Strengthening regional financial cooperation

Acting Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Paduka Dr Haji Abdul Manaf bin Haji Metussin while acknowledging the risks to the regional economic outlook, emphasised for ASEAN Plus Three (+3) countries to work together in addressing common challenges, among others, by supporting efforts to ensure resilient regional supply chains especially for essential products and commodities.

The acting minister said this attending the 25th ASEAN Plus Three Finance Ministers and Central Bank Governors’ Meeting (AFMGM+3) via video conference on Thursday.

Dato Seri Paduka Dr Haji Abdul Manaf also shared initiatives that Brunei Darussalam has implemented to facilitate cross-border trade and to address the impacts of the global inflation.

The AFMGM+3 is a ministerial level platform where representatives from ASEAN members states, China, Japan and Republic of Korea discuss ways to strengthen regional financial cooperation.

Participants exchanged views on the current global and regional economic outlook as well as policy responses to risks and challenges.

ASEAN+3 Ministers and Governors agreed that even though the region collectively continue to register growth, it must remain mindful of downside risks and ASEAN+3 countries should take appropriate policy actions to ensure robust long-term growth and development.

The meeting also discussed progress of regional financial cooperation, in particular the Chiang Mai Initiative Multilateralisation; strengthening the ASEAN+3 Macroeconomic Research Office; the Asian Bond Market Initiative and the strategic directions of the ASEAN+3 cooperation.

Managing Director of the Brunei Darussalam Central Bank (BDCB) Hajah Rokiah binti Haji Badar also attended joined by Permanent Secretary (Performance and Corporate) at the Ministry of Finance and Economy (MoFE) Suraya binti Haji Jaidin, Deputy Managing Director (Monetary Operations/Development and International) of BDCB Hajah Noorrafidah binti Sulaiman, officials from the International Affairs Division of MoFE and BDCB.

Participants during the 25th ASEAN Plus Three Finance Ministers’ and Central Bank Governors’ Meeting. PHOTO: MOFE