ASEAN and Three Countries Agree to Strengthen Financial 'Safety Net'

The 29th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting (AFMGM+3) reaffirmed commitments to strengthen regional financial cooperation. This is in response to global risks stemming from conflicts in the Middle East that could pressure economic growth in the region.

Concretely, the meeting endorsed the Updated Strategic Direction of the ASEAN+3 Finance Process as a guide for medium- to long-term collaboration. These efforts will tighten synergies among ongoing initiatives and the development of new areas of cooperation so that the ASEAN+3 Finance Process can respond to economic dynamics.

The meeting also encouraged efforts to strengthen and enhance the effectiveness of the Chiang Mai Initiative Multilateralisation (CMIM) as a regional financial safety net that complements the Global Financial Safety Net (GFSN).

This affirmation emerged at the 29th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting (AFMGM+3), held in Samarkand, Uzbekistan, on 2-3 May 2026.

Indonesia’s delegation was led by Bank Indonesia Deputy Governor Filianingsih Hendarta, who represented the Bank Indonesia Governor, and the Ambassador of the Republic of Indonesia to Uzbekistan兼Kyrgyzstan, Prof. Siti Ruhaini Dzuhayatin.

“Close coordination between monetary and fiscal policies is key to maintaining regional economic resilience. At the same time, vigilance must be continuously strengthened through solid domestic policies and regional cooperation. In this context, CMIM plays a strategic role in the main pillar of the regional financial safety net. Therefore, strengthening CMIM is important so that it becomes increasingly adaptive and responsive in facing various challenges,” said Filianingsih.

AFMGM+3 is an annual forum for ASEAN+3 Finance Ministers and Central Bank Governors to discuss global and regional economic developments and to strengthen economic and financial cooperation in the region.

This 29th meeting was chaired by Co-Chairs from the Philippines and Japan, and attended by all ASEAN member countries along with Japan, South Korea, and China, as well as representatives from AMRO, the Asian Development Bank (ADB), the ASEAN Secretariat, and the International Monetary Fund (IMF).

This year’s meeting was also attended by Timor-Leste, which has begun joining ASEAN. The forum also appreciated the strategic role of the ASEAN+3 Macroeconomic Research Office (AMRO), which over the past 10 years has served as a regional policy advisor in maintaining macroeconomic and financial stability. Next, Singapore and South Korea will act as Co-Chairs for the 30th ASEAN+3 AFMGM+3 in 2027.