Forum held in Hanoi to help Asian countries

The International Monetary Fund opened a forum entitled “Post-crisis Growth and Poverty Reduction in Developing Asian Countries” in Hanoi on March 22.

Addressing the forum, IMF First Vice CEO John Lypsky said although Asia is the most dynamic region in the world, there is still a widening gap between rich and poor.

“The inner power and the effectively-operated banking system are the main reasons for the recovery of Asia,” he said.

The forum, held jointly by IMF and the State Bank of Vietnam, is aimed at finding measures to help low-income countries in the region recover from recession.

The State Bank of Vietnam governor, Nguyen Van Giau, said the forum provides a platform for Asian countries to share their experiences and discuss the role of financial institutions and donors in helping countries weather the crisis.

“The global economic depression has left a negative impact on commercial activities, cash flow, and import-export activities,” he said. “It has also reduced the global demand for goods, put high pressure on the state budget and reduced national reserves. Asia is leading the world in recovering from the crisis with policies to stabilize the macro economy, promote domestic investment in transport, energy, telecommunications, and infrastructure to ensure social security and protect vulnerable groups.”

However, according to European experts, Asia is still facing challenges despite its recovery from the impact of the crisis.  Therefore, they said, Asian countries should take advantage of sources provided by financial organizations and donors.