BANGKOK, Thailand – The Cabinet has approved the amended Chiang Mai Initiative Multilateralisation (CMIM) Agreement, a move designed to enhance the ASEAN+3 region’s financial safety net against global economic volatility.
Deputy Government Spokesperson Lalida Periswiwattana stated that the Cabinet has authorized the Minister of Finance and the Governor of the Bank of Thailand to sign the revised agreement. The amendment aims to improve the efficiency and responsiveness of financial assistance among member nations. Notably, it introduces the Rapid Financing Facility (RFF), which provides urgent liquidity to countries facing sudden balance-of-payments crises due to external shocks, such as natural disasters or pandemics.
The agreement also includes technical improvements to enhance flexibility, such as updated procedures for renewing pre-crisis assistance and standardized definitions for “business days” in local currency transactions. The total CMIM facility remains at US$240 billion. Thailand’s contribution is US$9,104 million, already allocated from the Bank of Thailand’s international reserves, so there is no additional impact on the national budget.
The revised framework also allows members to voluntarily contribute or receive aid in local currencies. It streamlines the “IMF De-linked Portion,” which provides assistance without requiring an active International Monetary Fund program, enabling faster regional support. Ms. Lalida noted that these updates will strengthen ASEAN+3’s economic resilience, ensure sufficient liquidity during emergencies, and demonstrate strong regional cooperation. The amended agreement will take effect seven days after all parties sign, automatically replacing the previous version. (NNT)
