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5/4/2021 12:00 AM
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ASEAN+3 Increases Cooperation to Support the Regional Economies Tackling Covid-19

Government Press Release

No. 23/117/DKom

The 24th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting underscored the importance of increasing regional financial cooperation to strengthen economic and financial resilience in the face of Covid-19 and prepare for the post-pandemic era.  That was the shared view of finance ministers and central bank governors at the virtual meeting held on 3rd May 2021.

“Bank Indonesia has instituted the various policies required to stimulate economic recovery, including by lowering the policy rate to its lowest historical level of 3.5%, injecting liquidity into the markets through quantitative easing, and stabilising exchange rates in line with the rupiah's fundamental value and market mechanisms,” stated Bank Indonesia Governor, Perry Warjiyo, who attended the virtual meeting with Finance Minister Sri Mulyani Indrawati.  Furthermore, Bank Indonesia has maintained an accommodative macroprudential policy stance and accelerated digitalisation of the economy and finance to support the domestic economic recovery.

The meeting welcomed commitments to strengthen financial cooperation based on the amendment to the Chiang Mai Initiative Multilateralization (CMIM)[1], effective from 31st March 2021.  The amendment includes the increase of the IMF De-Linked Portion (IDLP)[2] from 30% to 40% and greater flexibility by institutionalising local currency contributions in the CMIM on a voluntary and demand-driven basis for both requesting and providing countries.  In addition, member countries also welcomed the signing of the Regional Comprehensive Economic Partnership (RCEP) agreement as a milestone and strong impetus to regional trade and investment, looking forward to its earliest entry into force to further contribute to regional economic integration.

ASEAN+3 Macroeconomic Research Office (AMRO), Asian Development Bank (ADB) and International Monetary Fund (IMF), as ASEAN+3 partners, were also present at the meeting.  Their presence intended to provide view of the latest economic and financial conditions, regionally and globally, as well as offer policy recommendations to overcome the impact of the Covid-19 pandemic.

 

Head of Communication Department
Erwin Haryono

Executive Director

Information about Bank Indonesia

Tel. 021-131, Email: bicara@bi.go.id



[1] CMIM is a form of financial cooperation amongst ASEAN+3 members as a multilateral currency swap arrangement to provide liquidity support for members experiencing a short-term liquidity mismatch or balance of payments difficulties. CMIM was established in 2010 with commitments totalling USD240 billion.

[2] CMIM IMF De-Linked Portion are CMIM facilities granted to member countries that are not linked to IMF programs.

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Contact Center BICARA : (62 21) 131 e-mail : bicara@bi.go.id

Working hours: Monday to Friday, 08.00-16.00 West Indonesia Time

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