That was the shared view of finance ministers and central bank governors at the virtual meeting held on Monday.
"Bank Indonesia has instituted the various policies required to stimulate economic recovery, including by lowering the policy rate to its lowest historical level of 3.5%, injecting liquidity into the markets through quantitative easing, and stabilising exchange rates in line with the rupiah's fundamental value and market mechanisms," stated Bank Indonesia (BI) Governor Perry Warjiyo in a press release on Tuesday.
The BI Governer attended the virtual meeting with Finance Minister Sri Mulyani Indrawati.
The meeting welcomed commitments to strengthen financial cooperation based on the amendment to the Chiang Mai Initiative Multilateralization (CMIM), effective from 31st March 2021.
The amendment includes the increase of the IMF De-Linked Portion (IDLP) from 30% to 40% and greater flexibility by institutionalising local currency contributions in the CMIM on a voluntary and demand-driven basis for both requesting and providing countries.
In addition, member countries also welcomed the signing of the Regional Comprehensive Economic Partnership (RCEP) agreement as a milestone and strong impetus to regional trade and investment, looking forward to its earliest entry into force to further contribute to regional economic integration.
ASEAN+3 Macroeconomic Research Office (AMRO), Asian Development Bank (ADB) and International Monetary Fund (IMF), as ASEAN+3 partners, were also present at the meeting.
Their presence intended to provide view of the latest economic and financial conditions, regionally and globally, as well as offer policy recommendations to overcome the impact of the Covid-19 pandemic.