ASEAN+3 Finance and Central Bank Deputies’ Meeting (AFCDM+3)

Malaysia and the People’s Republic of China (PRC) co-chaired the ASEAN+3 Finance and Central Bank Deputies’ Meeting (AFCDM+3) in Hong Kong from 26–27 November 2025. This AFCDM+3 marks the final meeting under the Malaysia–PRC Co-Chairmanship for 2025. The Philippines and Japan will assume the ASEAN+3 Co-Chairmanship in 2026.

The meeting was co-chaired by YBhg. Dato’ Zamzuri Abdul Aziz, Deputy Secretary General (Policy), Ministry of Finance, and YBhg. Dato’ Marzunisham Omar, Deputy Governor of Bank Negara Malaysia, together with H.E. Liao Min, Vice Minister of Finance, PRC, and Mr. Xuan Changneng, Deputy Governor of the People’s Bank of China.

Day 1 AFCDM+3 (26 November 2025)

Day 1 featured the Economic Review and Policy Dialogue (ERPD) with updates from the IMF, AMRO and ADB on global and regional macroeconomic prospects. The Deputies endorsed updated 2019 Strategic Direction, MTIP Update 2026–2028, 2026 Budget, staffing levels, and Work Programme, Guidance Note for AMRO Country Surveillance 2025, streamlined DPA and extension of the DRFI Secretariat interim period.

Day 2 AFCDM+3 (27 November 2025)

Day 2 centred on ASEAN+3 financial safety net reforms where Deputies endorsed the institutionalisation of the Rapid Financing Facility under the amended CMIM Agreement, the PIC financing structure roadmap and legal entity principles, and the conduct of the IMF Delinked Portion survey as a recurring exercise. They also noted updates on CMIM interest rate issues (including USD reference rates and margins), the completion of the 16th CMIM test run and its evaluation report, as well as the presentation of 2026 Co-Chair priorities and the upcoming meeting schedules. Collectively, these outcomes signal strong and continued commitment by member economies to enhance the region’s financial resilience and deepen ASEAN+3 economic cooperation.

28 November 2025

YBhg. Dato’ Zamzuri Abdul Aziz held a bilateral meeting with the Southeast Asia Disaster Risk Insurance Facility (SEADRIF) on 28 November 2025 to discuss progress on the ASEAN+3 Disaster Risk Financing (DRF) initiative, ensuring that it remains coherent, sustainable and focused on delivering effective protection for member countries as well as the way forward on how Malaysia can leverage SEADRIF.