ASEAN Finance Ministers, Central Bank Governors organize sixth meeting via videoconference

Ministers for finance and governors of central banks in ASEAN and the United States hold meeting online on 2 October 2020. Photo: MNA

Ministers for finance and governors of central banks in ASEAN and the United States held an online meeting, as part of the 6th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting yesterday.
Governor of the Central Bank of Myanmar U Kyaw Kyaw Maung, Deputy Minister for Planning, Finance and Industry U Maung Maung Win, Deputy Governor of CBM U Soe Thein, ASEAN Finance Ministers, Governors of Central Banks in ASEAN, Secretary-General of ASEAN and officials of ASEAN- Business Advisory Council (ABAC), EU-ASEAN Business Council (ABC), US-ASEAN Business Council (ABC) joined the Dialogue for Business Councils (ABAC, EU-ABC, US-ABC) of ASEAN Finance Ministers and Central Bank Governors.”
During the dialogue, the ASEAN finance ministers and the governors of central banks exchanged views while the European Union – ASEAN Business Council (EU-ABC) briefed “Advancing Sustainable Finance in ASEAN,” the US-ASEAN Business Council (US-ABC) about “Digital Transformation in Financial Services for the Fourth Industrial Revolution”, the ASEAN Business Advisory Council (ABAC) about “ASEAN Financial Inclusion Solutions” and “ASEAN Digital Trade Connect”.
Then, the 16th ASEAN Central Bank Governors’ Meeting (ACGM) was held and Viet Nam’s Central Bank Governor Mr Le Minh Hung made an opening speech.
Another discussion was also held under the topic of “Policy Dialogue on Promoting Digital Transformation in Banking Sector”.
The Bank for International Settlements (BIS) joined the discussion under the topic called “Central Bank Digital Currency,” while the Central Bank of Thailand under the topic of “Promoting Digital Transformation in Thailand’s Financial”, and the ASEAN trading banks under the topic of “Digital Banking”.
Then, the Chair of meeting presented ASEAN Banking Integration Framework (ABIF), Payment and Settlement Systems (PSS) and the sustainable economic development plans.
Governor of Central Bank of Myanmar U Kyaw Kyaw Maung presented that Myanmar has signed with the governors of the ASEAN central banks to be DTN member for the establishment of ASEAN Cyber Security Resilience and Information Sharing Platform (CRISP) and the Chair took record it.
The 6th ASEAN Finance Minister’s and Central Bank Governors’ Meeting (AFMGM) which was held by the rotating chairmanship of Viet Nam and it presented the prioritized sectors during 2020 ASEAN host country and then the International Monetary Fund (IMF) briefed the world economic situation and prospects while ASEAN+3 Macroeconomic Research Office (AMRO) about the response activities and economic risks regarding COVID-19 pandemic and the Asian Development Bank (ADB) about the regional economic and infrastructure growth.
Then, Deputy Minister for Planning, Finance and Industry U Maung Maung Win discussed receiving low-interest loan from IMF, ADB and JICA for COVID-19 response activities, Debt Service Suspension Initiative (DSSI) of G-20 member countries, technology supports and aids for Capacity Building Programme of ASEAN+3 Macroeconomic Research Office (AMRO), getting low revenue in COVID-19 pandemic, large budget deficits and government’s debts for increasing expenses, needy to emphasize the facts to raise the budget and agreement on the facts of ADB to prioritize the facts that can improve the revenue for the debt sustainability of the government.
Then, the officials of ASEAN Secretary-General also discussed work progresses under the AEC Blueprint 2025 including mid-term review, monitoring and assessment programmes.
The joint-chairperons of the Deputies of ASEAN finance and central banks meeting continuously discussed working progresses and action plans for 2020-2021 regarding the ASEAN finance and financial cooperation.
After that, they finalized the joint statement of the 6th AFMGM.
The 2021 ASEAN Central Banks Governors’ Meeting and Deputies of ASEAN Central Banks related meetings are scheduled to hold in Barunei Darussalam as the alternative host. —MNA  (Translated by Khine Thazin Han)

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