ASEAN Finance Ministers and Central Bank Governor Meeting Commences

TEMPO.CO, Nusa Dua - The initial series of ASEAN Finance Ministers and Central Bank Governors Meeting has officially begun on Tuesday (March 28) and will last up to Friday (March 31). Bank Indonesia Deputy Governor Dody Budi Waluyo said that the meeting would discuss a myriad of issues but will largely discuss issues that were discussed in the previous G20 meeting regarding regional sustainability and stability.

“External and global pressure still exists and has a significant effect on Indonesia and the macro economy,” said Waluyo at Nusa Dua Bali on March 27. 

ASEAN’s economic situation according to the Finance Ministry’s head of fiscal policies Febrio Kacaribu has remained stable, which is backed by the views shared by international organizations such as the IMF, World Bank, and OECD that sees ASEAN as the hub of growth amidst challenging situations in 2023. 

The Finance Ministry and Bank Indonesia will present 24 meetings which include the main meeting--from the Deputy to Principal level--and supporting meetings that will carry the same theme dubbed "Discover Indonesia", specifically highlighting the culture and tourism of Sulawesi and Kalimantan.

During the series of key meetings, delegates will formulate collective and collaborative steps upon realizing three Priorities Economic Deliverables (PEDs), including regional rebuilding and recovery, digital economy, and sustainability.

The framework is expected to strengthen ASEAN member countries in facing world economic challenges through joint steps as a center of world economic growth.

Efforts to reduce dependence on major currencies through the Local Currency Transaction (LCT) scheme will also be discussed, which is an expansion of the previous Local Currency Settlement (LCS) scheme which has begun to be implemented between ASEAN members.

In the payment system sector, the payment system interconnection implementation that is interconnected between countries through Regional Payment Connectivity (RPC) will continue to be expanded in the context of digitizing cross-border payments. In November 2022, a cooperation deal was signed between Indonesia, Malaysia, Singapore, the Philippines, and Thailand.

CAESAR AKBAR

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