World

ASEAN

ASEAN+3 agree on new financing facility to boost resilience

The Association of Southeast Asian Nations (ASEAN) plus Japan, China, and the Republic of Korea (RoK) agreed on December 7 to launch an emergency financing programme to deal with future pandemics and natural disasters, in their latest attempt to ensure financial stability in the region.
Hanoi (VNA) – The Association ofSoutheast Asian Nations (ASEAN) plus Japan, China, and the Republic of Korea(RoK) agreed on December 7 to launch an emergency financing programme to dealwith future pandemics and natural disasters, in their latest attempt to ensurefinancial stability in the region.

The envisaged launch of the Rapid Financing Facilitycomes as the ASEAN+3 group is seeking to boost the safety net under the ChiangMai Initiative, created in the aftermath of the 1997 Asian financial crisis, toprovide liquidity of up to 240 billion USD in times of emergency.

The agreement was reached at a meeting of seniorfinance officials from the group held in Kanazawa, Ishikawa prefecture, incentral Japan.

After details are worked out, finance ministers andcentral bank governors from the group are expected to formally endorse it inMay 2024.

Under the new facility, member nations can swiftlysecure funds of up to half of what is allowed under the Chiang Mai Initiative without conditionality when an emergency funding need arises due to exogenousshocks such as natural disasters and pandemics, said Masato Kanda, Japanese vicefinance minister for international affairs.

The finance ministers and central bank governors hadagreed to explore the launch of a new financing programme, based on the viewthat speed is important in emergency funding./.
VNA
#ASEAN #Japan #China #RoK #emergency financing programme #financial stability #Vietnam #VietnamPlus #Vietnam news ASEAN
Follow VietnamPlus

Related News

ASEAN, Morocco launch sectoral dialogue partnership

ASEAN, Morocco launch sectoral dialogue partnership

The Association of Southeast Asian Nations (ASEAN) and Morocco have convened the inaugural ASEAN-Morocco Joint Sectoral Cooperation Committee (AM-JSCC) Meeting in Jakarta, Indonesia, marking the launch of the formal partnership where both sides identified several cooperative projects and programmes in areas of common interest and mutual benefit.
Quang Ninh hosts ASEAN insurance meetings

Quang Ninh hosts ASEAN insurance meetings

The 26th ASEAN Insurance Regulators’ Meeting (AIRM26) and the 49th ASEAN Insurance Council Meeting (AIC49) opened in Ha Long city, the northern province of Quang Ninh, on December 7.

See more

The “ASEAN in All Perspectives” seminar is held at the Querétaro campus of Tecnológico de Monterrey. (Photo: VNA)

ASEAN, Mexico explore cooperation in technology

Vietnam and Querétaro can share experience in developing industrial clusters, aerospace industries and government-university-business partnerships, while exploring cooperation in energy, environment, infrastructure, high technology, artificial intelligence and digital transformation.

ASEAN seeks new approaches to emerging challenges

ASEAN seeks new approaches to emerging challenges

Southeast Asia is facing profound changes driven by major power competition, conflicts, climate change, and growing concerns over energy, food and technology security. As these interconnected challenges increasingly transcend national borders, ASEAN needs stronger cooperation while maintaining its unity and centrality.

The forum on ASEAN's role in the Indo-Pacific region and prospects for cooperation with Argentina takes place on September 10 (Photo: VNA)

ASEAN highlights its central role in Indo-Pacific

The Ambassador of Indonesia, the country holding the rotating chairmanship of ASEAN in Argentina, stressed that maintaining peace and stability, along with an open, transparent regional environment based on mutual respect, are fundamental conditions for a peaceful, inclusive, and prosperous Indo-Pacific.

The ASEAN Senior Officials’ Meeting (SOM) convenes in Manila, the Philippines, on September 9. The Vietnamese delegation is led by Deputy Minister of Foreign Affairs Dang Hoang Giang (fifth, left), head of the ASEAN-Vietnam SOM.(Photo: asean.org)

Vietnam calls for stronger ASEAN unity, resilience

Deputy Minister of Foreign Affairs Dang Hoang Giang urged ASEAN to make full use of existing mechanisms to enhance dialogue, build trust and prevent risks and conflicts, particularly by strengthening the Treaty of Amity and Cooperation in Southeast Asia (TAC), the Southeast Asia Nuclear Weapon-Free Zone Treaty (SEANWFZ), and cooperation based on international law.

Timor-Leste President Jose Ramos-Horta (Photo: VNA)

Timor-Leste diversifies economy, seeks to attract investment

The President noted Timor-Leste is pursuing sustainable development, stronger regional connectivity and expanded international cooperation while seeking investment opportunities in energy, tourism and emerging economic sectors to reduce its dependence on oil and gas revenues.

A Vietnamese business introduces durian cakes to Chinese visitors at the 22nd China-ASEAN Expo (CAEXPO) in 2025. (Photo: VNA)

Vietnam steps up trade, investment promotion at China-ASEAN Expo

According to the CAEXPO Secretariat, Vietnam will once again lease an entire exhibition area of about 3,000sq.m, featuring 170 booths, making it one of the ASEAN countries with the largest exhibition spaces at this year’s event. Nearly 100 Vietnamese businesses have confirmed their participation, including major brands such as Trung Nguyen Group, TH Group, Saigon Coffee and Biti’s.

Delegates pose for a group photo at the workshop (Photo: VNA)

Vietnam voices concerns over future of traditional media at ASEAN workshop

In his speech, Long outlined challenges related to policy, human resources, technological gaps and platforms, economic factors, and new issues arising from AI. He also introduced the VNA's solutions to address the challenges of digital transformation and shared VietnamPlus' experience in adapting to the digital environment.