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Adaptive fiscal, monetary policies crucial for economic recovery: ASEAN officials

ASEAN finance ministers and central bank governors gathered at their 8th meeting (AFMGM) via videoconference on April 8.
Adaptive fiscal, monetary policies crucial for economic recovery: ASEAN officials ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) – ASEANfinance ministers and central bank governor gathered at their 8th meeting(AFMGM) via videoconference on April 8.

On the fringe of this event,the officials had a dialogue with leaders of international financialorganisations, namely the International Monetary Fund (IMF), the World Bank (WB),the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB),and the ASEAN 3 Macroeconomic Research Office (AMRO).

Addressing the meeting,Minister of Finance Ho Duc Phoc shared the Vietnamese Government’s experiencein implementing the socio-economic recovery and development programme, reducingthe environmental protection tax on fuels, and accelerating the COVID-19vaccination campaign so as to create a basis for restoring economic activities.

International organisations's representatives presented their assessments of the global and ASEAN macro-economic situation,including policy challenges amid lingering impacts of the COVID-19 pandemic,especially infection waves caused by the Omicron variant, and politicaluncertainties in Europe.

Adaptive fiscal, monetary policies crucial for economic recovery: ASEAN officials ảnh 2Officials attend the 8th ASEAN Finance Ministers' and Central Bank Governors' Meeting on April 8. (Photo: VNA)
Participants highlighted abright outlook for regional recovery, with growth expected to reach 5.2 percentthis year from 4 percent in 2021.

The ministers, governors, andleaders of international organisations held that vaccination remains the top prioritywhile adaptive fiscal and monetary policies are still crucial for economicrecovery.

The same day, the 26th ASEAN Finance Ministers’ Meeting took place to update the progress of theimplementation of financial cooperation activities within the framework ofASEAN committees.

The finance ministers andcentral bank governors are set to hold a dialogue with ASEAN businesscommunities and adopt the 8th AFMGM’s joint statement later on April8./.
VNA

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