ASEAN MINISTERS CONFIDENT OF GROUP'S ECONOMIC RESILIENCE

KUALA LUMPUR, Oct 9 (Bernama) -- Asean Finance Ministers have reaffirmed their confidence in the resilience of the region's banking and financial systems.

In a joint statement after their meeting in Dubai Wednesday, the ministers
expressed full confidence in Asean member states' economic and financial
resilience, and their ability to weather the current difficulties in global
financial markets.

Representing Malaysia at the meeting was Second Finance Minister
Nor Mohamed Yakcop.

Regional economic fundamentals "remain sound" despite the liquidity crisis,
said the ministers from the 10 member countries.

They said that while regional economic growth will likely drop from the
average 6.7 percent achieved last year, there is little chance of a repeat of
the 1997 financial crisis that crippled Asean economies.

According to the ministers, Asean today is lean and fit, in part reflective
of the significant reforms undertaken over the decade since the 1997 financial
crisis.

They said Asean member states "have strengthened fiscal sustainability,
deepened capital markets, enhanced financial regulation and supervisory
frameworks, reduced debt exposure and improved their reserve positions".

The ministers also said that regional economies have experienced relatively
little direct exposure to the credit crisis in the United States and governments
have moved effectively to contain any economic flow-on effects.

They agreed to establish a new macroeconomic and finance surveillance
office at the grouping's Jakarta secretariat to monitor stability in the region
and help direct emergency liquidity funds.

-- BERNAMA