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The World Bank Denies GMA Statement on ASEAN Economic Crisis Fund

October 16, 2008

A news dispatch out of Washington D.C. is quoting a top official as denying a statement just yesterday by President Gloria Macapagal Arroyo for the establishment of a WB-funded economic crisis standby fund for Southeast Asian nations.

President Arroyo earier Wednesday had announced that East Asian finance ministers “reached am understanding to establish” the facility during talks last week on the sidelines of thecannual meetings of the Iternational Monetary Fund and World Bank in Washington. She said the WB “indicated” it would commit funds to the facility following global turmoil sparked by a US mortgage crisis. One news report quoted Arroyo as saying the bank would provide 10 billion dollars.

There’s no immediate reaction from Malacanang to this face-reddening report and whoever made a booboo in feeding the information to Mrs. Arroyo surely deserves a verbal spanking.

It’s a diservice to her and to the nation to be fed with such erroneous if not absolutely premature report.

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