This policy paper examines the evolving role of the Chiang Mai Initiative Multilateralisation (CMIM) and AMRO within the Global Financial Safety Net (GFSN). Recent international discussions, including the IMF’s 2025 GFSN stocktaking and discussions in the G20, have highlighted the importance of strengthening cooperation between the IMF and Regional Financing Arrangements in supporting the effectiveness of the GFSN. In an environment marked by heightened volatility amid geopolitical tensions and shifting trade and financial linkages, well-functioning regional safety nets are increasingly recognized as an important complement to the global layer of support.
At the same time, the CMIM has not been activated since its establishment, despite ongoing efforts to strengthen its effectiveness. While this reflects broader resilience and the availability of other GFSN layers, it also underscores the importance of further enhancing operational readiness and clarifying its role within the GFSN. In this context, the paper explores possible directions for strengthening the role of the CMIM as an effective regional layer of the GFSN, and for enhancing how AMRO can support this through its core functions, including surveillance, technical assistance, and CMIM operational readiness.