HISTORIC PRESS RELEASE : UK initiative to help Asia [February 1998]
The press release issued by HM Treasury on 17 February 1998.
The UK today launched an initiative aiming to increase the amount of European technical assistance available to the troubled economies of Asia. The initiative will focus on financial sector restructuring and poverty impact assessment, and is being developed in the run up to the ASEM 2 Summit on 3-4 April, when Asian and European Leaders will meet in London.
Chancellor Gordon Brown and Secretary of State for International Development Clare Short discussed their ideas with World Bank President Jim Wolfensohn when they met earlier today.
The initiative involves two parts: the establishment of an ASEM Trust Fund at the World Bank to help countries to assess the poverty impact of the crisis and to assist with financial sector restructuring; and more effective co-ordination of technical assistance in the financial sector.
The Chancellor said:
“Countries in Asia restructuring their financial sectors will need a good deal of technical assistance. Europe has great expertise to offer in this area, and we are putting in place arrangements to ensure this can be mobilised effectively”.
The Secretary of State for International Development said:
“It is vital that countries receive help with financial restructuring and that the poverty impact of Asia’s current financial difficulties is properly understood. We are working closely with the World Bank to assess the impact on the poor and ensure that the appropriate policy response is taken.”
