The 7th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) was convened virtually on Tuesday, 30 March 2021. Preceding this Meeting were the ASEAN Finance Ministers’ and Central Bank Governors’ Meeting with Heads of International Financial Institutions (AFMGM-IFIs) and the 25th ASEAN Finance Ministers’ Meeting (AFMM).
The 25th AFMM was chaired by Yang Berhormat Dato Seri Setia Dr. Awang Haji Mohd Amin Liew bin Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy II while the AFMGM and AFMGM – IFIs Meetings were co-chaired by Yang Berhormat Dato and Yang Mulia Dayang Hajah Rokiah binti Haji Badar, Managing Director of Autoriti Monetari Brunei Darussalam (AMBD).
Brunei Darussalam was represented by Yang Mulia Dato Seri Paduka Awang Haji Ahmaddin bin Haji Abd Rahman, Deputy Minister of Finance and Economy (Fiscal) and Yang Mulia Dayang Hajah Noorrafidah binti Sulaiman, Deputy Managing Director of AMBD. Yang Mulia Dayang Suraya binti Haji Jaidin, Permanent Secretary (Performance and Corporate) at the Ministry of Finance and Economy also attended the meetings.
Special Session between ASEAN Finance Ministers and Central Bank Governors with Heads of International Financial Institutions
The Meeting exchanged views with the Asian Infrastructure Investment Bank (AIIB); Asian Development Bank (ADB); the International Monetary Fund (IMF); the World Bank and ASEAN+3 Macroeconomic Research Office (AMRO) on regional and global outlooks as well as, efforts towards inclusive, digitally enabled and sustainable recovery.
Related to this, Yang Berhormat Dato summarised the key points of discussions which, among others, highlighted the importance of technology and digital economy as a part of the ‘new normal’ and enablers for growth; quality investments that create more job opportunities and enhanced productivity; and “green” growth strategies.
25th ASEAN Finance Ministers’ Meeting
The Meeting noted and welcomed the progress of the various working groups under the purview of the ASEAN Finance Ministers’ Meeting. This includes issues pertaining to Infrastructure Financing; Cooperation in Insurance Matters; ASEAN Disaster Risk Financing and Insurance; Cooperation in Customs; Anti-Money Laundering and Counter Terrorist Financing; ASEAN Forum on Taxation and ASEAN Capital Market Forum. The Meeting also noted the progress in the implementation of the Master Plan on ASEAN Connectivity (MPAC) and cooperation on sustainable infrastructure.
7th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting
The Meeting discussed the progress and development of various working groups under the Roadmap for Monetary and Financial Integration of ASEAN (RIA-Fin) in which the overall progress has been encouraging. Brunei Darussalam’s three priority economic deliverables (PEDs) that fall under the ASEAN Finance Ministers and Central Bank Governors track were endorsed, namely:
a. The signing of the 9th ASEAN Framework on Services (AFAS) Protocol on Financial Services which will further liberalise financial services sector in ASEAN and therefore contribute to economic growth as well as progress ASEAN’s integration agenda;
b. Convene ASEAN Financial Literacy Conferences as a means of enhancing financial literacy and financial inclusion which are key components in ensuring sustainable and resilient economic growth; and
c. Initiate the work on the establishment of the ASEAN taxonomy on sustainable finance. The taxonomy will function as a tool to determine the eligibility of activities or investments to be classified as sustainable and provide more clarity to assist investors in identifying sustainable projects and prevent market fragmentation.
In continuing the AFMGM dialogue with the private sector, the Meeting held a dialogue with the ASEAN Business Advisory Council, the EU-ASEAN Business Council and the US-ASEAN Business Council on issues relating to economic recovery efforts towards achieving sustainable, resilient and inclusive growth.
The Joint Statement of the 7th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting, which was adopted by Finance Ministers and Central Bank Governors can be downloaded from the ASEAN Secretariat website.
