South Korea’s finance ministry said Monday it participated in the 25th Trilateral Finance Ministers and Central Bank Governors’ Meeting with Japan and China and the 28th Association of Southeast Asian Nations (ASEAN)+3 Finance Ministers and Central Bank Governors’ Meeting in Milan the previous day. Officials from the 13 ASEAN+3 economies, along with representatives from the International Monetary Fund (IMF), Asian Development Bank (ADB) and ASEAN+3 Macroeconomic Research Office, assessed regional macroeconomic trends and discussed reforming the Chiang Mai Initiative Multilateralization (CMIM), a $240 billion currency swap arrangement designed to provide emergency liquidity during financial crises.

Participants approved the introduction of a Rapid Financing Facility to provide short-term support for countries facing external shocks such as natural disasters, and agreed to begin discussions on transitioning CMIM from a commitment-based system to one backed by paid-in capital (PIC), where members contribute actual funds to a pooled reserve rather than pledging them. The finance ministry also promoted South Korea’s role in advancing digital finance under the ASEAN+3 Future Initiatives platform.