Joint Media Statement of the 16th ASEAN Finance Ministers’ Meeting (AFMM), Phnom Penh, Cambodia, 30 March 2012

Theme: ASEAN – One Community, One Destiny

1. We, the ASEAN Finance Ministers, convened our 16th Annual Meeting under the chairmanship of H.E. Keat Chhon, Deputy Prime Minister, Minister of Economy and Finance of the Kingdom of Cambodia.
2. Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia delivered the Keynote Address at the opening ceremony of the 16thASEAN Finance Ministers’ Meeting. He emphasized that “The 16th AFMM today will provide an excellent opportunity for the ASEAN Finance Ministers to discuss how best to enhance stability of the financial system and mobilize financial resources for supporting investment, which will maintain a favorable climate for growth in the region”.
3. Together with the troika of ASEAN Central Bank Governors of Indonesia, Cambodia and Brunei Darussalam, we reaffirmed our commitment to maintain growth and development momentum and financial stability of the region in the face of difficult global challenges. We agreed to take all necessary actions to sustain growth and preserve the stability of financial markets. We exchanged views with the Asian Development Bank, World Bank, and International Monetary Fund on policies to maintain stability in the current environment, and we called on them to continue to pursue innovative projects and assistance to better serve the needs of our economies.
4. We have progressed in delivering the commitments we made in previous years to deepen the integration of our markets under the Roadmap for Monetary and Financial Integration of ASEAN. We are committed to take more concrete steps to achieve the goals of the ASEAN Economic Community (AEC). We look forward to the operationalization of the USD485.2 million ASEAN Infrastructure Fund (AIF) this year, as well as the launching of initial projects for the Credit Guarantee and Investment Facility (CGIF). We also welcome the studies by the ASEAN+3 on Infrastructure Financing and the flexibility regarding access by less developed member countries. We also look forward to the enhancement of the Chiang Mai Initiative Multilateralisation (CMIM) by the next ASEAN+3 Finance Ministers’ Meeting in May 2012.