ASIA WATCH: A roundup of developments related to Asia’s economic crisis

* A MAN, A PLAN: International Monetary Fund Managing Director Michel Camdessus proposed a six-point plan to ensure that financial crises like those affecting Asian nations are “less likely” to occur in the future. The world’s economies must be more open, Camdessus told the Council on Foreign Relations, so that investors can act with greater confidence. He proposed greater disclosure of economic and financial data, regional monitoring of economic decisions, banking reform, improved bankruptcy laws and “orderly” liberalization of markets “so that a larger number of countries can benefit from access to international capital.” He also called for “strengthening” the resources of international financial institutions like the IMF. Meanwhile, the IMF board of governors gave its final approval to a plan to sharply boost IMF funding by boosting quotas, or dues, for its 182 member nations by 45%. Congress is balking at approving the U.S. contribution, an additional $14.5 billion. The U.S. already has $26.5 billion on deposit at the IMF. Many of Camdessus’ recommendations parallel the conditions imposed on Asian nations in exchange for arranging emergency financial aid packages. Asked what the IMF would do should countries fail to meet the IMF criteria, Camdessus said: “I won’t give them the money unless they do. At each stage of their failure, we will stop disbursement of their funds.”

* DARK SKIES: In its gloomiest assessment of Japan’s business climate in more than two decades, the government said the economy is stagnating and it is unclear when growth will resume. Pessimism in households and corporations has soured consumption and investment, and it is uncertain whether the country is headed toward recovery or recession, a monthly report by the Economic Planning Agency said. “Severity in household and corporate sentiment is having a negative impact on private consumption and capital investment, and the economy is stagnant,” the agency said. Despite the grim wording, the report had little impact on Tokyo stock markets. Traders were waiting to see what stimulus measures the government would come up with to spur the economy. The benchmark Nikkei-225 stock average in Tokyo rose 36.76 points, or 0.22%, to close at 17,040.06.

* THAI REVISIONS: Thailand is moving toward revising its laws to permit total foreign ownership of businesses in a wider range of industries, a government official said. The revisions are designed to attract foreign investment in hopes of helping to alleviate the current economic crisis. The added industries would include cement, printing, animal-feed production, wholesale export and construction, said Norawat Suwarn, director general of the Commerce Ministry’s department of commercial registration. Currently, foreigners are not permitted to own more than 50% of companies in those industries. Thailand currently excludes foreigners from 12 industries, including architectural services, accountancy, legal services and farming. “The main reason why we want more foreign ownership is that we need their money to keep our economy moving,” Norawat said.