Regional Cooperation: Union Minister attends the 29th AFMGM+3 meeting

The 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM+3) was held in Samarkand, Uzbekistan on Sunday, and it was virtually attended by Dr. Kan Zaw, Union Minister for Finance and Revenue. In the morning session of fiscal exchange, representative from the ASEAN+3 Macroeconomic Research Office (AMRO) presented optimizing budgetary performance management and revenue strategies for demographic change and Finance Ministers from the ASEAN+3 countries made recommendation on it.

At the meeting, regarding fiscal management, the Union Minister discussed that Myanmar’s budget is being prepared based on the Medium Term Fiscal Framework (MTFF) and that appropriate projects are being coordinated with public policies. The financial linkages and budget allocations between the Union and Regions and States governments are also being implemented through the MTFF through policy-based budgeting and rule-based budgeting, and financial activities of the government.

Regarding demographic changes and tax revenue management, the Union Minister highlighted that since 66.9 percent of the population in Myanmar is between the ages of 15 and 64, there is an opportunity to increase tax revenue. Taking this opportunity, strategies are being developed to increase the country’s tax collection.

Currently, efforts are being made to expand the tax base without increasing tax rates.  In the afternoon session of economic review and policy dialogue, representatives from the Asian Development Bank (ADB), the International Monetary Fund (IMF), and AMRO make presentations on global and regional economic outlook and thematic issues.

Upon presentations, Finance Ministers and Central Bank Governors from the ASEAN+3 countries made recommendations and suggestions. Then, in the session of strengthening ASEAN+3 financial cooperation, representatives from the ADB, IMF, and AMRO make presentations on updated ASEAN+3 strategic direction and ASEAN+3 future initiatives, progress of the Chiang Mai Initiative Multilateralization (CMIM), Asian Bond Markets Initiatives (ABMI), Disaster Risk Finance, and Southeast Asia Disaster Risk Insurance Facility.

Upon the presentations, Finance Ministers and Central Bank Governors from the ASEAN+3 countries made recommendations and suggestions. After that, the Joint Statement of the 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting was finalized and approved. The 29th AFMGM+3 meeting was held during the 59thAnnual Meeting of the Asian Development Bank which are being held in Samarkand, Uzbekistan from May 3 to 6.