Jakarta: Indonesia held the 2nd meeting of ASEAN Ministers of Finance and Central Bank Governors (AFMGM). Held in Jakarta on 22-25 August 2023, this meeting will emphasize the realization of ASEAN's commitment and collaboration in maintaining regional economic stability.
The 2nd AFMGM meeting was attended by Ministers of Finance and Central Bank Governors from nine ASEAN countries namely Indonesia, Brunei Darussalam, Cambodia, Lao People's Democratic Republic, Malaysia, Philippines, Singapore, Thailand and Vietnam.
In addition, in accordance with the ASEAN Leaders Statement on the Application of Timor-Leste for ASEAN Membership in November 2022, ASEAN also invited Timor Leste to participate as an observer.
Representatives from six international organizations were present
The series of AFMGM meetings will also be attended by representatives from six international organizations, namely the Asian Development Bank, ASEAN+3 Macroeconomic Research Office, International Monetary Fund, Financial Stability Board, Bank for International Settlements, and the World Bank, as well as strategic partners, namely Australia and the European Union.
As quoted from the press release of the Ministry of Finance (MoF), Wednesday, 23 August 2023, this time the AFMGM meeting aims to monitor and update progress on achievements in Priority Economic Deliverables (PED) and to discuss current issues of major concern to countries ASEAN member countries.
The three PEDs under the financial sector cooperation framework consist of promoting recovery and ensuring financial and economic stability and resilience (recovery-rebuilding), advancing payment connectivity, encouraging digital financial literacy and inclusion to support inclusive economic growth (digital economy), and promoting transition financing to support sustainable finance and green economy (sustainability).
"AFMGM is expected to produce various agreements which are set forth in the Joint Ministerial Statement (JMS), which is an official document resulting from the meeting that records the development of various initiatives, joint agreements regarding action plans, and follow-ups for financial cooperation in ASEAN," said the release.
Meanwhile, the discussion results from the agenda of the 2nd AFMGM meeting will be realized in a cooperative effort between the Indonesian Ministry of Finance and Bank Indonesia in maintaining economic stability in the ASEAN region through policy coordination and information exchange.
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