Initiated as a forum aimed at creating a more stable and integrated financial ecosystem in the ASEAN region, the ASEAN Treasury Forum (ATF) was officially launched on Thursday (03/10). Held in Legian, Bali, the ATF Launching & First Meeting marks a significant milestone following the initial idea introduced by the Minister of Finance of the Republic of Indonesia, Sri Mulyani Indrawati, in August 2023. The idea was subsequently approved during the ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) in April 2024 in Laos.
The ATF launching and first meeting was attended by Vice Minister of Finance Thomas A. M. Djiwandono, Head of Treasury from ASEAN members, Leaders of the Ministry of Finance of Indonesia, representatives from the ASEAN Secretariat, the World Bank, the Asian Development Bank (ADB), and the ASEAN+3 Macroeconomic Research Office (AMRO, which includes China, Japan, and South Korea).
“I extend a special welcome to our esteemed guests from ASEAN countries. Your presence here today is a testament to the strength and resilience of our regional cooperation. We are honored to have you among us to share insights and experiences as we navigate the complexities of our economic landscape.” said Thomas Djiwandono.
In his speech, the Vice Minister of Finance emphasized the importance of collaboration in treasury management and public financial administration across ASEAN. He not only welcomed the commitment of treasury officials from ASEAN countries and also reaffirmed the commitment to strengthening cooperation in answering global challenges such as economic instability, climate change, and geopolitical tensions.
“Considering the current global landscape, I encourage all attendees to thoroughly re-examine the myriad challenges and global conditions confronting nations around the world. By gaining a more nuanced and comprehensive understanding of these future obstacles such as economic instability, climate change, geopolitical shifts, technological advancements, and social inequalities we can better position ourselves to address them effectively,” this statement explained by the Vice Minister of Finance.
Ultimate goals of the ATF focus on enhancing collaboration in treasury management, government cash management, and best practices sharing among member countries. In other words, this forum serves as a crucial peer learning platform to answer global economic challenges. In line with that, in his remarks, the Director General of Treasury Astera Primanto Bhakti also emphasized the importance of cooperation in dealing with global economic uncertainties and technological advancement.
"In the face of global economic uncertainty and geopolitical issues, there is an increasing need for stronger fiscal conditions to support sustained economic growth. In this context, the role of the treasury is pivotal in managing public finances, ensuring long-term fiscal sustainability," said the Director General of Treasury.
All delegates in ATF divided into four working group which specifically focus on Public Expenditure Management (PEM), Government Cash Management (CM), Government Accounting and Reporting, and Digitalization of Public Financial Management (PFM). Each working group will be led by a different country and will spearhead collaborative activities within ATF.
The launch of ATF 2024 marks the beginning of a series of forum activities that will continue until Friday (04/10). The launch event, titled Launching & First Meeting ASEAN Treasury Forum: Enhancing Treasury Capacity for Regional Economic Resilience, represents a key milestone in efforts to strengthen the financial ecosystem in Southeast Asia. [NS/BA]
