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DPM: Asian Monetary Fund needed to face crisis

By Thursday December 4th, 2008 No Comments

KUALA LUMPUR: Asian government leaders and ministers must put their heads together to create an Asian Monetary Fund to sustain regional economic growth in the face of the current global financial turmoil.

Deputy Prime Minister Datuk Seri Najib Tun Razak said the structure for a monetary facility for Asian economies must be quickly and urgently formulated to counter tumbling markets, especially those of Europe and the United States.

“This is an idea that needs to be debated and discussed in greater depth by leaders and finance ministers of Asia. We need to address this issue quickly and urgently,” he said in his keynote address before opening the Malaysian Capital Market Summit yesterday.

He said the Government would wait for responses from other Asian countries before beginning any dialogue on the fund.

Najib, who is also Finance Minister, said the investing community within and outside Malaysia to provide strategies and solutions to the Government on how to deal with the current financial crisis.

He also told the Securities Com- mission and Bursa Malaysia to step up efforts to attract investments from within Asia particularly from China and India to trade on the country’s stock exchange.

He said the Government would continue to mitigate effects of the financial crisis on the country’s economy.

He added that restoring market and investor confidence was key to weathering the financial crisis and could be done by gradually liberalising the economy and enhancing delivery systems to ease the cost of doing business.

He said accountability and transparency in Malaysia also needed to be enhanced.

Source : The Star

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