The Asean+3 nations are set to operationalise the Rapid Financing Facility (RFF), a strategic financial tool designed to support member countries facing economic distress from external shocks. This initiative marks a proactive step towards regional financial resilience and mutual assistance, according to Bank Negara Malaysia (BNM) Deputy Governor Datuk Marzunisham Omar.
Speaking after co-chairing the Asean+3 Finance and Central Bank Deputies Meeting, Marzunisham emphasized that the RFF will complement another key initiative: the enhancement of the Chiang Mai Initiative Multilateralisation (CMIM) — a regional self-help mechanism with paid-in capital aimed at providing emergency liquidity support.
“These two programmes are designed to help Asean+3 members support one another during financial turbulence,” Marzunisham told.
While assuring that no member country is currently experiencing a liquidity crisis, he noted the importance of being well-prepared in a volatile global economic environment.
“We are not expecting a financial crisis at the moment. But having these tools in place is a strong signal that the region stands ready to act together should the need arise,” he said.
Responding to Global Economic Pressures
Commenting on recent developments, Marzunisham acknowledged concerns over sweeping US tariffs targeting major global trade partners. Asean+3 representatives reached a consensus during the meeting that the tariffs could significantly impact regional exports and economic growth.
In response, the group reaffirmed its commitment to:
- Strengthening regional trade frameworks,
- Boosting investment in digitalisation and climate-resilient sectors, and
- Enhancing the resilience of financial systems across the region.
Regarding Asean’s position on the US tariffs, Marzunisham said the region would avoid retaliatory measures and instead pursue dialogue.
“We will engage the US through constructive discussions. Asean ministers will convene tomorrow to potentially align on collective steps forward,” he added.
Looking Ahead
As geopolitical and economic uncertainties continue to evolve, the Asean+3 grouping’s move to operationalise these support mechanisms reaffirms the region’s commitment to financial solidarity, economic stability, and sustainable development.
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