Bank Negara Malaysia published the joint statement from the 28th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, setting out a 2025 work programme to strengthen regional financial cooperation through the Chiang Mai Initiative Multilateralisation (CMIM), the ASEAN+3 Macroeconomic Research Office (AMRO) and related initiatives. Key deliverables include approval of an amended CMIM Agreement to add a Rapid Financing Facility (RFF) for emergency balance of payments needs, and endorsement of SPIRIT, a new voluntary and non-binding technical assistance pilot under the exploration of a Policy Adjustment Instrument. The statement also backs a process to update the 2019 “Strategic Directions of the ASEAN+3 Finance Process”, including endorsement of a guiding document and the establishment of an eight-member Experts Panel, alongside a stock-take report on progress. On CMIM, the amendment introduces the RFF and incorporates eligible freely usable currencies (FUCs) as currencies of choice, with updated CMIM Operational Guidelines aligned to the changes. Workstreams were set for a potential transition to a paid-in capital structure, including a new technical working group and an agreement to focus on IMF-type models, and for further refinement of the IMF De-linked Portion (IDLP) assessment methodology, development of a unified local currency lending margin structure, and follow-up analysis of IMF charge and surcharge changes for potential implications for CMIM USD margins. Beyond the safety net agenda, members noted AMRO’s organisational initiatives and governance updates, including an upgraded Performance Evaluation Framework 2025–2030 and a change in AMRO Director, and highlighted regional market initiatives such as the launch of an ABMI Digital Bond Market Forum and progress on disaster risk financing, including prior insurance payouts to Lao PDR of USD 1.5 million in 2023 and USD 3 million in 2024. Next steps include completing domestic procedures and signing the amended CMIM Agreement for entry into force, developing the new local currency margin structure by the end of 2025, and conducting the 16th CMIM Test Run later in 2025 to test activation of the CMIM RFF IDLP. Deputies are tasked to work on key remaining issues for a paid-in capital transition in the second half of 2025 and beyond, with a possible CMIM USD margin review by 2026 if warranted. The updated Strategic Directions and the 2026–2028 Disaster Risk Financing Initiative roadmap are targeted for adoption at the Deputies’ meeting by the end of this year and subsequently at the AFMGM+3 in May 2026, while SPIRIT is to run as a pilot pending a longer-term effectiveness assessment before any decision on mainstreaming.

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