Thailand Prime Minister Abhisit Vejjajiva Friday said he really hopes that the Chiang Mai Initiative Multilateralisation (CMIM) can be launched by the end of this year.
Details of the CMIM, a sizeable foreign currency reserve pool among the Association of Southeast Asian Nations (ASEAN), China, Japan and South Korea (ASEAN Plus Three), were finalized in May this year, two years after the initiative was first introduced to combat emergent financial problems.
The total size of the CMIM is 120 billion U.S. dollars with the contribution portion between ASEAN and the Plus Three countries at20 percent versus 80 percent.
Thailand will be pleased to temporarily host the CMI surveillance unit, said Abhisit, when delivering his speech at the opening ceremony of the 15th Association of Southeast Asian Nations (ASEAN) Summit.
In response to the global financial and economic crisis, a special ASEAN Plus Three Finance Ministers' Meeting was promptly convened to expedite the launching of the reserve pool, said Abhisit.
The CMIM and the development of the ASEAN Plus Three Emergency Rice Reserve with the aim of early operaitonalisation under a permanent office were expected to be the concrete outcomes after the ASEAN summit and related summits, held from Oct. 23 to 25.
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