Asian nations hope to finalise details of a $120-billion fund to battle future financial crises by May and launch it soon after, according to a draft document obtained today.
East Asian leaders meeting in the Thai resort town of Pattaya this weekend will support their finance ministers' decision in February to expand the fund from the original $80 billion, it said.
According to the draft obtained by AFP, the 10 ASEAN leaders as well as China, Japan and South Korea will stress the importance of making the fund operational "as soon as possible".
They will encourage their finance ministers "to continue their efforts to reach an agreement" on its main components at their next meeting in the Indonesian island of Bali in May, said the document to be issued at the weekend.
The Association of Southeast Asian Nations (ASEAN) will contribute 20 per cent of the $120 billion, while China, Japan and South Korea will account for the rest.
At a meeting in Pattaya on yesterday ahead of the summit, ASEAN finance ministers agreed that Indonesia, Malaysia, Singapore and Thailand would contribute $4.76 billion each and the Philippines $3.68 billion.
The other five members, including ASEAN's poorest members Cambodia, Laos and Myanmar, would contribute amounts based the size of their foreign exchange reserves, said Thai Finance Minister Korn Chatikavanij.
