The FINANCIAL — The Asian Development Bank (ADB) and the ASEAN+3 Macroeconomic Research Office (AMRO) on May 3 signed a memorandum of understanding (MOU) to strengthen cooperation between the two institutions in support of members in the Association of Southeast Asian Nations (ASEAN), the People’s Republic of China, the Republic of Korea, and Japan.
The MOU was signed by ADB President Takehiko Nakao and AMRO Director Junhong Chang on the sidelines of the 50th Annual Meeting of ADB’s Board of Governors in Yokohama, Japan.
Through the partnership, ADB and AMRO will collaborate to support efforts and policies focused on economic growth, greater financial stability, and improved cooperation and integration in the ASEAN+3 region. The MOU will help enhance the two institutions’ support to further strengthen the region’s macroeconomic surveillance, as well as its crisis prevention and management capabilities, according to ADB.
“Asia and the Pacific has made tremendous progress in improving its financial resilience and strengthening its surveillance capabilities. AMRO has been an essential part of this development,” said Mr. Nakao. “Through this MOU, ADB and AMRO will work closely together on issues that are essential to the region’s future growth and financial stability.”
Since its inception in 2011, AMRO has sustained a strong partnership with ADB, including activities such as the annual Asian Regional Roundtable, a host of meetings and dialogues at both leadership and working staff levels, as well as ADB’s technical assistance to strengthen AMRO’s surveillance capacity. The MOU is a milestone in enhancing and institutionalizing the cooperation between the two organizations following AMRO’s new status as an international organization.
“The MOU marks an important step forward in our ongoing collaboration with ADB, an important partner in the region,” said Ms. Chang. “AMRO looks forward to working even more closely with ADB to support regional financial stability and economic cooperation.”