Deputy Prime Minister Hong Nam-ki attended the 22nd ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting held on May 2 in Nadi, Fiji, where he discussed with the ASEAN+3 leaders economic situations of the ASEAN+3 countries and ways to enhance regional financial cooperation through CMIM[1], AMRO[2] and ABMI[3].

At the meeting, DPM Hong explained Korea’s efforts to boost its economy, including drawing up supplementary budgets, as well as policies to promote industrial restructuring and innovation, such as measures to develop 5G related services, future cars and smart factories.

Summary of the meeting

1. CMIM

The meeting approved the amended CMIM Agreement and General Guidance on Local Currency Contribution to the CMIM

2. AMRO

The participants acknowledged AMRO’s achievements in strengthening regional macroeconomic surveillance, supporting the implementation of the CMIM, and providing technical assistance to the member countries

3. ABMI

The participants endorsed a new ABMI Mid-Term Road Map 2019-2022 and agreed to strengthen support for infrastructure finance and promote green bonds

Source: Ministry of Strategy and Finance