F&R Union Minister virtually joins 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM+3)

THE 29th ASEAN+3 Finance Ministers’ and Central Bank Gov­ernors’ Meeting (AFMGM+3) was held on 3 May in Samarkand, Uzbekistan and attended by Dr Kan Zaw, Union Minister for Fi­nance and Revenue virtually.

In the morning session of fiscal exchange, representative from the ASEAN+3 Macroeco­nomic Research Office (AMRO) presented optimizing budgetary performance management and revenue strategies for demo­graphic change and Finance Ministers from the ASEAN+3 countries made recommen­dation on it. At the meeting, regarding fiscal management, the Union Minister discussed that Myanmar’s budget is being prepared based on the Medium Term Fiscal Framework (MTFF) and that appropriate projects are being coordinated with public policies. The financial linkages and budget allocations between the Union and Region and State governments are also being im­plemented through the MTFF through policy-based budgeting and rule-based budgeting, and financial activities of the govern­ment. Regarding demographic changes and tax revenue man­agement, the Union Minister highlighted that since 66.9 per cent of the population in Myan­mar is between the ages of 15 and 64, there is an opportunity to increase tax revenue. Taking this opportunity, strategies are being developed to increase the coun­try’s tax collection. Currently, efforts are being made to expand the tax base without increasing tax rates.

In the afternoon session of economic review and policy dialogue, representatives from the Asian Development Bank (ADB), the International Mon­etary Fund (IMF), and AMRO made presentations on global and regional economic outlook and thematic issues. Upon pres­entations, Finance Ministers and Central Bank Governors from the ASEAN+3 countries made recommendations and sugges­tions.

In the session of strength­ening ASEAN+3 financial co­operation, representatives from ADB, IMF, and AMRO offered presentations on updated ASE­AN+3 strategic direction and ASEAN+3 future initiatives, progress of the Chiang Mai Initi­ative Multilateralization (CMIM), Asian Bond Markets Initiatives (ABMI), Disaster Risk Finance, and Southeast Asia Disaster Risk Insurance Facility. Upon the presentations, Finance Minis­ters and Central Bank Governors from the ASEAN+3 countries made recommendations and suggestions.

The Joint Statement of the 29th ASEAN+3 Finance Minis­ters’ and Central Bank Gover­nors’ Meeting was finalized and approved.

The 29th ASEAN+3 Finance Ministers’ and Central Bank Gov­ernors’ Meeting (AFMGM+3) was held during the 59th Annu­al Meeting of the Asian Devel­opment Bank which are being held in Samarkand, Uzbekistan from 3 to 6 May. Deputy Prime Minister Mr Yuncheol Koo from the Republic of Korea, Japanese Finance Minister Ms Satsuki Katayama, Chinese Assistant Minister Ms Junhong Chang, Finance Ministers from Plus 3 countries, Deputy Finance Min­isters, Central Bank Governors, Deputy Governors of the Central Banks from ASEAN member states, ADB President Mr Ma­sato Kanda, IMF Deputy Manag­ing Director Mr Kenji Okamura, AMRO Director/CEO Mr Yasuto Watanabe attended the meeting. — MNA