💨 Abstract

Japan, China, South Korea, and the 10 ASEAN countries have agreed to create a new lending facility under their Chiang Mai Initiative Multilateralization (CMIM) to respond quickly to crises caused by pandemics, natural disasters, or sudden shocks. The CMIM pool currently amounts to $240 billion in foreign exchange reserves. This new rapid financing facility will provide emergency financing to members without conditions during financial crises.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖