ASEAN Plus 3 Agrees to Ensure Economic Recovery

Economy

Tokyo, May 3 (Jiji Press)--Finance ministers and central bank leaders of the ASEAN Plus Three countries Monday agreed to take steps to revive the countries' economies hit hard by the novel coronavirus pandemic.

The 10 members of the Association of Southeast Asian Nations plus Japan, China and South Korea "will use all available policy tools to ensure an inclusive and sustainable recovery and maintain financial stability," a joint statement said.

The statement, released after an online meeting of the ASEAN Plus Three officials, also said the 13 countries "will gradually and carefully normalize expansionary policy measures while mitigating risks of cliff effects."

The officials said that they "expect a rebound in 2021" though the economic recovery will be uneven and downside risks elevated due to the spread of coronavirus variants and different paces of vaccinations among countries.

The officials also agreed to discuss ways to strengthen the Chiang Mai Initiative currency swap arrangement by using currencies other than the dollar.

[Copyright The Jiji Press, Ltd.]

Jiji Press