ASEAN countries decide to enhance ASEAN Swap Arrangement

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Countries of the Association of Southeast Asian Nations (ASEAN) decided to enhance a new ASEAN Swap Arrangement, according to a report issued by the Bank of the Lao PDR (BOL) on Friday.

Hosted by the BOL, the Lao central bank, the fourth meeting of ASEAN Swap Arrangement (ASA) Taskforce was held in northern Laos’ Luang Prabang province on Wednesday.

Delegations from all ASEAN member states and the ASEAN Secretariat attended the meeting.

The meeting agreed to consider a number of options for elements of the ASA, based on experience, with the size to remain small with no conditionality, according to the report.

The progress made at the meeting will be reported to higher level authorities for notation, said the report.

The ASA was established primarily to provide liquidity support to members experiencing balance of payments difficulties. The ASA taskforce was created to discuss the re-establishment of the ASA, which expired in 2021.

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