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                    Office of the Press Secretary
          (Aboard Air Force One, en route to McAllen, TX)
For Immediate Release                                    January 8, 1998
                   Asia-Pacific Economic Situation

Over the past months, the Administration has been engaged actively with our partners in the Asia Pacific region, as well as the international financial community, in addressing the economic problems experienced in the region. The United States has significant national security and economic interests in a stable and prosperous Asia Pacific. That is why the United States has supported the economic reform programs developed by several Asian countries with the IMF and has stressed the importance of their successful implementation.

The President spoke today with Singapore Prime Minister Goh and Indonesia President Soeharto about recent economic developments. The President underscored the importance of the region to the United States, discussed the current situation in Indonesia and reiterated our view of the key role Indonesia plays in the region, including within ASEAN and APEC. Indonesia is a country with great underlying strengths that can provide a foundation for renewed economic growth.

In order to consult further on the current economic situation, Deputy Secretary of the Treasury Larry Summers, along with representatives from the State Department and the National Security Council, will travel to the region shortly.