Wed. Nov 23rd, 2022

East Asian countries have agreed to take necessary steps to upgrade
the region’s first economic and financial surveillance body, AMRO, to
the status of an international organization.

At a
meeting on the sidelines of the ASEAN Finance Minister Meeting (AFMM)
in Brunei from April 1-4, finance and central bank deputies from 13
East Asian countries affirmed the need to enhance the position and
power of AMRO to the same level as those of financial institutions such
as the Asian Development Bank (ADB) and the International Monetary Fund
(IMF).

The issue will also be tabled in the ASEAN + 3
(ASEAN plus China, Japan and the Republic of Korea )
Finance Minister Meeting in May, within the framework of the ADB’s
annual meeting.

AMRO, found on April 2011, aims at
monitoring and analysing the regional economies, as well as overseeing
the implementation of the Chiang Mai Initiative Multilateralization
(CMIM) Agreement which took effect in 2010.-VNA

By vivian