Thailand Ready For Regional Monetary Cooperation

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Thailand ready for regional monetary and fiscal cooperation

BANGKOK: -- Thailand is ready to cooperate with other countries in Asia-Pacific to develop the monetary and fiscal system in support of the economic and social development in the region, Foreign Minister Kantathir Suphamongkhon reiterated yesterday.

In a statement delivered at the 61st UNESCAP Ministerial Meeting held here, he said the Economic and Social Commission for Asia and Pacific (ESCAP) had devoted itself for the economic and social development in the region.

It had attempted to the utmost to solve the poverty. But the globalization had brought about the imbalance of the economic and social development. So, it is necessary for each country to share the experience and achievement.

He said many projects initiated by both public and private sectors had been implemented for the rural development over the past decade.

The objective of projects was to ease the poverty and meet the basic needs of most people.

Included are the village fund, loan-support program for small enterprises, low-price houses, and universal healthcare scheme.

On the region-level cooperation, Mr. Kantathir said Thailand had forged the financial partnership with other countries in the region.

He noted while Asia-Pacific had enjoyed the highest saving, it needed to save more as the capital for the economic and human resources development in the future.

He said Thailand had supported ESCAP’s move to allow the government of each country to develop securities and bond funds as an alternative financial investment.

Asia Bond Fund in which Thailand had co-invested US$250 million is an outstanding example for the development.

“There is a concept of establishing the Asian bank for investment in a similar manner the European Union has done. The bank will help facilitate the financial transaction and assistance in the region,” he said.

--TNA 2005-05-17