Asian countries have decided to combat the economy by combining and creating a $120 billion emergency fund. The fund will be available for 13 Asian countries to borrow from. It will help participating countries maintain their liquidity during the "global economic crisis."
According to The Wall Street Journal, the collective of Asian countries that will have access to the emergency fund includes: South Korea, China, Japan, Vietnam, Singapore, Thailand, Myanmar, Philippines, Laos, Malaysia, Cambodia, Indonesia, and Brunei. The bulk of the fund will be provided by the more wealthy Asian countries. Japan and China will reportedly contribute $38.4 billion each. South Korea will contribute $19.2 billion.