October 15, 2012
Finance Ministers and Central Bank Governors of Frontier and Developing Asia and Pacific countries1 met with International Monetary Fund (IMF) representatives in Tokyo on October 14, 2012, in the context of the IMF-World Bank Annual Meetings. At the end, IMF Managing Director Christine Lagarde issued the following statement:
“This special event was the first of its kind and participants discussed the implications and possible policy responses to a number of global adverse shocks and, in that context, the benefits of financial sector deepening. They also exchanged views on how the Fund can best assist Frontier and Developing Asia and Pacific in these trying times.
“The event took place in the context of the important policy challenges at the global level. Faced with these challenges, participants discussed the need to gradually rebuild policy buffers as long as growth remains buoyant, while being cognizant of the need to strengthen social safety nets, as well as public investment. Participants commended the Fund for the technical assistance and training provided to the region, including by the Pacific Financial Technical Assistance Center (PFTAC), and welcomed the opening of the new office in Bangkok to support the Fund’s technical assistance for Myanmar and Lao PDR, in collaboration with the authorities in Thailand as well as Japan.”
1 Bangladesh, Cambodia, Nepal, Cooks Islands, Fiji, Micronesia, Marshall Islands, Palau, Samoa, Tonga, Tuvalu , and Vanuatu attended the event.