Saturday, January 31, 2009

Japan to Announce $17 Billion Aid for Asian Countries at the World Economic Forum

Japanese prime minister Taro Aso is going to announce a $17 billion aid for the Asian countries in order to continue the regional growth amidst the current economic recession. Taro Aso’s monetary strategy seems to be different from his predecessor former prime minister Junichiro Koizumi who used to cut foreign aid by 2 to 4 percent during his tenure as Japanese prime minister. The World Economic Forum will be held in Davos, Switzerland.

Bloomberg reported:

The funds will be disbursed “as expeditiously as possible”, Sakashita said later in an email. Details of the package, aimed at boosting regional growth amid a global recession, will be determined at the East Asia Summit in Chiang Mai, Thailand later this year.

This is really very good news for the Asian countries as Japan is going to keep its foreign aid continuing in order to accelerate the regional development in the Asian countries.