Pres. Kim Urges "Concerted Asia Recovery Program"

President Kim Dae Jung urged on November 16 that in order to recover from the ongoing Asian economic crisis, financial help from economic powers like the U.S., Japan and China is urgently needed.
During separate summit meetings with the Malaysian, New Zealand, and Singaporean Prime Ministers in Kuala Lumpur, President Kim also stressed market opening policies and simultaneous efforts to promote the inland consumption of Asia Pacific Economic Cooperation(APEC) developing countries.
Pres. Kim will propose that a 'Concerted Asia Recovery Program' containing these contents be stipulated in the communique to be signed by all 21 APEC Summit members on November 18.
In this proposal Pres. Kim will suggest three subjects, expanding fiscal expenditures, lowering interest rates, and increasing financial support.
He will also ask for the willing participation of the developed as well as developing countries through the communique.
During the meeting wiht the Malaysian Prime Minister Mahathir Mohamad, Pres. Kim offered to establish an international organisation to deal with the exchange of information on 'hot' money as well as measures to help countries who suffer from the volatile nature of hot money. Prime Minister Mahathir agreed with Pres. Kim.
Pres. Kim emphasized in a key-note speech at the APEC Chief Executive Officers' conference, 'Such economic powers in APEC countries like the U.S., Japan, and China should make every effort to stabilize Asian financial markets in cooperation with EU countries.'