(23 Sep 1997) English/Nat
The currency crisis in Southeast Asia was a focal point at Tuesday's IMF summit in Hong Kong.
The recent sharp currency and stock market falls have caused acute concern in the international finance community.
Economic growth among the ASEAN countries of Southeast Asia has been meteoric over the past few years.
Developing economies there have out-stripped their Western counterparts.
But with the phenomenal rise came an increased nervousness among financial institutions.
With the astronomical height of the market, there was a long way to fall.
In the wake of the crash, Thailand's finance minister pledged to stick to a tough IMF rescue package.
SOUNDBITE: (English)
The task is clear, the targets have all been agreed upon. The understanding and partnerships of the World financial leaders, both public and private to stand by us will be the hallmark of true international financial cooperation. We look for your continued hand of friendship and support in this task. To restore peace and calm for ASEAN, Asia and the World.
SUPER CAPTION : Thanong Bidaya, Governor, Bank of Thailand
IMF officials were trying to play down the Thai crisis and predicted that other neighbouring countries would not suffer too badly from what many politicians believe to be irresponsible behaviour of capital market dealers.
SOUNDBITE: (English)
The role of the international capital markets, the currency traders and so on is mostly almost always in our view constructive and very rarely has no basis in underlying reality. By and large currency crises have their causes and this one has its cause.
SUPER CAPTION: Stanley Fischer, Deputy Managing Director, IMF
Financial leaders in the region believe that the Philippines, Malaysia and Indonesia have been lucky to learn from the Thai situation.
Malaysian officials say their country is in a good shape, having tackled their problems early.
However, Malaysia's finance minister warned that countries in the region were still susceptible to problems elsewhere
SOUNDBITE: (English)
That is why I think that we have taken the necessary measures, part of it we have announced. That is because we are mindful of the fact that we are not necessarily invincible - we are quite vulnerable to the effects, to the neighbouring countries.
SUPER CAPTION: Anwar Ibrahim Finance Minister, Malaysia
Currency traders and their activities continue to be the focus of blame for the upheaval.
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