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Finance
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2000-03-18 20:59:00-05
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Asian Monetary Fund gets boost from ADB
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Regional monetary fund believed to be more effective than international agencies such as the World Bank
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A regional Asian Monetary Fund merits serious consideration according to the Asian Development Bank, which made the assertion in a report on the financial market challenges facing Asia. Although developed in 1999, the report was released at a time when a debate ensues as to whether the World Bank should remain in Asia or let the ADB be the main agency to help developing countries in the region. The recommendation comes amid a host of other suggestions aimed at preventing a recurrence of the Asian economic crisis of 1997-98. Already the ADB notes, the International Finance Corp., the investment body of the World Bank, has established a fund to invest in impacted Asian companies and the ADB, itself, has established a $3 billion Asian Currency Crisis Support Facility financed by the $30 billion Miyazawa Fund, funded by the Japanese government. The Miyazawa Fund was set up to help Asian countries in financial disarray to recover, while the ACCSF gives loan guarantees and interest payment support. Other regional endeavors include a country-watch within Southeast Asia to identify economic problems within each country.
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