Chiang Mai a complement, not substitute to IMF aid

Asia will continue to rely on support from the International Monetary Fund (IMF) and other global agencies beyond the activation of the Chiang Mai initiative, a senior ASEAN official said on Friday.

Chiang Mai, a $120 billion regional reserve pool between the ten countries comprising ASEAN and China, Japan and Korea, is set to be activated in the coming months. The move, which would allow countries to borrow a fifth of their allocation of funds unconditionally, is seen by some as an attempt to l

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