ASEAN financial cooperation has drawn up three priorities, namely recovery, resilience, and togetherness.
The priorities were underlined in a press release on the 26th ASEAN Finance Ministers’ Meeting, the 8th Joint Meeting of the ASEAN Finance Ministers and Central Bank Governors, and side meetings AKP received yesterday.
The meetings on April 7-8 was co-chaired by H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, and H.E. Chea Chanto, Governor of the National Bank of Cambodia (NBC).
Within the framework of the set priorities, as the ASEAN Chair for 2022, Cambodia will pay close attention to strengthening cooperation between ASEAN members to promote trade and investment facilitation, deepen ASEAN financial integration with partners, accelerate the implementation of regional cross-border payment systems, and promoting sustainable finance to mobilise additional funding for economic recovery.
While noting the growth of the world economy at 4.4 percent (forecast by the IMF) and the ASEAN economy at 5.1 percent (projected by AMRO) in 2022, ASEAN finance ministers and governors also discussed underlying risks.
The potential challenges include the continued COVID-19 spread, the disruption of supply chains, the war in Eastern Europe, the rise in inflation and climate change that need strengthened regional trade and investment connection, fostered digitalisation as opportunities and promoted private sector investment in green development.
The private sector such as the ASEAN Business Council, US-ASEAN Business Council, and the European Union Business Council; and financial institutions like the World Bank (WB), International Monetary Fund (IMF), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and ASEAN Macroeconomic Research Office (AMRO) were also engaged in the meetings’ discussions.

Source: Agency Kampuchea Press