Moving Forward Chiang Mai Initiative Multilateralisation

At the ASEAN+3 Finance Ministers Meeting (AFMM+3) in Hyderabad on 4 May 2006, the Finance Ministers tasked their Deputies to further study various possible options towards an advanced framework of regional liquidity support arrangements or Chiang Mai Initiative Multilateralisation (CMIM).

During the AFMM+3 Meeting held on 4 May 2008, in Madrid, Spain, the Finance Ministers agreed and announced that the total size of the CMIM would be at least US$80 billion.

On 22 February, 2009, the ASEAN+3 Finance Ministers agreed to raise the amount of the CMIM from $80 billion to $120 billion, with ASEAN member countries will equally contribute 20 per cent of the total $120 billion, and the remaining 80 per cent will be financed by China, Korea and Japan. The resolution will be proposed at the 14th ASEAN Summit on February 27-29, 2009, and the process of the CMIM will be expedited.

Moving Forward - Chiang Mai Initiative Multilateralisation

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