volume of foreign exchange liquidity to encourage regional collaboration in dealing with the global economic crisis.
They agreed with the result made by the Finance Ministers of ASEAN+3 during the meeting in Phuket, Thailand on Feb. 22.
In the meeting, the Finance Ministers of ASEAN+3 agreed to increase the multilateral funding volume of Chiang Mai Initiative (CMIM) from US$ 80 billion to US$ 120 billion.
"This step will improve the mechanism of the Chiang Mai Initiative," joint statement of the ASEAN leaders stated on Sunday, March 1.
They requested that the ASEAN Finance Ministers continue the collaboration with the three ASEAN partners including Japan, South Korea, and China, which will give 80 percent of support for the US$120 billion.
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Translated by: Ariyantri E. Tarman
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