Press Release No. 05/193

Press Release: Monetary Authority of Singapore and IMF to Host High-Level Seminar on Asian Regional Financial Integration

August 29, 2005

The Monetary Authority of Singapore (MAS) and the International Monetary Fund (IMF) will jointly host a high-level seminar on Asian regional financial integration in Singapore on Saturday, September 3, 2005.

Finance Ministers, Central Banks Governors and senior officials from the Asian region, as well as from the IMF and the Asian Development Bank, will discuss opportunities and challenges of Asian financial integration and ways to enhance regional surveillance and monetary cooperation.

Mr. Tharman Shanmugaratnam, Minister for Education and Deputy Chairman of MAS, who will co-chair the seminar with IMF Managing Director Mr. Rodrigo de Rato, said: "MAS is pleased to co-host this high-level seminar on Asian regional financial integration with the IMF. The seminar is a good opportunity for a meeting of minds on Asian financial challenges and opportunities for further integration. It also raises the profile of Asian markets as we lead up to the 2006 IMF and World Bank Boards of Governors Annual Meetings which Singapore will host."

Mr. de Rato said: "In an increasingly interconnected world, Asia's economic integration is a process of global consequence. It has significant implications for the global economy and the smooth functioning of the international financial system. We at the Fund fully support efforts toward integration in Asia. By co-hosting this seminar at this time, we want to underline not only the importance of Asia and the significance of regional integration, but also a commitment to deepening our engagement with this process."