ASEAN countries pledge to cooperate for regional economic stability

The ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) and related meetings, taking place from August 22-25, are expected to affirm a commitment to collaboration in maintaining economic stability in the region.

An overview of a seminar on Energy Transition Mechanism: ASEAN Country Updates in Jakarta on August 23

The meetings brought together finance ministers and central bank governors from nine ASEAN countries namely Indonesia, Brunei, Cambodia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam as well as a representative of Timor-Leste as an observer.

The AFMGM is the second meeting after the first one held in Bali in March, which is intended to monitor and update progress on achievements in the Priority Economic Deliverables (PED) and to discuss the current issues of major concern to ASEAN member countries.

It will focus on several main agendas, such as Global Economic Update and Risks, Regional Economic Outlook and Challenges, and Policy Dialogue, which concentrates on the issue of infrastructure financing and promoting sustainable financing.

The AFMGM is expected to endorse a Joint Ministerial Statement (JMS) that records the development of various initiatives, joint agreements, and directions from the finance ministers and central bank governors in relation to action plans and follow-up on various cooperation agendas discussed at the ASEAN financial cooperation forum.

According to Indonesia’s Finance Ministry, the three PEDs under the financial sector cooperation framework comprise efforts to encourage recovery and ensure financial and economic stability and resilience (Recovery-Rebuilding); improve payment connectivity, encourage digital and financial literacy and inclusion to support inclusive economic growth (Digital Economy), and promote transition financing to support sustainable finance and a green economy.

The ASEAN Finance and Health Ministers Meeting (AFHMM) will also be held on this occasion.

According to head of the Regional and Bilateral Policy Centre of the Finance Ministry Yogi Rahmayanti, this is the first time that ASEAN has seen the right momentum and the need to prepare to respond to health challenges in the region.

AFHMM will discuss the status of COVID-19, health challenges, the ASEAN Response Fund, especially financial gaps in dealing with the pandemic, and suggest ways to address these gaps, she said./.

VNA