THE ASEAN+3 Finance and Central Bank Deputies Meeting (AFCDM+3) was convened via videoconferencing yesterday.

Deputy Governor Daw Than Than Swe of the Central Bank of Myanmar joined the online meeting.

First, regarding the Global and Regional Macroeconomic Outlook, MMF discussed under the topic “World and Asia Eco­nomic Developments”, while AMRO under "Transitioning Smoothly from Pandemic to Endemic New Normal” and ADB under the topic of “Trans­forming Agriculture in Asia", and the Central Bank Deputiesexchanged views.

Then, the officials discussed the implementation of Chiang Mai Initiative Multilateraliza­tion-CMIM, including the new reference interest rate, domes­tic financial integration, finan­cial assistance for economic purposes and technical sup­ports, work plans, budget and appointment of employees for the ASEAN+3 Macroeconomic Research Office – AMRO in 2022, mid-term implementation work plan (2022-2026), management level selection programmes of AMRO, ASEAN+3 Future Initi­atives and Asia Bond Markets Initiatives. They also focused on the use of LIBOR for the CMIM Reference Rate and the use of Secured Overnight Financing Rate (SOFR), the Overnight Transaction Rate of the US Treasury Repo Rate.

Moreover, they discussed the controls of Japan and Chi­na despite the high inflation, law enactment after the polity recommendation, continuous supports in line with Monetary Policy to achieve medium-term Financial Framework and the GDP growth of ASEAN+3 which was 6.1 per cent in 2021 and es­timated 5.0 per cent in 2022.

MNA