On May 3, within the framework of the Asian Development Bank's annual activities, the 27th ASEAN+3 Conference of Finance Ministers and Central Bank Governors will take place in Tbilisi, Georgia with the participation of Participation of representatives of the Ministry of Finance of Vietnam.
The 27th ASEAN+3 Meeting of Finance Ministers and Central Bank Governors is about to take place (Tbilisi, Georgia May 3, 2024)
On May 3, within the framework of the Asian Development Bank's annual activities, the 27th ASEAN+3 Conference of Finance Ministers and Central Bank Governors will take place in Tbilisi, Georgia with the participation of Participation of representatives of the Ministry of Finance of Vietnam.
To cope with the impact of the 1997 Asian Financial Crisis, ASEAN countries and China, Japan and Korea worked together in the ASEAN+3 Financial Cooperation Process to ensure stability. of regional finance. The annual ASEAN+3 financial cooperation process includes 01 ministerial-level conference (ASEAN+3 Meeting of Finance Ministers and Central Bank Governors) and 02 Deputy Ministerial-level conferences (Meeting of Deputy Ministers of Finance). and Deputy Governor of ASEAN+3 Central Bank). To date, the ASEAN+3 Financial Cooperation Process has achieved many results through initiatives such as the establishment of the ASEAN+3 Macroeconomic Research Organization (AMRO), and the Chiang Mai Initiative Multilateralization (CMIM). ), Asian Bond Markets Initiative (ABMI), Disaster Risk Financing Initiative (DRF) and future initiatives.
According to the plan, the Finance Ministers and Central Bank Governors will discuss main topics related to ASEAN+3 cooperation initiatives. Regarding the ASEAN+3 Macroeconomic Research Agency, the conference is expected to approve the first AMRO's 2025 personnel plan and budget and the senior personnel selection process. Regarding the Multilateralization of the Chiang Mai Initiative, the conference noted the completion of the 14th test run in 2023 and expected the 15th test run to be conducted by the end of 2024; through the establishment of the Rapid Financing Facility (RFF), a new tool in the Chiang Mai initiative, as well as reaching agreement on the principles and implementation methods of this tool. Regarding the Asian Bond Market initiative, the parties noted improvements in the bond issuance process mobilized in local currencies, with the goal of developing a sustainable financial ecosystem, including the establishment of necessary legal framework, identification of local verification bodies and publication of sustainability information. Regarding the Disaster Risk Financing Initiative, the Conference welcomed the progress of the Disaster Risk Financing Initiative after being upgraded to a regular agenda item in the ASEAN+3 Financing Process; welcomed the update of the Action Plan of the ASEAN+3 Disaster Risk Financing Initiative, considering it an important foundation in strengthening the region's resilience to potential economic and financial losses. potential disaster in the future.
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At this Conference, Ministers and Governors will jointly review the results achieved in initiatives and working groups, and at the same time direct relevant levels to continue to coordinate and discuss. discussion to promote cooperation results in the ASEAN+3 Process.
On this occasion, the Finance Ministers and Central Bank Governors will issue a Joint Statement on the basis of consensus. The 28th ASEAN+3 Meeting of Finance Ministers and Central Bank Governors will take place in Milan, Italy, co-chaired by Malaysia and China in 2025./.
International Cooperation Department
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