The 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM+3) was held on 3 May in Samarkand, Uzbekistan and attended by Dr Kan Zaw, Union Minister for Finance and Revenue virtually.
In the morning session of fiscal exchange, representative from the ASEAN+3 Macroeconomic Research Office (AMRO) presented optimizing budgetary performance management and revenue strategies for demographic change and Finance Ministers from the ASEAN+3 countries made recommendation on it. At the meeting, regarding fiscal management, the Union Minister discussed that Myanmar’s budget is being prepared based on the Medium Term Fiscal Framework (MTFF) and that appropriate projects are being coordinated with public policies. The financial linkages and budget allocations between the Union and Region and State governments are also being implemented through the MTFF through policy-based budgeting and rule-based budgeting, and financial activities of the government. Regarding demographic changes and tax revenue management, the Union Minister highlighted that since 66.9 per cent of the population in Myanmar is between the ages of 15 and 64, there is an opportunity to increase tax revenue. Taking this opportunity, strategies are being developed to increase the country’s tax collection. Currently, efforts are being made to expand the tax base without increasing tax rates.
In the afternoon session of economic review and policy dialogue, representatives from the Asian Development Bank (ADB), the International Monetary Fund (IMF), and AMRO made presentations on global and regional economic outlook and thematic issues. Upon presentations, Finance Ministers and Central Bank Governors from the ASEAN+3 countries made recommendations and suggestions.
In the session of strengthening ASEAN+3 financial cooperation, representatives from ADB, IMF, and AMRO offered presentations on updated ASEAN+3 strategic direction and ASEAN+3 future initiatives, progress of the Chiang Mai Initiative Multilateralization (CMIM), Asian Bond Markets Initiatives (ABMI), Disaster Risk Finance, and Southeast Asia Disaster Risk Insurance Facility. Upon the presentations, Finance Ministers and Central Bank Governors from the ASEAN+3 countries made recommendations and suggestions.
The Joint Statement of the 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting was finalized and approved.
The 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM+3) was held during the 59th Annual Meeting of the Asian Development Bank which are being held in Samarkand, Uzbekistan from 3 to 6 May. Deputy Prime Minister Mr Yuncheol Koo from the Republic of Korea, Japanese Finance Minister Ms Satsuki Katayama, Chinese Assistant Minister Ms Junhong Chang, Finance Ministers from Plus 3 countries, Deputy Finance Ministers, Central Bank Governors, Deputy Governors of the Central Banks from ASEAN member states, ADB President Mr Masato Kanda, IMF Deputy Managing Director Mr Kenji Okamura, AMRO Director/CEO Mr Yasuto Watanabe attended the meeting. — MNA
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