{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='MALAYSIA: ASEAN MINISTERS MEET TO DISCUSS REGION\u0026#39;S FINANCIAL CRISIS' data-url='/boclips/videos/5c54bf04d8eafeecae13fee3' data-video-url='/boclips/videos/5c54bf04d8eafeecae13fee3' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nMALAYSIA: ASEAN MINISTERS MEET TO DISCUSS REGION\u0026#39;S FINANCIAL CRISIS\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatSoutheast Asian finance ministers have agreed to provide extra resources to top up International Monetary Fund loans to the region's troubled economies.The I-M-F has organised multi-billion dollar rescue packages for Thailand...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eSoutheast Asian finance ministers have agreed to provide extra resources to top up International Monetary Fund loans to the region's troubled economies.\u003cbr/\u003eThe I-M-F has organised multi-billion dollar rescue packages for Thailand and Indonesia, and is finalising a bailout for South Korea.\u003cbr/\u003eBut ASEAN (Association of South East Asian Nations) ministers say the funds on offer are \"inadequate\".\u003cbr/\u003eASEAN ministers met in Kuala Lumpur on Monday to coordinate their response to the region's financial meltdown.\u003cbr/\u003eBattered by waves of currency speculation, plunging stock markets and corporate failures, the ASEAN economies have already turned to the outside world for help.\u003cbr/\u003eThe International Monetary Fund (I-M-F) has offered substantial bailout packages to Thailand, Indonesia and South Korea.\u003cbr/\u003eThey'll provide much needed funds to shore up the currencies and restore the confidence of international investors.\u003cbr/\u003eBut the money, like all I-M-F deals, comes with a tough set of conditions for the recipient country.\u003cbr/\u003eReductions in state spending and borrowing and free market reforms are typically part of the medicine.\u003cbr/\u003eThat's something the region's leaders are finding difficult to swallow - hence Monday's agreement to help each other out of the crisis, rather than rely on the I-M-F.\u003cbr/\u003eIn Kuala Lumpur, ASEAN ministers sealed a deal providing extra resources on top of the I-M-F loans.\u003cbr/\u003eThey say the money is entirely separate from the existing support.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"It is not our intention to have this as part of the IMF institutional framework, mechanism and operational jurisdiction, but that it would supplement what funds the IMF would bring to bear to the economies that are in need of an IMF programme within our region\"\u003cbr/\u003eSUPER CAPTION: Roberto De Ocampo, Financial Secretary of the Philippines\u003cbr/\u003eThe ministers say their chief task now is to enhance regional surveillance to identify financial trouble spots.\u003cbr/\u003eTo that end, ASEAN's finance ministers aim to hold regular meetings to exchange information. \u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"The idea is to support some sort of a concept of mutual surveillance\"\u003cbr/\u003eSUPER CAPTION: Tarrin Nimmanahaeminda, Thai Finance Minister\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"The ministers choose to deliberate at length and disclose all the necessary information for us to understand - if this is the spirit we have actually to begin a meaningful process of regional surveillance within ASEAN\"  \u003cbr/\u003eSUPER CAPTION: Anwar Ibrahim, Malaysian Deputy Prime Minister\u003cbr/\u003eRecent months have seen a painful awakening for South East Asia - once thought to be experiencing an economic miracle.\u003cbr/\u003eTrade and growth have slowed and, with the world's financial markets increasingly integrated, they have become vulnerable to financial attack. \u003cbr/\u003eAmong those worst hit by the recent crisis are Indonesia and Singapore. \u003cbr/\u003eThey have already signed up to I-M-F programmes, while South Korea is currently in the process of organising its own bailout package.\u003cbr/\u003eNow there will be additional money from a mutual fund - much of which is expected to come from Japan.\u003cbr/\u003eAnalysts say part of the motivation for going it alone, at least in part, is a desire to escape the clutches of the United States.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"I think this is an attempt made by Malaysia to show that there is still life in this idea despite it being basically shot down by the United States. Part of this is about resentment in the region that the U-S has not shown financial leadership in this crisis as it has say in Latin America in the past.\"\u003cbr/\u003eSUPER CAPTION: Simon Long, Journalist with \"The Economist\" \u003cbr/\u003eBut the U-S isn't the only target for ASEAN's attacks.\u003cbr/\u003eMost to blame for the meltdown, according to Malaysia's Prime Minister, are the speculators who target the region's currencies.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Yet there seems to be an inexhaustible supply of offshore money running into billions and billions in the hands of the currency traders for them to sell in the market. Actually of course these offshore currencies did not exist. Currency trading as devised by the traders is such that they can borrow offshore money and sell in most cases to each other.\" \u003cbr/\u003eSUPER CAPTION: Mahathir Mohamad Malaysian Prime Minister\u003cbr/\u003eAsia's economic crisis has seen a fall of more than 30 per cent in the region's currencies since July. \u003cbr/\u003eMahathir Mohamad wants heavy regulation of the currency markets to avert further turmoil.\u003cbr/\u003eKuala Lumpur, Malaysia; Bangkok, Thailand - 1 December 1997 and file\u003cbr/\u003eKuala Lumpur, 1 December 1997\u003cbr/\u003e1. Various of delegates arriving\u003cbr/\u003e2. Delegates at meeting\u003cbr/\u003e3. Various of press conference\u003cbr/\u003e4. SOUNDBITE: (English) Roberto De Ocampo, Financial Secretary of the Philippines\u003cbr/\u003e5. Cutaway\u003cbr/\u003e6. SOUNDBITE: (English) Tarrin Nimmanahaeminda, Thai Finance Minister \u003cbr/\u003e7. SOUNDBITE: (English) Anwar Ibrahim, Malaysian Deputy Prime Minister\u003cbr/\u003eBangkok, file\u003cbr/\u003e8. Various file of Bangkok dock\u003cbr/\u003e9. File of Bangkok stock market\u003cbr/\u003eKuala Lumpur, 1 December 1997\u003cbr/\u003e10. Various of bilateral meeting between Malaysia and Japan\u003cbr/\u003e11. SOUNDBITE: (English) Simon Long, Journalist with \"The Economist\"\u003cbr/\u003e12. Various of ministers at the opening ceremony\u003cbr/\u003e13. SOUNDBITE: (English) Mahathir Mohamad, Malaysian Prime Minister \u003cbr/\u003e14. 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