ASEAN+3 reaffirms cooperation on finance

Azlan Othman

ASEAN finance lawmakers, regulators and counterparts from Japan, China and South Korea re-affirmed their commitments on regional collaboration in the 24th ASEAN+3 Finance Ministers’ and Central Bank Governors’ (AFMGM+3) meeting held virtually yesterday.

During discussions on the ASEAN+3 financial cooperation, the ministers and governors welcomed ongoing collaboration, including through the Chiang Mai Initiative Multilateralisation (CMIM), AMRO, Asian Bond Markets Initiative (ABMI) and Strategic Directions of the ASEAN+3 Finance Process.

They re-affirmed commitments in further strengthening the CMIM as an effective and reliable regional self-help mechanism, and improving the ABMI to facilitate cross-border transactions.

They also committed to enhancing collaboration among regional initiatives and welcomed the establishment of four Working Groups on ‘Infrastructure Financing’ ‘Macrostructural Instruments’, ‘Strengthening Financial Resilience against Natural Disasters’, and ‘Enhancing Policy Coordination for Technological Advancement’ under the strategic directions of the ASEAN+3 Finance Process.

During the Economic Policy Review Dialogue session, together with the Asian Development Bank, the International Monetary Fund, ASEAN +3 Macroeconomic Research Office (AMRO), as well as the ASEAN Secretariat, the ministers and governors exchanged views on the global and the regional macroeconomic outlook as well as collective efforts to sustain regional recovery.

The meeting also highlighted that leveraging on technology, mobilising private capital for infrastructure and green financing, and improving human capital are some of the steps towards achieving a resilient, inclusive and sustainable economic growth post COVID-19.

Co-chairing the meeting were Deputy Minister of Finance and Economy (Fiscal) Dato Seri Paduka Awang Haji Ahmaddin bin Haji Abdul Rahman; Managing Director of Autoriti Monetari Brunei Darussalam (AMBD) Hajah Rokiah binti Haji Badar, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea Nam-Ki Hong, and Governor of the Bank of Korea Juyeol Lee.

Brunei Darussalam was represented by Permanent Secretary (Performance and Corporate) Suraya binti Haji Jaidin, and Deputy Managing Director of AMBD Hajah Noorrafidah binti Sulaiman.

ABOVE & BELOW: Deputy Minister of Finance and Economy (Fiscal) Dato Seri Paduka Awang Haji Ahmaddin bin Haji Abdul Rahman and Managing Director of Autoriti Monetari Brunei Darussalam (AMBD) Hajah Rokiah binti Haji Badar during the 24th AFMGM+3 meeting that took place virtually. PHOTOS: BAHIYAH BAKIR