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Applying Flexible Purchasing Multiple to Enhance CMIM Resource Allocation

With a total financing capacity of USD240 billion, the Chiang Mai Initiative Multilateralisation (CMIM) is the world’s second largest regional financing arrangement (RFA) among active RFAs, after the European Stability Mechanism (ESM) and much larger than most other arrangements in non-European regions.

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Conditionality in the Context of the CMIM and IMF

Conditionality is an essential supplement to crisis financing programs. However, such conditions have long been debated by scholars and policymakers globally, as to whether they promote economic growth and development or undermine the national sovereignty of borrowers and hinder economic recovery.

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ASEAN+3 Leaders’ Summit Reaffirms Commitment to CMIM and Financial Cooperation

ASEAN+3 leaders have reaffirmed their strong support for the Chiang Mai Initiative Multilateralisation (CMIM) Agreement and the mandates given to the ASEAN+3 Macroeconomic Research Office (AMRO) at the 24th ASEAN+3 Leaders’ Summit hosted by Brunei Darussalam on October 27, 2021.

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Watch AMRO: 10 years of contributing to macroeconomic and financial stability in ASEAN+3

AMRO is an international organization responsible for conducting macroeconomic surveillance in the ASEAN+3 region. Established in April 2011, our vision is to be an independent, credible and professional regional organization acting as a trusted policy advisor to members in the ASEAN+3 region.

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Watch: AMRO and the CMIM

During the Asian financial crisis in 1997-1998, some 30% of the region’s combined GDP was lost. The crisis devastated many Asian economies, destroyed well-established companies, and put millions of people in hardship.

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ASEAN+3 Financial Safety Net More Important Than Ever

On May 3, 2021, the finance ministers and central bank governors of ASEAN+3 members — comprising the 10 Southeast Asian countries, and China, Japan and Korea — stressed that the Chiang Mai Initiative Multilateralisation (CMIM) facility should take on a more instrumental role in catering to members’ needs, amid the unprecedented economic turmoil wrought by the COVID-19 pandemic.

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