ASEAN+3 Finance Ministers and Central Bank Governors stress regional cooperation and financial stability amid rising global uncertainty

A delegation led by Dr Khin Naing Oo, Governor of the Central Bank of Myanmar, attended the 29th ASEAN+3 Finance Ministers’ and the Central Bank Governors’ Meeting (29th AFMGM+3), held yesterday in Uzbekistan, via vid­eoconferencing.

At the meeting, representa­tives from the International Mon­etary Fund, the Asian Develop­ment Bank, and the ASEAN+3 Macroeconomic Research Office presented briefings on global and regional macroeconomic outlooks, as well as energy se­curity challenges arising from the situation in the Middle East. In response to these presentations, the ASEAN+3 finance ministers and central bank governors in attendance emphasized the im­portance of safeguarding multi­lateralism in addressing rising regional challenges and

uncertainties, and of strengthen­ing regional solidarity and coopera­tion. They also expressed full support for continuing policy dialogues aimed at maintaining macroeconomic and financial stability among ASEAN+3 countries, and affirmed that they would remain vigilant in monitoring fi­nancial market volatility and potential risks, while standing ready to respond in line with domestic conditions.

The participants further noted that efforts would continue to pro­mote trade and investment oppor­tunities, ensure smooth operations, and strengthen supply chains. They reaffirmed their support for a fair, transparent, and rules-based mul­tilateral trading system in line with the principles of the World Trade Organization. In light of increasing uncertainties, they underscored the importance of ASEAN+3 cooperation in supporting regional stability and resilience. In addition, they discussed and reaffirmed the role of regional financial cooperation in relation to expanding multilateral participation under the Chiang Mai Initiative, which is being implemented with the support of the ASEAN+3 Macroeconomic Re­search Office.

During the discussions, Dr Khin Naing Oo, CBM Governor, noted that although ASEAN+3 economies had entered 2026 with stable growth sup­ported by easing inflation, increas­ing global geopolitical tensions and volatility in energy prices could lead to greater uncertainty in economic growth.

She highlighted that energy secu­rity has become a key factor for mac­roeconomic stability, and that it is nec­essary to strengthen regional energy cooperation and enhance sustainable financing. He also pointed out that central banks need to remain vigilant in maintaining exchange rate stabil­ity, adopt appropriate exchange rate policies, and manage capital flows effectively. In addition, strengthening foreign exchange markets and main­taining adequate foreign currency reserves are of critical importance. She added that the Central Bank of Myanmar would continue to cooperate closely with ASEAN+3 member coun­tries to support regional economic resilience and stability.

The meeting then reviewed pro­gress on the expansion of multilateral participation under the Chiang Mai Initiative. It was explained that, in or­der to respond promptly to short-term balance of payments (BOP) difficul­ties arising from external shocks and to facilitate the implementation of the Rapid Financing Facility, the agree­ment on the expanded Chiang Mai Initiative — revised for the fourth time — should be signed as soon as possi­ble in accordance with each country’s domestic procedures. The ASEAN+3 finance ministers and central bank governors agreed to expedite these processes.

Furthermore, as part of advanc­ing ASEAN+3 financial cooperation, participants exchanged views and endorsed matters relating to the up­grading of the Asian Bond Markets Initiative into a broader Asian Bond and Financial Markets Initiative, the roadmap (2026-2028) for financing arrangements to address potential losses caused by natural disasters, and the opportunities, challenges, and future directions of cross-border digital payment systems.

The meeting concluded with the endorsement of the joint statement of the 29th ASEAN+3 Finance Min­isters’ and Central Bank Governors’ Meeting. It was also announced that the 30th meeting will be held in Japan in 2027. — MNA/KNN