Aid donors to the Philippines concluded a two-day Consultative Group meeting Thursday in Tokyo, pledging $4.5 billion in economic aid for 1999 to help Manila combat its economic difficulties.
The aid package, which far exceeds the $3 billion pledged in the previous CG session in 1997 in Paris, will be used to support the country's structural reforms, which are aimed at handling the fallout from the Asian economic crisis and restoring sustained economic growth, chairman Vinay Bhargava, World Bank country director for the Philippines, told a news conference.
Bhargava said the meeting was a good opportunity for the Philippines to present its policy initiatives and strategies for the medium term, including efforts to improve basic social services, infrastructure, global competitiveness, macroeconomic stability and governance.