ASEAN Finance and Central Bank Deputies Meeting- Working Group (AFCDM-WG)

Indonesia, in collaboration with the Ministry of Finance, conducted a series of Financial Track meetings, commencing with the ASEAN+3 Task Force (TF) Meeting on February 2-3, 2023, in Bali. These discussions continued with the ASEAN Finance and Central Bank Deputies Meeting – Working Group (AFCDM-WG) held from February 6-10, 2023, in Nusa Dua, Bali. The meetings reviewed progress on the ASEAN Blueprint 2025, reflected through various working committee agendas in ASEAN’s financial sector for 2022, and outlined plans for 2023. The AFCDM-WG plenary meeting served as a technical-level discussion, deliberating the outcomes of prior working committee meetings and various financial sector cooperation agendas, including Indonesia's proposed Priority Economic Deliverables (PED).  

The AFCDM-WG plenary meeting was inaugurated by Deputy Governor of Bank Indonesia, Dody Budi Waluyo, and Head of the Fiscal Policy Agency, Febrio Nathan Kacaribu. In his opening remarks, Dody Budi Waluyo emphasized the importance of ASEAN continuing its existing processes to positively impact the ASEAN economy while remaining open and adaptable to changes to embrace the future and address emerging challenges. Under Indonesia's chairmanship of ASEAN, he underscored that Indonesia would collaborate with all ASEAN members to review the ASEAN financial track processes to ensure the region can respond effectively to various changes and challenges.  

Febrio Nathan Kacaribu, in his address, highlighted the need for careful management of financial cooperation in the ASEAN region. He noted that the three PEDs proposed by Indonesia are crucial for ASEAN and must yield tangible outcomes from these meetings. The PEDs focus on key areas, including health preparedness, financial infrastructure, international taxation, inclusive financial digitalization for MSMEs, and sustainable finance. These five agendas aim to strengthen ASEAN’s financial cooperation and integration under the ASEAN Blueprint 2025, enabling Southeast Asia to address global challenges and ensure collective economic recovery.