| A contract farmer harvests rice grown in experimental plots at the International Rice Research Institute, IRRI, the world's leading international rice research and training center, at Los Banos, Laguna. (AP Photo) |
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MANILA -- In an effort to shield President Arroyo from embarrassment Palace officials clarified Thursday that it was the International Monetary Fund (IMF) that committed $10 billion for the Asian region.
Finance Secretary Margarito Teves and Planning Secretary Ralph Recto made the clarification, a day after President Gloria Macapagal-Arroyo announced that the World Bank agreed to contribute US$10 billion to a new regional liquidity fund to help Asian nations cope with the global financial crisis.
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