AMRO Annual Report 2021 – A Decade of Commitment to Economic Stability
AMRO’s mission is to contribute to the macroeconomic and financial stability of the ASEAN+3 region. We do so through providing macroeconomic surveillance, supporting the Chiang Mai Initiative Multilateralisation (CMIM), and fostering regional capacity development.
The 2021 Annual Report spotlights how AMRO navigated the second consecutive year of the COVID-19 pandemic in an eventful year, which also marked the 10th year since AMRO was established. As the ASEAN+3 region gradually recovered from the prolonged impact of the pandemic, AMRO continued to closely monitor the latest economic developments to provide helpful and timely policy advice to its members. The Ad Hoc Amendment of the CMIM Agreement came into effect, raising the International Monetary Fund (IMF) De-linked Portion (IDLP) from 30 percent to 40 percent, and institutionalizing the use of members’ local currencies in the swap arrangement. AMRO’s Technical Assistance activities continued to scale up across different programs in response to members’ requests, and in a timely and tailored manner. AMRO delivered its consultancy program virtually to adapt to the new norms around work and travel.
Leveraging digital technologies, AMRO forged synergies with partners such as the IMF and peer international organizations to facilitate their cooperation agenda and exchange information on the latest developments in the global and regional economies and participated in various international fora to represent the “voice of the region”. AMRO also developed a supply chain slider to monitor supply chain bottlenecks at global ports and launched the ASEAN+3 Finance Process online repository to facilitate the effective and secure sharing of documents among members.
AMRO at 10 years old has grown into a full-fledged surveillance organization, playing a pivotal role both nationally and regionally. We will continue to leverage digital technology to better support our members.