Three Priority Agendas Discussed at the 2023 AFMG Meeting in Bali
- VIVA/Anisa Aulia
VIVA – The ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) in Nusa Dua, Bali held on Friday. This meeting discussed several priority agendas.
Bank Indonesia Governor, Perry Warjiyo expects that the ministers and governors can utilize their expertise and experience to develop policies and promote economic resilience and sustainability going forward.
"I would like to encourage all of us to concentrate on real and practical actions that can address emerging challenges. We must think globally, act small, and move very fast," Warjiyo said at the opening of the First ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) 2023, on Friday.
Therefore, there are three agendas to discuss. First, ASEAN countries must have a good understanding of the dynamics of global macroeconomic and financial stability, to the optimal policy mix, Warjiyo explained.
Gubernur Bank Indonesia, Perry Warjiyo.
- VIVA/Anisa Aulia
"This is the hallmark of ASEAN, an optimal policy mix, through an understanding of the macroeconomic and financial stability framework is required. Policy coordination between fiscal and monetary policy, monetary policy mix between interest rates for foreign exchange intervention and macro capital flow management, as well as the policy, makes monetary and macroprudential policy," he explained.
Second, utilizing the global agenda in the field of cross-border payments or cross-border payments. Because by utilizing this, ASEAN countries will benefit.
"ASEAN benefits from cross-border payment system services that are faster, cheaper and more transparent, and more inclusive. To encourage transactions, develop the economy, and increase growth," he said.
Third, the finance ministers and central bank governors will discuss the current dynamics of global financial markets. In this case, it is influenced by interest rate hikes by central banks.
"In this aspect, we have strengthened our economy through prudent macroeconomic policies into monetary fiscal, we have also strengthened financial system stability and we have strengthened external resilience," he added.
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