ASEAN+3 Reach Agreements on Finance Cooperation ...

"In the financial sector, the enlarged 120 billion USD swap arrangement under the Chiang Mai Initiative Multilateralisation (CMIM) was put into operation on March 24. The establishment of the Credit Guarantee and Investment Facility (CGIF) is expected to be realised soon and this will help increase the liquidity of local currency and develop regional bond markets"

Thứ sáu, 09:07, 9/4/2010

ASEAN+3 reach agreements on finance cooperation

Khanh Hoa (VNA) – A meeting of ASEAN+3 Finance and Central Bank Deputies, held in the central city of Nha Trang on April 6-7, reached agreement on ways to deploy several financial cooperation initiatives.

On the Chiang Mai Initiative Multilateralisation (CMIM), officials from ASEAN countries and China, Japan and the Republic of Korea agreed to speed up negotiations to set up the regional agency for macro-economic research, AMRO, to assist countries in regional economic supervision and to ensure the efficiency of the CMIM.

They also agreed on a specific structure for AMRO, which is scheduled to be put into operation in May 2011.

On the Asian Bond Markets Initiative (ABMI), ASEAN+3 officials approved the establishment of the Credit Guarantee Investment Facility (CGIF) at an initial capital of 700 million USD. They plan to officially establsih the fund before the ASEAN+3 Finance Ministers’ Meeting to be held in May 2010.

They discussed regional economic and financial developments and policies as well as long-term cooperation in the field among ASEAN+3 members.

This year’s ASEAN+3 Finance and Central Bank Deputies Meeting was held in the lead up to the 13th ASEAN+3 Finance Ministers’ Meeting scheduled for May 2 in Tashkent, Uzbekistan.-Enditem.

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