Bank Negara Malaysia Deputy Governor Datuk Marzunisham Omar announced that the group will also approve Paid-in Capital, a regional self-help mechanism to assist countries facing liquidity problems.

“These two programs will help Asean members support each other in the event of a crisis,” he said after co-chairing the meeting of deputy finance ministers and central bankers.

Marzunisham clarified that Southeast Asian countries do not foresee a financial crisis, but it is always important to be prepared.

He emphasized that the availability of these mechanisms proves the region’s unity to help any member in case of liquidity needs.

On the U.S. tariffs imposed on important trading partners, he said that representatives at the meetings agreed that the impact on Asean exports and economic growth would be substantial.

On the strategy to address the impact of the tariffs, Marzunisham said that as negotiations continue, the government outlined comprehensive plans and key points to support its position.

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