Singapore to Host the Fifth Meeting of Finance and Central Bank Deputies on the Manila Framework
Singapore, 24 Aug 1999... Singapore will host the Fifth Meeting of Finance and Central Bank Deputies on the Manila Framework on 29-30 August 1999. The one-and-a-half day Meeting will be opened by Deputy Prime Minister Lee Hsien Loong, Chairman of the Monetary Authority of Singapore (MAS), and chaired by Mr Tharman Shanmugaratnam, Deputy Managing Director (Financial Supervision) of MAS. The Meeting will hold regional economic surveillance discussions, focusing on managing the recovery process; and reform of the international financial architecture.
2 Participants of the Meeting will include Finance and Central Bank Deputies from 14 Asia-Pacific economies (Australia, Brunei Darussalam, Canada, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and the US). Senior representatives from the International Monetary Fund (IMF), the World Bank and the Asian Development Bank (ADB) will also attend the Meeting. In addition, the Bank for International Settlements (BIS) will be participating in the Meeting for the first time.
3 The Manila Framework was set up in November 1997 when Finance and Central Bank Deputies from the 14 economies met in Manila, Philippines to discuss the response to the Asian financial crisis. Under the Manila Framework, the Deputies agreed to meet twice a year for the purpose of surveillance and dialogue among the participating finance ministries and central banks with support from the IMF, the World Bank and the ADB. Other meetings on the Manila Framework were held in Tokyo (March 98), Kuala Lumpur (November 98) and Melbourne (March 99).