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Indonesia commits to enhanced cooperation with ASEAN+3
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Regional cooperation – Bank Indonesia (BI) Governor Agus Martowardojo speaks in a press conference at the central bank’s headquarters in Jakarta recently. Agus said during the ASEAN+3 Finance Ministers and central bank governors meeting in Frankfurt, Germany, on Tuesday local time, that BI and the government were ready to cooperate with ASEAN+3 member countries to face global economic challenges. (Tempo/-)
B
ank Indonesia (BI) Governor Agus Martowardojo has said the central bank and the government are committed to enhancing cooperation with ASEAN+3 member countries, namely China, Japan and Korea, to face global economic challenges.
Agus said three steps to enhance the cooperation had been agreed during the ASEAN+3 finance ministers and central bank governors meeting in Frankfurt, Germany, on Tuesday local time. They were: Strengthen short-term liquidity facilities supply as a financial safety net in the Chiang Mai Initiative Multilateralization (CMIM) framework, strengthening regional surveillance unit, ASEAN + 3 Macroeconomic Research Office (AMRO) and establishing local currency-denominated bond markets within the framework of the Asian bond markets Initiative (ABMI).
Agus said the ASEAN+3 cooperation was very important to Indonesia. The provision of short-term liquidity facilities would anticipate and address the financial crisis while the assessment by AMRO would monitor and maintain Indonesia's financial and economic stability, he added.
The governor further said the ABMI framework would support financial market expansion needed to maintain financial stability both in Indonesia and the region.
"Facing the unbalanced global economy, also uncertainties and risks ahead, ASEAN + 3 is expected to be the engine of growth. To that end, cooperation among countries is important," Agus said in a statement obtained by thejakartapost.com on Wednesday.
During the meeting, the BI governor also explained Indonesia's economic development and deregulation policies.
“Several policies have been taken to anticipate the weakening global economic growth, including a policy mix implementation, which is considered effective in maintaining financial stability and supporting the growth of the domestic economy,” he said. (ebf)
