An overview of a seminar on Energy Transition Mechanism: ASEAN Country Updates in Jakarta on August 23. (Photo: VNA) Jakarta (VNA) –The ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) andrelated meetings, taking place from August 22-25, are expected toaffirm a commitment to collaboration in maintaining economic stability in the region.
The meetings broughttogether finance ministers and central bank governors from nine ASEAN countriesnamely Indonesia, Brunei, Cambodia, Laos, Malaysia, the Philippines,Singapore, Thailand, and Vietnam as well as a representative of Timor-Leste asan observer.
The AFMGM is the secondmeeting after the first one held in Bali in March, which is intended to monitor and update progress onachievements in the Priority Economic Deliverables (PED) and to discuss thecurrent issues of major concern to ASEAN member countries.
It will focus on several main agendas, such asGlobal Economic Update and Risks, Regional Economic Outlook and Challenges, andPolicy Dialogue, which concentrates on the issue of infrastructure financing andpromoting sustainable financing.
The AFMGM is expectedto endorse a Joint Ministerial Statement (JMS) that records the development ofvarious initiatives, joint agreements, and directions from the financeministers and central bank governors in relation to action plans and follow-upon various cooperation agendas discussed at the ASEAN financial cooperationforum.
According to Indonesia’sFinance Ministry, the three PEDs under the financial sector cooperationframework comprise efforts to encourage recovery and ensure financial andeconomic stability and resilience (Recovery-Rebuilding); improve payment connectivity,encourage digital and financial literacy and inclusion to support inclusiveeconomic growth (Digital Economy), and promote transition financing to supportsustainable finance and a green economy.
The ASEAN Finance andHealth Ministers Meeting (AFHMM) will also be held on this occasion.
According to head of theRegional and Bilateral Policy Centre of the Finance Ministry Yogi Rahmayanti, thisis the first time that ASEAN has seen the right momentum and the need to prepare torespond to health challenges in the region.
AFHMM will discuss the statusof COVID-19, health challenges, the ASEAN Response Fund, especially financial gapsin dealing with the pandemic, and suggest ways to address these gaps, she said./.
