A delegation led by Dr Khin Naing Oo, Governor of the Central Bank of Myanmar, attended the 29th ASEAN+3 Finance Ministers’ and the Central Bank Governors’ Meeting (29th AFMGM+3), held yesterday in Uzbekistan, via videoconferencing.
At the meeting, representatives from the International Monetary Fund, the Asian Development Bank, and the ASEAN+3 Macroeconomic Research Office presented briefings on global and regional macroeconomic outlooks, as well as energy security challenges arising from the situation in the Middle East. In response to these presentations, the ASEAN+3 finance ministers and central bank governors in attendance emphasized the importance of safeguarding multilateralism in addressing rising regional challenges and uncertainties, and of strengthening regional solidarity and cooperation. They also expressed full support for continuing policy dialogues aimed at maintaining macroeconomic and financial stability among ASEAN+3 countries, and affirmed that they would remain vigilant in monitoring financial market volatility and potential risks, while standing ready to respond in line with domestic conditions.
The participants further noted that efforts would continue to promote trade and investment opportunities, ensure smooth operations, and strengthen supply chains. They reaffirmed their support for a fair, transparent, and rules-based multilateral trading system in line with the principles of the World Trade Organization. In light of increasing uncertainties, they underscored the importance of ASEAN+3 cooperation in supporting regional stability and resilience. In addition, they discussed and reaffirmed the role of regional financial cooperation in relation to expanding multilateral participation under the Chiang Mai Initiative, which is being implemented with the support of the ASEAN+3 Macroeconomic Research Office.
During the discussions, Dr Khin Naing Oo, CBM Governor, noted that although ASEAN+3 economies had entered 2026 with stable growth supported by easing inflation, increasing global geopolitical tensions and volatility in energy prices could lead to greater uncertainty in economic growth.
She highlighted that energy security has become a key factor for macroeconomic stability, and that it is necessary to strengthen regional energy cooperation and enhance sustainable financing. He also pointed out that central banks need to remain vigilant in maintaining exchange rate stability, adopt appropriate exchange rate policies, and manage capital flows effectively. In addition, strengthening foreign exchange markets and maintaining adequate foreign currency reserves are of critical importance. She added that the Central Bank of Myanmar would continue to cooperate closely with ASEAN+3 member countries to support regional economic resilience and stability.
The meeting then reviewed progress on the expansion of multilateral participation under the Chiang Mai Initiative. It was explained that, in order to respond promptly to short-term balance of payments (BOP) difficulties arising from external shocks and to facilitate the implementation of the Rapid Financing Facility, the agreement on the expanded Chiang Mai Initiative — revised for the fourth time — should be signed as soon as possible in accordance with each country’s domestic procedures. The ASEAN+3 finance ministers and central bank governors agreed to expedite these processes.
Furthermore, as part of advancing ASEAN+3 financial cooperation, participants exchanged views and endorsed matters relating to the upgrading of the Asian Bond Markets Initiative into a broader Asian Bond and Financial Markets Initiative, the roadmap (2026-2028) for financing arrangements to address potential losses caused by natural disasters, and the opportunities, challenges, and future directions of cross-border digital payment systems.
The meeting concluded with the endorsement of the joint statement of the 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting. It was also announced that the 30th meeting will be held in Japan in 2027.
MNA/KNN
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