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Asean to double funding under the Chiang Mai Initiative

This is widely expected to culminate in a massive doubling of funds under the Chiang Mai Initiative Multilateralization (CMIM) to $240 billion from $120 billion. The CMIM – a multilateral currency swap system – was established in 2002 in response to the 1997/98 financial crisis that close to bankrupted much of the region. Back then, there was no shortage of bankers telling Southeast Asia to get its house in order.

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Cambodian Prime Minister Hun Sen told the 20th Summit of the Association of Southeast Asian Nations (ASEAN) in Phnom Penh that his country’s chief priority for its year as hosts was the strengthening of mechanisms to ensure regional financial security.

This is widely expected to culminate in a massive doubling of funds under the Chiang Mai Initiative Multilateralization (CMIM) to $240 billion from $120 billion. The CMIM – a multilateral currency swap system – was established in 2002 in response to the 1997/98 financial crisis that close to bankrupted much of the region. Back then, there was no shortage of bankers telling Southeast Asia to get its house in order.

Now, politicians here are winning back-slapping applause for telling the Europeans and the Americans that now it’s their turn to put things right. In the lead-up to the summit, central bankers from ASEAN+3, which includes China, Japan and South Korea, agreed in principle to doubling the size of the CMIM. ASEAN Beefs up Financial Security | ASEAN Beat

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Asean

ASEAN commemorates Youth in Climate Action and Disaster Resilience Day 2021

An intergenerational dialogue titled ‘Teaming up with You(th) for a Disaster-Resilient and Climate-Friendly ASEAN’, was moderated by the ASEAN Youth Forum’s Programme Manager, Rastra Yasland.

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JAKARTA, 30 November 2021 – The ASEAN Secretariat hosted an interactive webinar to commemorate ASEAN Youth in Climate Action and Disaster Resilience Day on 25 November.

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Vietnam

Vietnam’s Tay Ninh Province: Promising for Investors in the Greater Mekong Subregion

The SKER is one of four key economic regions which cover most economic and investment hubs in the country. The SKER consists of Tay Ninh along with Ho Chi Minh City, Binh Duong, Dong Nai, Long An, Ba Ria-Vung Tau, Binh Phuoc, and Tien Giang.

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Tay Ninh Province: Promising for Investors in the Greater Mekong Subregion

Vietnam’s Tay Ninh province located in the Southern Key Economic Region (SKER) acts as a key connection point between Ho Chi Minh City and Cambodia’s capital Phnom Penh, sharing a border with Cambodia at Moc Bai and Xa Mat border gates, the main trade centers between the two countries.

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