PHUKET, THAILAND: Malaysia, along with other Asean members, will meet tomorrow to seek consensus on a multi-billion dollar Asean+3 Cooperation Fund for economic stimulus packages.

Deputy Prime Minister Datuk Seri Najib Tun Razak will lead the Malaysian delegation at the special meeting among Asean finance ministers, together with their counterparts from China, Japan and South Korea.

The meeting is to formalise a common fund aimed at bolstering foreign exchange reserves to cope with the global economic crisis.

Under the Chiang Mai Initiative Multilateralisation Scheme, Asean members, Japan, China and South Korea have agreed to create a pool of US$84bil (RM308bil or S$128.5bil). The fund, which was agreed to in May last year, is to help boost forex reserves among member countries.

China, Japan and South Korea will contribute 80% of the fund while the remaining 10 Asean countries will come up with the rest.

A Malaysian Finance Ministry official said Asean finance ministers would also discuss methods to protect the region's economy and other joint initiatives to overcome the current economic slum.

"Asean finance ministers are also expected to discuss and raise the fund to US$120bil (RM441bil) to help revive the region's economy.

"The meeting will also seek views on ways to tackle the current economic issues as well as enhancing the regional trade and financial markets corporation.

Is this article useful to you?