Ministers have faith in ASEAN financial systems
Jakarta (VNA) – Finance Ministers from members of the Association of Southeast Asian Nations (ASEAN) have reaffirmed their confidence in the resilience of the regional banking and financing system, the ASEAN Secretariat’s statement said on October 8.
At an informal ASEAN Finance Ministers’ Meeting in Dubai on October 7, the ASEAN finance ministers expressed full confidence in the ASEAN member states’ economic and financial resilience, and their ability to weather the current difficulties besetting global financial markets, according to the meeting’s joint statement.
They also reaffirmed their commitment to further strengthening economic and financial cooperation in the region so as to reinforce their competitiveness in global markets.
The ministers recognised that while the bloc’s economic growth rate is expected to be slightly below the 6.7% achieved last year, the economic fundamentals remain sound.
“ASEAN today is lean and fit, in part reflective of the significant reforms undertaken over the decade since the 1997 financial crisis,” the joint statement said, adding that ASEAN member states have strengthened their fiscal sustainability, deepened capital markets, enhanced financial regulation and supervisory frameworks, reduced debt exposure and improved their reserve positions.
They have also responded to the recent surge in inflation with appropriate macroeconomic policies, which are already showing positive signs of alleviating price pressures in their respective economies, the statement further said.
While calling for members to remain alert and vigilant against the increasing uncertainty in the global financial markets, the ministers expressed confidence in regional financial systems abilities to continue to perform their intermediation function efficiently.
To effectively implementing the Chiang Mai Initiative (CMI) in the first half of 2009, they agreed to strengthen the capacity of the ASEAN Secretariat by establishing a new high-level Macroeconomic and Finance Surveillance office in the ASEAN Secretariat.
They also reaffirmed their commitment to further strengthening economic and financial cooperation in the region so as to reinforce their competitiveness in global markets.
The ministers recognised that while the bloc’s economic growth rate is expected to be slightly below the 6.7% achieved last year, the economic fundamentals remain sound.
“ASEAN today is lean and fit, in part reflective of the significant reforms undertaken over the decade since the 1997 financial crisis,” the joint statement said, adding that ASEAN member states have strengthened their fiscal sustainability, deepened capital markets, enhanced financial regulation and supervisory frameworks, reduced debt exposure and improved their reserve positions.
They have also responded to the recent surge in inflation with appropriate macroeconomic policies, which are already showing positive signs of alleviating price pressures in their respective economies, the statement further said.
While calling for members to remain alert and vigilant against the increasing uncertainty in the global financial markets, the ministers expressed confidence in regional financial systems abilities to continue to perform their intermediation function efficiently.
To effectively implementing the Chiang Mai Initiative (CMI) in the first half of 2009, they agreed to strengthen the capacity of the ASEAN Secretariat by establishing a new high-level Macroeconomic and Finance Surveillance office in the ASEAN Secretariat.
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