“The meeting will discuss the expansion of swap arrangements to $120 billion and other forms of cooperation,” Korn told a news conference, confirming a figure mentioned in recent reports from Seoul.

The meeting is to be held on the resort island of Phuket on February 22.

Korn said the expanded swap scheme would have to be ratified by regional leaders at a summit from February 27 to March 1 in Hua Hin, southwest of Bangkok, and could be implemented by the end of the year.

Korn said the Phuket meeting would also exchange views on measures to tackle the economic crisis as well as the enhancement of regional cooperation on trade and financial markets.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Source: Reuters