The Monetary Authority of Singapore published the joint statement of the 28th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, setting out members’ priorities to strengthen regional financial cooperation and agreeing key upgrades to the Chiang Mai Initiative Multilateralisation (CMIM) as the region’s financial safety net. Members approved an amended CMIM Agreement and committed to complete domestic procedures and sign for its entry into force. The amendment introduces a Rapid Financing Facility that uses eligible freely usable currencies as the currencies of choice, supported by updated CMIM Operational Guidelines, and is intended to provide timely emergency financing for urgent balance of payments needs arising from sudden shocks such as pandemics and natural disasters. Work to transition CMIM towards a paid-in capital structure was advanced through the establishment of a technical working group and endorsement of a task force report narrowing options to IMF-type models, with Deputies tasked to address governance, reserves recognition, sizing and contribution currency issues in the second half of 2025 and beyond. Further CMIM workstreams include refining the objective methodology for assessing readiness to potentially increase the IMF De-linked Portion, developing a unified margin structure for local currency lending by end-2025, studying implications of the IMF’s reduced charges for CMIM USD margins by end-2025 with a potential USD margin review by 2026, and running a 16th CMIM test later this year focusing on activation of the Rapid Financing Facility IMF De-linked Portion. Beyond CMIM, the statement endorsed the ASEAN+3 Fiscal Policy Exchange as a 2025 platform and asked Deputies to assess whether it should become regular. Members agreed to update the ASEAN+3 Finance Process Strategic Directions adopted in 2019 using a new guiding document and an eight-member Experts Panel, with adoption targeted at the Deputies’ meeting by end-2025 and subsequently at the AFMGM+3 in May 2026. Ministers and Governors also endorsed SPIRIT as a voluntary pilot technical assistance facility under work on a potential Policy Adjustment Instrument, endorsed pillars for a 2026-2028 Disaster Risk Financing Initiative roadmap for adoption on the same timetable, and endorsed the establishment and launch of a Digital Bond Market Forum under the Asian Bond Markets Initiative.
Monetary Authority of Singapore 2025-05-05
Monetary Authority of Singapore publishes ASEAN+3 statement approving amended CMIM Agreement with a new Rapid Financing Facility
The Monetary Authority of Singapore released the joint statement from the 28th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, highlighting priorities for regional financial cooperation and key upgrades to the Chiang Mai Initiative Multilateralisation (CMIM). The amended CMIM Agreement introduces a Rapid Financing Facility for emergency financing and advances work towards a paid-in capital structure. Additional initiatives include the ASEAN+3 Fiscal Policy Exchange, a Disaster Risk Financing Initiative roadmap, and a Digital Bond Market Forum.