A meeting was held between the three countries, Japan, China, and the Republic of Korea (ROK) and the finance and monetary authorities of ASEAN = Association of Southeast Asian Nations, and it was agreed to establish a new mechanism to urgently exchange funds for risks such as natural disasters and infectious diseases.
The ASEAN+3 meeting held in Kanazawa City was attended by senior officials from various financial authorities and central banks, including Finance Minister Kanda of Japan's Ministry of Finance.
At a press conference after the meeting, Finance Minister Kanda revealed that the two sides had agreed to establish a new mechanism to urgently exchange funds among countries in the region in the event of a natural disaster or infectious disease. In the region, there is a framework for financing called the Chiang Mai Initiative, which was established in response to the Asian financial crisis in 3, and it will be utilized.
In preparation for the ministerial-level meeting scheduled for next year, we will proceed with discussions on finalizing the design of the system.
Finance Minister Kanda stated, "Asia is a very disaster-prone region, and we were keenly aware of the need for a new framework in light of the spread of the new coronavirus, and we would like to proceed with work to realize it as soon as possible."