In Asia, the Chiang Mai Initiative Multilateralization (CMIM) is one such arrangement. Japan, China, Korea, and the ASEAN countries participate in the initiative. Once a crisis occurs, each country is expected to provide the funds necessary to prevent the crisis from spreading. In order to mobilize funds promptly, there is the so-called de-link portion of the fund.
This portion comprises 30 percent of the total funds, and is not directly linked to the lending from the IMF. We have also seen an expansion in bilateral swap agreements. When a crisis occurs, countries can use a swap agreement to exchange their currency for another in order to obtain the funds needed for international transactions.