Progress Report of the Working Committee on

Transcript:Progress Report of the Working Committee on:
Progress Report of the Working Committee on Capital Account Liberalisation (WC-CAL) 22nd Senior Level Committee 26 October 2021 Executive Summary AEC 2025 1 2 3 4 5 6 7 Priorities RMT SAP KPI Others (if any) Cap Building AEC 2026 Substantial liberalisation in AMS’ capital account 1 2 Strengthened policy dialogue and information exchange mechanism on capital flows statistics and capital flow measures among AMS Strategic Action Plan (SAP): End Goals for CAL Priorities Priorities RMT SAP KPI Others (if any) Cap Building AEC 2026 SWG to report its findings on KPIs and possible benchmarks/standards to the 42nd WC-CAL in 2H2021. 1 2 3 Enhance the CAL Heatmap to incorporate relevant CAL efforts toward sustainable finance and/or green economy, including green bonds. Develop a Policy Note, potentially in consultation with international partners, on ASEAN’s recent experiences in Capital Account Safeguard Measures. 4 ASEC to upload CAL reports/documents for public viewing and populate the CAL database (for WC-CAL members only). Revised CAL Heatmap June 2021 * Updated since previous meeting Increase from 85 to 90 since last submission SG – no submission, fully liberalized MM – copied from previous meeting, received no updates Consolidated CAL Plan (2019-2025) Strategic Action Plan (SAP): Key Achievements Priorities RMT SAP KPI Others (if any) Cap Building AEC 2026 7 Substantial liberalisation in AMS’ capital account 1 2 Strengthened policy dialogue and information exchange mechanism on capital flows statistics and capital flow measures among AMS Conducted semiannual Policy Dialogue Process on Safeguard Mechanisms for CAL; Continued monitoring of KPIs and RMTs for CAL; Finalised a Policy Note on AMS’ recent experiences with Capital Flow Measures, to be shared with the IMF; and Updated the CAL Heatmaps as of June 2021; Updated Individual CAL Plans as of June 2021 Priorities RMT SAP KPI Others (if any) Cap Building AEC 2026 Key Performance Indicators (KPIs) Key Performance Indicator Status Financial Integration Share of intra-ASEAN portfolio investment to total portfolio investment in ASEAN 10.86% (2019) 12.95% (June 2020) Share of Intra-ASEAN FDI to Total FDI in ASEAN 12.14% (2019) 16.96% (2020) Financial Stability i. Reserves to Short Term External Debt ii. External Debt to GDP SWG completed survey on adequacy of current KPIs and possible additional KPIs/indicators Proposed 4 principles to be used holistically to evaluate additional KPIs Shortlisted 10 potential KPIs for further study Key highlights: Completion of data for monitoring financial integration KPIs Suggestions to monitor financial