www.mas.gov.sg /news/media-releases/2022/joint-statement-of-the-8th-asean-finance-ministers-and-central-bank-governo… Unknown Title 1. The 8th Joint Meeting of the ASEAN Finance Ministers and Central Bank Governors (AFMGM) was convened under the co-chairmanship of H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, and Honorable Chea Chanto, Governor of the National Bank of Cambodia (NBC). For the third consecutive year, the Meeting was held virtually due to the COVID-19 Pandemic. ASEAN Chair 2022 Priorities 2. The Meeting welcomed Cambodia’s theme of ‘ASEAN A.C.T.: Addressing Challenges Together’ for its Chairmanship of ASEAN in 2022. The Meeting commended the timeliness of the Chair’s theme that were anchored on four (4) key Strategic Thrust for the ASEAN Economic Community. These include (i) Enhancing Digital Connectivity, Science and Technology, (ii) Narrowing the Development Gap for ASEAN’s Competitiveness, (iii) Promoting a more Integrated, Inclusive, Resilient and Competitive ASEAN, and (iv) Promoting Global ASEAN for Growth and Development. In this spirit, the Meeting remains steadfast in our commitment to promote financial stability and integration in the ASEAN region, amidst the uncertainties, which may hinder regional economic growth, including the COVID-19 pandemic, climate change, and other traditional and non-traditional security threats. Economic Update and Policy Challenges 3. The Meeting exchanged views with the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), ASEAN+3 Macroeconomic Research Office (AMRO), the World Bank (WB), and the International Monetary Fund (IMF), on the outlook for global and regional economies, the risks and opportunities, policy challenges amidst the lingering effects of the COVID-19 pandemic particularly from the new wave of Omicron variant, and the effects of the geopolitical developments in Europe that caused a surge in oil and other commodity prices and its impact to the regional post-pandemic recovery. 4. The Meeting noted the green shoots of recovery in the region with the positive growth of ASEAN’s Gross Domestic Product (GDP), picking up from 3% in 2021 to 4.9% projected this year, underpinned by the gradual reopening and recovery of ASEAN Member States’ (AMS). Nevertheless, the emergence of new wave of COVID-19 cases and the effect of escalating geopolitical tensions in Europe has continued to pose uncertainty to the pace of recovery, accompanied by increasing financial market uncertainty. 5. The Meeting commended the efforts of the AMS and the importance of their targeted and comprehensive policies that were critical in managing over the adverse effects of the health and economic crises. As ASEAN moves to seize the momentum of recovery, the Meeting recognised that the roll-out of vaccination remains one of the top priorities, while timely fiscal and monetary policy response are still necessary to strengthen our fragile economic recovery. The Meeting reaffirmed its commitment to strengthen cooperation to overcome the threats and pressing challenges to growth and inflation, including from COVID-19 pandemic, climate change, geo-political tensions and digital transformation. 1/7

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