The long-awaited multilateralisation of the Chiang Mai initiative was agreed in early May in Madrid on the sidelines of the Asian Development Bank annual meeting. The Chiang Mai initiative is a series of bilateral agreements among the 10 members of the Association of Southeast Asian Nations (ASEAN) and neighbours South Korea, China and Japan (see Update 56, 52, 46). The so called ASEAN+3 group agreed to set up an $80 billion fund with 80 per cent of the money coming from the non-ASEAN members. Full details of surveillance mechanisms and conditions for use of the money have not yet been settled. Separately India signed a $3 billion bilateral currency swap arrangement with Japan.
East Asia’s Counterweight Strategy: Asian financial cooperation and evolving international monetary, Injoo Sohn
This briefing examines the trajectory of China's evolving leadership in international development finance, including the impact of it's massive increase in development finance for developing countries.
This briefing provides an overview of the immunity of international organisations in US law, looking at a lawsuit brought against the IFC regarding the Tata Mundra coal power plant in India.
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