Thailand and the Republic of Korea are already implementing the agreements reached with the IMF, and in Indonesia negotiations with the IMF are still under way under President Habibie's new Government. We hope the Government will implement the political and economic reforms upon which economic recovery and social stability depend. I have to admit that the reforms and adjustment will be quite tough for the countries concerned. Inevitably the weakest members of society, such as the poor and aged, will be the worst affected as living standards fall and unemployment rises. The developed nations should be ready to help the affected countries to deal with the consequent social dislocation through providing humanitarian and technical assistance in the establishment of a social safety net.
Japan is, of course, directly involved in the fortunes of the Asian economies.
It has been playing a positive role in the region for a considerable time through such measures as the provision of ODA and the extension of commercial loans as well as by providing markets for the goods and services of Asian countries. As for Japan's own economy, there is no doubt that we are undergoing a serious recession. It is vital that our economy recovers, not just for our own sake but for other countries as well, particularly those I have just mentioned and others in the region. Let me turn to the recent nuclear tests carried out by India and Pakistan, countries with which Japan has traditionally enjoyed very friendly relations. These took place despite the calls for self-restraint in many international forums such as the G8 Summit in Birmingham and demarches by many other countries.