Regional Cooperation on Financial Initiatives
Multilateralisation of the Chiang Mai Initiative
MAS supports the efforts by ASEAN+3 members to strengthen regional financial stability. Under the multilateralised Chiang Mai Initiative, MAS participates actively in ongoing discussions to develop a regional crisis lending facility. The global financial crisis has injected greater urgency to this regional initiative, and ASEAN+3 members have agreed to increase the total size of the multilateral facility from the previously agreed US$80 billion to US$120 billion. At the ASEAN+3 Finance Ministers Meeting in Bali in May 2009, ASEAN+3 members also reached an agreement on the key components of the multilateral facility, which includes an enhanced regional surveillance mechanism via the establishment of an independent regional surveillance unit to promote objective economic monitoring. ASEAN+3 proposes to operationalise the multilateral facility by end 2009.