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Philippine President Gloria Macapagal-Arroyo joins other heads of state at the closing ceremony of the Plenary Session during the 7th Asia-Europe Meeting (ASEM) Saturday (October 25, 2008) at the Great Hall of the People in Beijing, People's Republic of China. (ALFREDO FRANCISCO/ OPS- NIB Photo)

East-Asian leaders agree to seek IMF assistance for countries badly affected by global economic tumult

25 Oct 2008

BEIJING, CHINA---President Gloria Macapagal-Arroyo, together with other Asian and European leaders, agreed last night to seek the critical role that the International Monetary Fund (IMF) must play in assisting countries affected by the negative impact of the current global financial economic crisis “upon the request of concerned countries.”

This consensus of the 45 leaders attending the 7th Asia-Europe Meeting here was reached last night at the conclusion of the 1st closed-door session on the global financial economic meltdown.

The meeting that lasted for about two hours, also drew the full support of the Asian and European heads of government on US President George W. Bush’s initiative to convene an international summit on Nov. 15 in Washington D.C. to address the current crisis and formulate principles of reform for the international financial institutions.

“The IMF and other international financial institutions should bring into play their mandated role in the international financial system, to help stabilize the international financial system,” the statement of the ASEM7 on the international Financial Situation stated.

The world leaders also expressed their belief that they, as heads of their respective governments, ‘’should demonstrate vision and resolution, and take firm, decisive and effective measures in a responsible and timely manner to rise to the challenge of the financial crisis.’’

They also expressed full confidence that the crisis could be overcome through concerted efforts.

They called on the international community to continue to strengthen coordination, cooperation and take effective and available economic and financial measures in a comprehensive way to restore market confidence, stabilize global markets and promote global economic growth.

They appealed to all countries to pursue responsible and sound monetary, fiscal and financial regulatory policies, enhance transparency, inclusiveness, strengthen oversight and improve crisis management mechanisms so as to maintain their own economic program and stability of the financial markets.

They all pledged to undertake all these measures to insulate their respective countries from the global economic meltdown.

At the end of the day, the leaders said, global action is needed to be able to respond effectively to the crisis.

The 7th ASEM has altogether four closed-door sessions.


 

UN Responds to Global Financial Crisis

Season’s GreetingsThe Executive Heads of United Nations specialized agencies, funds and programmes and the World Bank and International Monetary Fund (IMF) met  to undertake assessment of ongoing global crisis in financial markets and the threat of recession in the global economy. n Read more

East-Asian leaders agree to seek IMF assistance for countries badly affected by global economic tumult

Seventh Asia-Europe Meeting (ASEM)Asian and European leaders, agreed to seek critical role that the International Monetary Fund (IMF) must play in assisting countries affected by the negative impact of the current global financial economic crisis “upon the request of concerned countries. n Read more

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