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Economic Growth 2023

In keeping with Malaysia’s ASEAN 2025 Chairmanship theme of “Inclusivity and Sustainability,” the First ASEAN+3 Task Force Meeting agreed on Malaysia’s proposal to set the following Priority Economic Deliverables (PEDs) for ASEAN 2025 (Finance Track) as follows:

  1. ASEAN PEDs
    1. Catalysing access to financing for a climate-resilient and just transition in ASEAN.
    2. Accelerating the growth of a more sustainable, connected, and inclusive ASEAN capital market.
    3. Fostering inclusivity in instant payments across ASEAN.
  2. ASEAN+3 PEDs
    1. Full membership of ASEAN+3 countries in the Southeast Asia Disaster Risk Insurance Facility (SEADRIF).
    2. Expansion of membership in the ASEAN+3 Finance Think-Tank Network (AFTN).
    3. Strengthening the credibility of the Chiang Mai Initiative Multilateralisation (CMIM) by transitioning from pledged capital to paid-up capital.
    4. Improving access to the CMIM.

The First ASEAN+3 Task Force Meeting was co-chaired by Malaysia and the People's Republic of China (PRC) and was held from 14–15 January 2025 at PARKROYAL Langkawi Resort, Kedah.

The meeting was attended by 135 officials and delegation members from the Ministries of Finance and Central Banks of ASEAN+3 member countries, which consist of ASEAN, the PRC, the Republic of Korea, and Japan. Malaysia’s delegation as Co-Chair was led by YBhg. Dato’ Zamzuri Abdul Aziz, Deputy Secretary General of Treasury (Policy). The PRC delegation was co-chaired by Zhang Minwen, Deputy Director-General of the Ministry of Finance, PRC.

Bank Negara Malaysia was represented by Mrs. Ida Harniza Johar, Director of the International Department. The People’s Bank of China was led by Mr. Jing Chen, Deputy Director-General.

Other key topics discussed and agreed upon included the Disaster Risk Financing Initiative (DRFI) - presentation of the 2026–2028 DRFI Roadmap aimed at addressing regional vulnerabilities to natural disasters; the proposal to establish a new platform at the ASEAN+3 Finance Ministers’ level specifically for discussing fiscal policies; and the proposal to develop a Policy Adjustment Instrument (PAI) to help member states enhance the financial stability of their respective countries.

The agreed matters will be further refined and deliberated at the Second ASEAN+3 Task Force Meeting scheduled for 5–6 March 2025 in Xiamen, PRC before being presented for endorsement at the ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting (AFMGM+3) in May 2025.

As chair of ASEAN 2025, Malaysia is focusing on three main pillars: the ASEAN Economic Community (AEC), the ASEAN Political-Security Community (APSC) and the ASEAN Socio-Cultural Community (ASCC).

The Ministry of Finance extends its gratitude to all parties who contributed to the success of this meeting, including the Kedah State Government, LADA as well as all Federal and Kedah State Government agencies in involved.

Sourced from the Official Portal Of Ministry Of Finance.

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