Asian governments plan to discard international Monetary Fund by creating a $80 billion pool in case of emergency
Media Release
May 4, 2008

Asian governments are trying to avoid relying on international institutions like the International Monetary Fund, which forced them to adopt harsh economic policies in return for bailouts during the financial crisis a decade ago. The pooling of foreign reserves may help prevent a repeat of the region's financial turmoil.

Contributions from Japan, China and South Korea will total 80 percent of the pool, while the 10-member Association of Southeast Asian Nations will make up the rest, according to the statement.

Finance ministers from 13 Asian nations agreed to create a pool at least $80 billion in foreign- exchange reserves to be tapped by nations in case they need to protect currencies.

Asian governments plan to discard international Monetary Fund by creating a $80 billion pool in case of emergency
Media Release
Finance ministers from 13 Asian nations agreed to create a pool at least $80 billion in foreign- exchange reserves to be tapped by nations in case they need to protect currencies.
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