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Press Release

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23 June 2020

Ministry of Finance

The amended Chiang Mai Initiative Multilateralisation (CMIM) Comes Into Effect on 23 June 2020

  1. The amended Chiang Mai Initiative Multilateralisation (CMIM) Agreement, which is a regional financing arrangement among the Finance Ministers and Central Bank Governors of the ASEAN Members States, China, Japan and Korea (ASEAN+3) and the Monetary Authority of Hong Kong, China, came into effect on 23 June 2020. Together with the amended CMIM Agreement, the corresponding revision of the CMIM Operational Guidelines also came into effect on the same day.

  2. Key points of the amendment to strengthen the CMIM are as follows.    
    • To create more flexibilities for the financing period of the IMF Linked Portion of the CMIM to secure consistency with the IMF-supported programs and strengthen coordination mechanism with the IMF;
    • To introduce an overarching legal basis for conditionality in order for the CMIM to support members in addressing their risks and vulnerabilities through policy recommendations as well as financial support; and
    • To address other legal ambiguity issues.

  3. This amendment will strengthen the CMIM, which stands at the center of the regional financial safety net of the ASEAN+3.

    (Attachment) Key Points of the amendment of the CMIM Agreement and the Operational Guidelines