Japan considers new loans to Vietnam with W.Bank
HANOI - Japan is considering
teaming up with the World Bank to extend loans to
Vietnam under a Japanese plan to help pull Asia out of
recession, Japan's prime minister was quoted as saying
on Thursday.
``We are considering a co-financing with the World
Bank for Vietnam under the auspices of the Miyazawa
Initiative,'' a senior Japanese Foreign Ministry official
quoted Keizo Obuchi as saying in Vietnam.
The Miyazawa initiative, named after Japanese Finance
Minister Kiichi Miyazawa, was unveiled in October to
provide certain Asian nations with a total of $30 billion
to help kick-start their economies.
Obuchi was quoted as making the comment to
Vietnamese Prime Minister Phan Van Khai during an
official state visit to Vietnam which followed
Wednesday's summit of Association of South East
Asian Nations (ASEAN).
Japan intended to participate in talks with Vietnam and
the World Bank in late January to prepare for extending
such loans, Obuchi was quoted as saying.
Obuchi was quoted as saying that the Miyazawa
Initiative had originally been targeted at the five Asian
nations hardest hit by the Asian crisis -- Indonesia,
Thailand, Malaysia, the Philippines and South Korea.
``But, I would like to consider Vietnam as among
eligible recipients of the Miyazawa Initiative,'' Obuchi
was quoted as saying.
Loans to Vietnam co-financed by the Japanese initiative
and the World Bank would be separate from aid worth
102.3 billion yen pledged by Japan in Paris earlier this
month, Obuchi said.
Vietnamese Prime Minister Phan Van Khai was quoted
by the Japanese official as telling Obuchi that Vietnam
would further accelerate economic reforms and work
toward achieving about 5.5 to 6.0 percent economic
growth next year.
A series of natural disasters since late 1997 and the
Asian economic crisis had put a strain on Vietnam's
state budget and export growth, Khai was quoted as
saying.
Khai asked Obuchi if Japan's Trade Ministry might be
able to help with financing for trade, the official said.
Obuchi officially invited Khai to Japan and said details
of such a visit would be worked out through diplomatic
channels, the official added.
Vietnam also invited the Japanese emperor and the
imperial family to visit Vietnam, the official said.
Reuters - December 17, 1998.
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