ASEAN minister meeting to focus on regional economic situation

BANGKOK. February 16. KAZINFORM The upcoming Southeast Asian Nations (ASEAN) finance minister meeting in Thailand on Feb. 21-22 would focus on regional economic situation and economic stimulus packages, Thai government's website reported Monday.

Also, the meeting will focus on new policies and measures to ensure the regional economies to turn around from the economic slump and resume their roles as major economic driving force for global economy, the website by the Thai government's Public Relations Department quoted Thai finance minister Korn Chatikavanij as saying. They will also exchange views on solution to Group of 20's economic crisis, Chiang Mai Initiative Multilateralization (CMIM), and Asian Bond Market Initiative (ABMI). Regarding the CMIM, Japan earlier proposed to expand a bracket of the financial facility to 120 billion U.S. dollars, from 80 billion U.S. dollars, in which ASEAN country members would contribute about 20 percent of the total facility, while Japan, China and South Korea would contribute the remainders. Also, cross investing among Asian investors to increase their portfolio investments in Asia would be raised for discussion in a bid to facilitate these investors through rectifying relevant rules and regulations and help them divest their portfolio investments; Kazinform cites Xinhua. Ten ASEAN finance ministers plus three East Asian finance ministers' meeting will be held in Thailand's southern province of Phuket. The ten ASEAN member countries include Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia. The three East Asian nations include China, Japan, and South Korea. Thai finance minister Korn and his South Korean counterpart would co-chair the meeting.