Determined to keep abreast of affairs throughout the country, President Susilo Bambang Yudhoyon has installed a 'situation room' at the Presidential Palace. (Antara Photo/Widodo S. Jusuf)

“ … Here is another one. A change in what Human nature will allow for government. "Careful, Kryon, don't talk about politics. You'll get in trouble." I won't get in trouble. I'm going to tell you to watch for leadership that cares about you. "You mean politics is going to change?" It already has. It's beginning. Watch for it. You're going to see a total phase-out of old energy dictatorships eventually. The potential is that you're going to see that before 2013.

They're going to fall over, you know, because the energy of the population will not sustain an old energy leader ..."
"Update on Current Events" – Jul 23, 2011 (Kryon channelled by Lee Carroll) - (Subjects: The Humanization of God, Gaia, Shift of Human Consciousness, 2012, Benevolent Design, Financial Institutes (Recession, System to Change ...), Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Nuclear Power Revealed, Geothermal Power, Hydro Power, Drinking Water from Seawater, No need for Oil as Much, Middle East in Peace, Persia/Iran Uprising, Muhammad, Israel, DNA, Two Dictators to fall soon, Africa, China, (Old) Souls, Species to go, Whales to Humans, Global Unity,..... etc.)
(Subjects: Who/What is Kryon ?, Egypt Uprising, Iran/Persia Uprising, Peace in Middle East without Israel actively involved, Muhammad, "Conceptual" Youth Revolution, "Conceptual" Managed Business, Internet, Social Media, News Media, Google, Bankers, Global Unity,..... etc.)
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Friday, February 20, 2009

RI to secure reserve funds from ASEAN+3

Aditya Suharmoko, THE JAKARTA POST, JAKARTA | Fri, 02/20/2009 10:17 AM  

Indonesia, along with other members of ASEAN, will this weekend seek the formalization of a multi-billion dollar ASEAN+3 cooperation fund aimed at bolstering foreign exchange reserves — the first concrete joint action in Asia to cope with the global economic downturn. 

Under the framework of the Chiang Mai Initiative Multilateralization scheme, ASEAN members and Japan, China and South Korea (or ASEAN+3)  will create a pool amounting to US$84 billion which will later be accessible to members to boost their forex reserves.  

There have been talks however that the funds could be increased to as much as $120 billion.

Finance Minister Sri Mulyani Indrawati is set to lead the Indonesian delegation in the meeting to be held in the Andaman Sea resort of Phuket in Thailand. 

The meeting will be attended by finance ministers of the 10 members of the Association of Southeast Asian Nations — the Philippines, Indonesia, Thailand, Malaysia, Singapore, Brunei, Vietnam, Myanmar, Cambodia and Laos — as well as three East Asian nations — Japan, China, and South Korea. 

The Finance Ministry’s head of fiscal policy Anggito Abimanyu said Thursday the meeting would discuss the setting up of the Chiang Mai Initiative, which would help increase Indonesia’s foreign exchange reserves to counter the impact of the global economic slowdown. 

China, Japan and South Korea will contribute 80 percent of the fund as they have much larger reserves, while the remaining 10 countries will contribute the rest. 

“The existing amount is around $80 billion. It depends on the meeting whether the amount will be raised to a certain figure,” said Anggito. 

He added that the finance ministers would also discuss establishing an independent surveillance body to oversee the pooled funds,and to raise the percentage of disbursed funds. 

“Now the percentage is 20 percent. It is planned to be raised,” he said. A higher percentage means a member country can attract more funds to add to its foreign exhange reserves should the country be hit hard by the global downturn. 

With the Chiang Mai Initiative, Indonesia will be able to get more funds to help the country cope with the global financial crisis. Latest central bank data shows Indonesia’s foreign exchange reserves currently stand at $50.87 million. 

Mulyani said earlier that several multilateral agencies and countries were committed to providing $6 billion in standby loans for Indonesia. 

The World Bank is providing $2 billion, the Asian Development Bank $1 billion, the Islamic Development Bank between $500 million and $1 billion, Japan $1 billion and Australia $1 billion. 

ADB president Haruhiko Kuroda is expected to attend the ASEAN+3 meeting in Phuket.

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