Upgrade your membership plan for the full website experience.
View Membership Plans
January 30, 2024

ASEAN+3 to Launch Funding Facility for Future Disasters

Authored by
asean flags
January 30, 2024

The ASEAN plus China, Japan, and South Korea (ASEAN+3) agreed to establish a financing program responding to emergency needs, the Rapid Financing Facility (RFF). During the ASEAN+3 Deputies Meeting in December 2023 in Japan, ASEAN Member Countries announced that the RFF is targeted to be endorsed by the ASEAN+3 finance ministers and central bank governors in May 2024.
The envisaged launch of RFF is prompted by the ASEAN+3 group’s effort to further enhance the regional financial architecture’s safety net. Anchored under the Chiang Mai Initiative Multilateralization (CMIM), this new facility will provide member nations with emergency funds – up to half of what is allowed under the CMIM – without conditionality, specifically when exogenous shocks such as natural disaster and pandemics occurs.
The CMIM, a regional currency swap agreement established in the aftermath of the 1997 Asian Financial Crisis to provide up to $240 billion in times of emergency, was not able to be mobilized even during the challenges posed by the Covid-19. Furthermore, ASEAN+3 group emphasized the crucial importance of speed in RFF implementation system and further agreed to simultaneously discuss ways to incorporate freely usable currencies for the RFF.

Join the Council to continue reading this article
Enhance your business impact in Southeast Asia: Become a member of the US-ASEAN Business Council and tap into a network of possibilities.
Free Related Articles

Membership Plans

Corporate Council

Corporate membership provides general advocacy support, access to all country- and industry-specific updates, and access to most Council events.

  • Business missions to all 10 ASEAN markets which engage governments at the highest levels.
  • Off-the-record roundtables and policy briefings with senior government leaders in ASEAN and the U.S.
  • On-the-ground support for promoting your positions/policy priorities with policy makers.
  • Industry-specific, country-specific, cross-sector and regional advocacy through committees that target their engagement based on member priorities.
  • Advocacy on your behalf in situations where your company should not be directly identified or is unable to be present.

Chairman’s Council

Corporate membership provides general advocacy support, access to all country- and industry-specific updates, and access to most Council events.

  • All Corporate benefits.
  • Assistance with resolving company-specific trade or investment issues through our six regional offices and U.S.-based staff.
  • Develop effective advocacy strategies to impact policy concerns.
  • Identification of, and engagement with appropriate policy influencers to impact policy concerns.
  • Assistance in conducting follow-up after engaging government leaders (can include providing officials with additional materials, setting up meetings with their staff, getting a readout of the government’s reaction to the discussion).
  • Support for developing arguments that will resonate with target stakeholders.
  • Leading and setting the agenda and policy priorities of the Country and Industry Committees.