Financial Post G7 Record

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[Financial Post G7 Record]

Financial Post, Weekly edition, Fri 12 May 95, page 5

Keywords: Economic summits Foreign exchange Interest rates Association of Southeast Asian Nations

Stress currency stability at G-7 meet'

David Thomas For The Financial Post

Members of the Association of Southeast Asian Nations have asked Canada to emphasize international currency stability at next month's G-7 summit in Halifax.

"We must pre-empt a repeat of a Mexico-type financial crisis," the ASEAN ministers said in a joint statement following three days of talks with Canadian Foreign Minister Andre Ouellet.

At a news conference, Malaysian foreign minister Datuk Abdullah Badawi said the yen's revaluation against the U.S. dollar has created a heavier debt burden for most countries in southeast Asia.

"Wild fluctuations in exchange rates would have a very large impact on ASEAN's international trade, resources and debt repayments," the ministers said.

The ASEAN states include Indonesia, Malaysia, Thailand, the Philippines, Singapore and Brunei.

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