Press Release: Statement By David Burton, Director of the IMF's Asia and Pacific Department, on the Second Phase of the Asian Bond Fund Initiative
April 18, 2004
The following statement was issued today by David Burton, Director of the International Monetary Fund's Asia and Pacific Department:
"On April 15, the Executives' Meeting of East Asia and Pacific Central Banks (EMEAP) Group released a progress report on the development of the second phase of the Asian Bond Fund initiative (ABF2), which will invest in local currency denominated Asian bonds.
"We welcome the progress that has been made. The establishment of ABF2 represents another important step in strengthening regional financial cooperation in East Asia and in promoting the development of bond markets. The ABF2 will help to encourage the development of index bond funds in regional markets; it can also be a useful catalyst for the improvement of domestic bond markets and for greater harmonization of bond market infrastructure and legal, regulatory, and tax arrangements across the region," Mr. Burton said.
The EMEAP Group comprises 11 central banks and monetary authorities in the East Asia and Pacific region, including Australia, China, Hong Kong SAR, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, and Thailand.
IMF EXTERNAL RELATIONS DEPARTMENT
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