ASEAN TO ESTABLISH US$120 BIL FUND TO HELP MEMBERS

PUTRAJAYA, Dec 17 (Bernama) -- The 10 members of Asean have committed to
the
establishment of a fund, akin to the International Monetary Fund (IMF), to help
the grouping during an economic crisis.

Foreign Minister Dr Rais Yatim said the preliminary proposal for the fund
amounted to US$120 billion and it would be established by next February.

"The matter is being discussed through the Asean Finance Ministers meeting
in Singapore at present and we should receive news soon.

"But we have been informed that the fund would be a reality by the time the
Asean Summit is held in February," he told reporters here Tuesday.

Dr Rais said even if the physical fund is not ready by then due to
time constraints, the political will is there and the dialogue partners, China,
South Korea and Japan have also shown a willingness to co-operate.

"The Asean Secretariat has been given the basic information about this.The
Asean secretary general, Surin Pitsuwan, has been requested to facilitate the
appointment of a top notch financial and economic adviser to be stationed in
Jakarta," he said.

Malaysia had mooted the idea of creating an Asian Monetary Fund (AMF)
during
the Asian financial crisis in 1997 but the idea was shot down by some Western
countries.

However, there has been talk of reviving the fund with the present economic

meltdown.

Earlier, Dr Rais received the letter of appointment of the new
representative of the United Nations High Commissioner for Refugees (UNHCR) in
Malaysia,Paul Alan Vernon.

He replaces Volker Turk who completed his tour of duty in March.
-- BERNAMA