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Gore's $10B Asia plan
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November 16, 1998: 10:08 a.m. ET
VP uses APEC meeting to announce plan to prop up suffering economies
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KUALA LUMPUR (CNNfn) -- U.S. Vice President Al Gore announced plans Monday for a $10 billion program to help revive Asia's ailing economies.
Gore made the announcement in a speech to leaders of the 21 member states of APEC (Asia-Pacific Economic Cooperation).
He said the United States will provide $5 billion in funding, including $1 billion each to South Korea, Thailand, and Indonesia, the three countries worst hit by the crisis. An additional $2 billion will go to provide loan guarantees to support U.S. investment in Asia.
In addition, Gore announced a new $5 billion initiative involving the United States, Japan, the World Bank and the Asian Development Bank to help Asian nations obtain financing to revive banking systems burdened by bad debts. The initiative would also help speed the process of corporate and financial restructuring.
In the speech, Gore declared that democracy was the essential precondition for economic recovery. In a direct jab at the government of Malaysian prime minister Mahathir Mohamad, Gore voiced support for those calling for reform in Malaysia.
Mahathir has come under sharp criticism from the United States and other APEC leaders for imprisoning former deputy Anwar Ibrahim, restricting political freedom, and imposing currency controls.
Gore delivered the speech in place of President Clinton, who canceled plans to attend the APEC summit because of the Iraq crisis. Gore and the 20 other APEC leaders will begin two days of formal discussions Tuesday, expected to focus on charting a way out of the current financial crisis.
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