"(These) risks include heightened trade and geopolitical tensions, rising financial vulnerabilities, high and growing debt levels against a background of tighter financial conditions, global imbalances, inequality and structurally weak growth," the statement said. With concerns global growth is becoming "less balanced," the APEC Finance Ministers Meeting held on October 17 in the Papua New Guinea (PNG) capital of Port Moresby put forward a number of recommendations to "advance financial inclusion" and bolster the economy. "To broaden and sustain the current expansion and raise medium-term growth prospects for the benefit of all, our economies must advance policies and reforms that increase productivity and strengthen the potential for inclusive growth," the statement said. "Financial inclusion is a fundamental building block of inclusive growth and development." With the summit's theme centered around embracing the digital future, chair of the meeting PNG Deputy Prime Minister and … [Read more...] about Economies must increase productivity, strengthen inclusive growth: APEC finance ministers
Deputy finance minister
Japan finance minister seeks record budget to boost welfare, defense spending
Japan finance minister seeks record budget to boost welfare, defense spendingThe Saigon Times Daily Japan's Deputy Prime Minister and Finance Minister Taro Aso speaks to reporters in Tokyo, Japan March 12, 2018 – PHOTO: REUTERS TOKYO (REUTERS) - Japanese Finance Minister Taro Aso said on Tuesday initial budget requests for fiscal 2019 would likely reach a record high around 102 trillion yen (US$918 billion), given an ageing population and defense challenges from China and North Korea. The finance ministry was still in the process of finalizing the figure for next fiscal year starting in April, Aso told reporters. An increase in planned welfare spending and a request from the defense ministry to increase its budget to a record were pushing up overall expected spending, he said. "An expected increase in welfare spending is a big factor behind next fiscal year's budget request," Aso said. "We have to figure out how to accommodate the defense ministry. There are also items … [Read more...] about Japan finance minister seeks record budget to boost welfare, defense spending
Finance ministers, central bank governors prioritise issues
Heng Swee Keat, Singaporean finance minister, and Dong Yeon Kim, deputy prime minister and minister of strategy and finance of South Korea (middle, front row), at the joint press conference of the 21st ASEAN+3 Finance Ministers and Central Bank Governors Meeting. - VNS Photo Hoang Son MANILA – Finance ministers and central bank governors from ASEAN+3 economies reaffirmed their commitment to promote regional financial co-operation, during the annual meeting of the Asian Development Bank (ADB) in Manila on Friday. The senior officials of the ASEAN+3 economies also expressed their commitment to further support an open and rules-based multilateral trade and investment system, which has provided robust economic growth in the region,” Heng Swee Keat, Singaporean finance minister, said at the joint press conference of the 21st ASEAN+3 Finance Ministers and Central Bank Governors Meeting. He also praised the successful completion of the first periodic review of the Chiang Mai … [Read more...] about Finance ministers, central bank governors prioritise issues
Korean investors join efforts to develop RoK-VN ties: Finance Minister
Minister of Finance Dinh Tien Dung at the investment promotion conference in Seoul (Photo: VNA) Seoul (VNA) – The Republic of Korea (RoK) investors’ participation in Vietnamese market shows their responsibility for promoting Vietnam-RoK relations, said Minister of Finance Dinh Tien Dung. He made the statement while chairing an investment promotion conference in Seoul on April 18, which drew the attendance of more than 400 RoK investors and representatives from Financial Services Commission, Korea Financial Investment Association, Korea Stock Exchange, investment funds, and leading banks and insurance groups. The RoK is currently the largest foreign investor in Vietnam with total registered capital of 59 billion USD and the Vietnamese Government lauded the presence of RoK leading businesses in the country in the past three decades, Dung said. He stated that Vietnam-RoK relationship is entering a new phase thanks to the Moon Jae-in administration’s New Southern … [Read more...] about Korean investors join efforts to develop RoK-VN ties: Finance Minister
ASEAN Finance Ministers’ Meeting opens in Singapore
Scene at the 22nd ASEAN Finance Ministers Meeting in Singapore (Photo: VNA) Singapore, (VNA) – ASEAN Finance Ministers began their 22nd meeting in Singapore on April 6. The meeting was attended by representatives from the ASEAN Secretariat, International Monetary Fund, World Bank, Asian Development Bank, ASEAN +3 and Macroeconomic Research Office. The Vietnamese delegation to the event was led by Deputy Finance Minister Tran Xuan Ha. Chairing the function, Singaporean Finance Minister Heng Swee Keat said in his opening remarks that the ministers meet at a time of optimism for the regional economies. He quoted the International Monetary Fund data which show the ASEAN economy grew by 5.1 percent in 2017 and is expected to outstrip most other regions in 2018. However, the minister warned that the region is still facing challenges, including rising protectionism and trade tensions, which without good management can affect the bloc’s growth. He said in the context, … [Read more...] about ASEAN Finance Ministers’ Meeting opens in Singapore