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

Illustrative image (Photo: VNA)

ASEAN finance 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 financial organisations, 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 experience in implementing the socio-economic recovery and development programme, reducing the environmental protection tax on fuels, and accelerating the COVID-19 vaccination 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 political uncertainties in Europe.

Officials attend the 8th ASEAN Finance Ministers' and Central Bank Governors' Meeting on April 8. (Photo: VNA)

Participants highlighted a bright outlook for regional recovery, with growth expected to reach 5.2 percent this year from 4 percent in 2021.

The ministers, governors, and leaders of international organisations held that vaccination remains the top priority while adaptive fiscal and monetary policies are still crucial for economic recovery.

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

The finance ministers and central bank governors are set to hold a dialogue with ASEAN business communities and adopt the 8th AFMGM’s joint statement later on April 8./.