ASEAN plus countries China, Japan, South Korea committed full support to financial stability
Sophia Cruz • 1 min read
On Monday, the ministers of finance and central bank governors of Japan, China and South Korea vowed “targeted” measures for those countries most affected by the Covid-19 pandemic. Promoting fiscal and financial stability is what the three Asian countries hoped for.
According to the statements from the virtual meeting before the annual meeting of the Asian Development Bank (ADB), the ministers of finance pledged to achieve inclusive support and recovery from the pandemic, provide long-term fiscal sustainability, and maintain financial stability for the countries associated with ADB.
Japan’s finance minister Taro Aso further noted that the top agenda at the ADB gatherings happening this May includes feedback on the current COVID-19 crisis, all-inclusive health coverage, superior infrastructure, global warming, debt transparency, and financial sustainability in Asia.
The three Asian countries are committed to finding new strategies to build a stronger financial safety net. As the financial chiefs stated, “The regional outlook has improved, with continued policy support and growing vaccine coverage.” They also added, “We should remain vigilant as the economic recovery has been uneven across and within member economies, uncertain and subject to elevated downside risks.”
ASEAN consists of 10 countries including Brunei, Cambodia, Indonesia, Singapore, Laos, Myanmar, Malaysia, Thailand, the Philippines and Vietnam.
China, Japan and South Korea committed to finding new strategies to build an enhanced financial safety net. The regional financial leaders also highlighted their continued support on an open and rules-based multilateral trading system and investment in the region.