RI Holds First Meeting Of The Minister Of Finance And Governor Of The ASEAN Central Bank 2023

Photo: Doc. Ministry of Finance

JAKARTA The chairmanship of Indonesia in ASEAN 2023 initiated the inaugural meeting of the Minister of Finance and the Governor of the Central Bank of Southeast Asian countries which was held in Bali on March 28-31, 2023.

In the agenda titled 1st ASEAN Finance Ministers and Central Bank Government's Meeting (AFMGM), RI is committed to producing real contributions for economic development in the region.

Deputy Governor of BI, Dody Waluyo, revealed that the chairmanship of Indonesia in ASEAN 2023 is part of the stage towards the creation of the ASEAN Economic Community (AEC) 2025.

"This will create an environment that is connected, inclusive and prosperous in the future," he said in a written statement on Tuesday, March 28.

According to him, BI will encourage the exploration of policy mix implementation, such as reducing dependence on major currencies through the Local Currency Transaction (LCT) scheme which is an extension of the previous Local Currency Settlement (LCS) scheme.

"In the financial sector, the bilateral initiative of the arrangement swap between several ASEAN countries such as Indonesia, Malaysia, Singapore and Thailand, has the meaning of strong regional cooperation as a cushion for regional financial resilience and each country," said Dody.

On the same occasion, Head of the Fiscal Policy Agency (BKF) of the Ministry of Finance Febrio Kacaribu said that ASEAN's economic condition is currently stable.

"Even for 2023, international organizations such as the IMF, World Bank, and OECD view the ASEAN region as the epicenter of growth amid these various challenges in 2023," he stressed.

Febrio added, this then becomes a shared spirit towards a stronger and more sustainable region.

Meanwhile, several focuses on other discussions include accelerating the transition of fossil fuels to renewable energy, inclusion and digital financial literacy for MSMEs, as well as steps for economic activities to determine green financing at a lower cost.

In addition to the prime ministerial meeting and central bank governors, there have also been a number of international level support/side events during this week.

The series of seminars plan to present a number of prominent speakers including the Governor of BI and neighboring countries, the Minister of Finance of the Republic of Indonesia and other ASEAN Ministers of Finance, the Chairman of the OJK, as well as representatives of international institutions of the World Bank, the United Nations (UN), and the Financial Stability Board (FSB).

"The thematic activity is expected to provide an understanding of the latest issues faced by ASEAN countries, so that they can be a means of discussion that is beneficial for all participants," concluded Head of BKF Febrio Kacaribu.