MEDIA RELEASE
Released By:
Downer
I am pleased to announce a package of assistance aimed at helping South East Asian countries strengthen their economic and social systems against future financial crises.
This assistance adds to Australia's strong record of helping the countries of South East Asia to address the economic and social issues highlighted by the Asian financial crisis. The package addresses key priorities identified by ASEAN in the Hanoi Plan of Action in response to the crisis.
Australia will contribute A$500,000 for activities to help develop and strengthen social safety nets in ASEAN countries. Identified by ASEAN as a priority for minimising the social impact of future economic downturns, Australia's assistance will be used to develop social impact assessment capacity to aid social safety net of design and improve the effectiveness of safety nets through the application of international best practices.
Australia has agreed to support an A$200,000 project to assist development of improved competition and consumer protection systems in ASEAN countries. This project will be implemented by the Australian Competition and Consumer Commission (ACCC) and will focus on awareness-raising and capacity building in key government and judicial areas. It will also investigate the scope for further cooperation activities. The reform of competition policy and consumer protection systems will assist countries to be more efficient in their use of resources and maximise the benefits of reform, while protecting the public interest during a period of rapid structural change.
The package of assistance totalling over A$700,000 will be provided through the Australian Government's overseas aid program.
Another Australian-supported initiative, the Asia Recovery Information Centre (ARIC) Internet site is under development and will become fully operational later this year. Agreed to at the meeting that I hosted on the Asia Crisis in Sydney in March 1999, ARIC will facilitate exchange of information on reform issues and persisting impacts of the crisis. It will assist coordination of ongoing international efforts to support the recovery process, including a component dedicated to social safety net issues.
Media contacts: Matt Francis (02) 6277 7500 or 0419 206890