ASEAN Plus 3 to Launch Emergency Financing Facility
16:45 JST, December 8, 2023
TOKYO (Jiji Press) — Japan, China, South Korea and the 10-member Association of Southeast Asian Nations agreed Thursday to launch a lending facility to respond to natural disasters and pandemics based on their Chiang Mai Initiative currency swap arrangement.
The decision was made at a two-day meeting of deputies to the finance ministers and central bank governors of the 13-nation group known as ASEAN Plus Three held in Kanazawa, Ishikawa Prefecture, central Japan, from Wednesday.
After the meeting, Japan and Indonesia issued a co-chairs’ joint statement.
The ASEAN Plus Three group decided to create the emergency financing facility in line with a proposal Japan made because the Chiang Mai Initiative arrangement was not utilized during the COVID-19 pandemic.
Details of the planned facility will be finalized next May at a minister-level meeting.
“ASEAN Plus Three members have been craving a facility capable of responding speedily to demand for funds,” Masato Kanda, Japanese vice finance minister for international affairs, told a press conference. “Japan will give its maximum support to realize it as soon as possible.”
"World" POPULAR ARTICLE
-
China Mutes Memorialization of Reformer Hu Yaobang; Memories Could Spark Critique of Xi Administration
-
UNRWA Director Describes Catastrophic Destruction in Gaza; Says Relief Trucks Robbed, ‘People’s Hearts Destroyed’
-
Search Continues for Missing People After 72-Hour Window Ends in Quake-Hit Taiwan; Weather Complicating Rescue Efforts
-
Former U.S. Pacific Command Head Touts Alliance; Harris Sees China, World Through ‘Dark Lens’
-
Air Raid Sirens, Explosions Rock Southern Israel in Iranian Attack; Guests Seek Refuge in Hotel Shelter
JN ACCESS RANKING
- M6.0 Earthquake Hits Japan’s Tohoku Region; Fukushima, Iwate, Miyagi Prefectures Observe 4 on Japanese Scale With No Risk of Tsunami
- China Mutes Memorialization of Reformer Hu Yaobang; Memories Could Spark Critique of Xi Administration
- Shinkansen Services Suspended After Man ‘Searches for Phone’ on Tracks; Disruption Affects About 14,000 Passengers
- U.S. 7th Fleet officer Arrested on Suspicion of Stealing Sushi, Sashimi, Chicken at Kanagawa Shopping Mall; Suspect Caught Mid-Meal
- UNRWA Director Describes Catastrophic Destruction in Gaza; Says Relief Trucks Robbed, ‘People’s Hearts Destroyed’