ASEAN, Japan, China, S. Korea to launch funding for future disasters

World

The Association of Southeast Asian Nations, Japan, China and South Korea agreed Thursday to launch an emergency financing program to deal with future pandemics and natural disasters, in their latest attempt to ensure financial stability in the region.

The envisaged launch of the Rapid Financing Facility comes as the “ASEAN Plus Three” group is seeking to boost the safety net under the Chiang Mai initiative, created in the aftermath of the 1997 Asian financial crisis, to provide liquidity of up to $240 billion in times of emergency.

The agreement was reached at a meeting of senior finance offic...

Kyodo News

Kyodo News