People wear face-masks to prevent COVID-19 in Kuala Lumpur, Malaysia

The event took place on the sidelines of the three-day annual Asian Development Bank (ADB) meeting that started in a virtual format on the same day. The officials issued a joint statement after the event.

At their previous teleconference held in September, the ASEAN + 3 countries decided to increase the operational flexibility of the Chiang Mai Initiative Multilateralisation scheme, which came into force in 2010 to address balance-of-payment and short-term liquidity difficulties in the region in times of crisis.

At its current annual gathering, the ADB is expected to launch the Asia Pacific Tax Hub, which will be aimed at promoting knowledge sharing and strengthening cooperation on tax policy and administration, to enhance its support for developing nations in the region.

Source: VNA