ID :
30604
Mon, 11/17/2008 - 10:09
Auther :
Shortlink :
https://oananews.org//node/30604
The shortlink copeid
Aso stresses Japan's crucial role in fighting global crisis
WASHINGTON, Nov. 15 Kyodo -
Japanese Prime Minister Taro Aso expressed Japan's resolve Saturday to play a
key role in addressing the global financial turmoil while asking other leading
and emerging economies including China to support Tokyo's proposal to boost the
capital of the International Monetary Fund.
In a press conference after a two-day summit of the Group of 20 industrialized
and developing economies in Washington, Aso said he had felt his counterparts'
great expectations of Japan at the summit. ''We will lead the building of a
framework for a new era,'' he said.
The prime minister reiterated that Japan's experience of dealing with its
banking crisis in the late 1990s -- through swift and massive disposal of bad
loans and the injection of public money into distressed financial institutions
-- serves a good example for addressing the current crisis.
Stressing the importance of helping emerging and small economies weather the
worldwide credit turmoil, Aso underscored the need to boost the capital of the
IMF.
Tokyo has specifically proposed that the funding nations of the
Washington-based lender double their contributions to $640 billion from the
current $320 billion.
Aso said Japan is ready to lend up to $100 billion to the fund as a stopgap
measure since it takes time to increase the capital base, and urged other
countries, especially those with huge foreign reserves such as China and
oil-producing Middle East nations, to cooperate on the additional funding.
Finance Minister Shoichi Nakagawa separately told reporters that Japan was the
only participant announcing contributions to the IMF and the World Bank to give
specific figures.
Japan and the World Bank have agreed to jointly set up a $3 billion fund to
recapitalize banks in developing economies that have been seriously affected by
the financial turbulence.
''Some countries appreciated us for our specific proposal,'' Nakagawa said.
''We believe that Japan has led (discussions at) the G-20.''
The premier also underlined the necessity to solve global trade imbalances,
apparently urging the United States to try to erase its chronic deficits and
China to stimulate domestic demand instead of depending largely on exports.
==Kyodo
Japanese Prime Minister Taro Aso expressed Japan's resolve Saturday to play a
key role in addressing the global financial turmoil while asking other leading
and emerging economies including China to support Tokyo's proposal to boost the
capital of the International Monetary Fund.
In a press conference after a two-day summit of the Group of 20 industrialized
and developing economies in Washington, Aso said he had felt his counterparts'
great expectations of Japan at the summit. ''We will lead the building of a
framework for a new era,'' he said.
The prime minister reiterated that Japan's experience of dealing with its
banking crisis in the late 1990s -- through swift and massive disposal of bad
loans and the injection of public money into distressed financial institutions
-- serves a good example for addressing the current crisis.
Stressing the importance of helping emerging and small economies weather the
worldwide credit turmoil, Aso underscored the need to boost the capital of the
IMF.
Tokyo has specifically proposed that the funding nations of the
Washington-based lender double their contributions to $640 billion from the
current $320 billion.
Aso said Japan is ready to lend up to $100 billion to the fund as a stopgap
measure since it takes time to increase the capital base, and urged other
countries, especially those with huge foreign reserves such as China and
oil-producing Middle East nations, to cooperate on the additional funding.
Finance Minister Shoichi Nakagawa separately told reporters that Japan was the
only participant announcing contributions to the IMF and the World Bank to give
specific figures.
Japan and the World Bank have agreed to jointly set up a $3 billion fund to
recapitalize banks in developing economies that have been seriously affected by
the financial turbulence.
''Some countries appreciated us for our specific proposal,'' Nakagawa said.
''We believe that Japan has led (discussions at) the G-20.''
The premier also underlined the necessity to solve global trade imbalances,
apparently urging the United States to try to erase its chronic deficits and
China to stimulate domestic demand instead of depending largely on exports.
==Kyodo
