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Gold/Mining/Energy : Gold Price Monitor

GDXJ 114.87

+3.6%

Dec 11 4:00 PM EST

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To: Richnorth who wrote (3365)	11/21/1997 12:59:00 PM
From: Sergio R. Mejia	Read Replies (1) of 116812

IMF quashes hopes for independent Asian fund November 20 1997 BUSINESS NEWS THE International Monetary Fund (IMF) has succeeded in killing off a proposal by Asia Pacific countries to set up an Asian rescue fund outside the auspices of the IMF (Abby Tan writes from Manila). At the end of a two-day meeting, senior finance and central bank officials from 14 countries reaffirmed the authority of the IMF to police troubled economies and agreed to its proposals for a regional surveillance mechanism. A communiqu‚ issued by the deputy ministers and officials from the IMF, America, Japan and 12 other Asian countries agreed to a facility for "co-operative financing arrangements". Under IMF supervision the member countries could contribute and ailing economies could draw upon this facility "on a case to case basis" to augment a country's reserves when IMF funds are not enough. The communiqu‚ also agreed to urge the IMF to organise a short-term financing scheme to help countries to combat 21st Century problems. The outcome has been a crushing blow to the pride of several Asian countries, especially Japan and Malaysia which had been vocal about an Asian fund independent of IMF supervision. Roberto de Ocampo, Financial Secretary of the Philippines, told reporters there had been fears among officials that such an independent fund "could be used as an excuse not to make hard decisions". He added it could also provide a tempting target "for speculators to draw down significant amounts from the pool itself". The plan for an Asian fund was strongly opposed by Michel Camdessus, IMF Managing Director. He wanted a regional surveillance mechanism to protect the Asian economy from future shocks.

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