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You Are Here: Home > APEC Groups > Other APEC Groups and Initiatives > Finance Ministers' Process
 
 
Finance Ministers' Process  

The APEC Finance Ministers' Process (FMP) provides an annual forum for APEC Member Economies to exchange views and information on regional macroeconomic and financial developments and on national and regional policy priorities.

The strategic goals of the FMP are to promote sound and credible policies for:
  • sustainable and broad-based development with equity in the APEC region
  • macroeconomic stability in the APEC region
  • prudent public finance management
  • good corporate governance
  • stable and efficient capital markets
  • greater economic cooperation, integration and openness among APEC economies
  • facilitation of economic and technical cooperation within the region
APEC Finance Ministers first met in 1994 in Honolulu, USA. Since then they have met annually, most recently in August 2007 in Queensland, Australia. Meetings are also held between the Ministerial meetings at the Finance and Central Bank Deputies and Senior Finance Officials (previously known as the Technical Working Group) levels.
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Achievements

APEC Finance Ministers concluded their 14th annual meeting held on 2-3 August, in Queensland, Australia by releasing a
Joint Ministerial Statement.

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Current Activities

Work is ongoing in 2008 under the thirteen policy initiatives of the FMP. Details on the nature and progress of these initiatives can be found in the
List of FMP Policy Initiatives for 2008 and also at the Annex to the FMM Joint Ministerial Statement on Review of Policy Initiatives.

Pursuant to these policy initiatives, a number of workshops and seminars are planned in 2008:
  • Fiscal Space - Reviewing, Assessing and Prioritising Government Expenditure (Second Workshop), Jakarta, Indonesia, 14-15 May 2008. The aim of this workshop is to build on the first seminar and increase understanding, practical skills and application of fiscal space concepts in ways that are suitable for each participating economy, and immediately usable.
  • Building Fiscal Sustainability Through Better Risk Management of Public-Private Partnership Projects (Segment 2 Workshop), Ho Chi Minh City, Viet Nam, 19-20 May 2008. This capacity building activity will consist of a one-day seminar (19 May) opened to all APEC member economies and a follow-up action planning workshop (20 May) designed only for those participants from targeted economies. The seminar will look at the current share, trends and issues in developing PPP markets in the region while the workshop will further develop the action plans that participants have formulated to address economy-specific issues to support better risk management of PPPs.
  • As part of the "Initiative on Ageing Issues in APEC", a high-level seminar co-hosted by APEC and the IMF will take place in Seoul on May 21-23, 2008. This objective of the workshop is for participating member economies to explore and share experiences on economy-specific as well as general issues regarding ageing and financial markets in APEC. The participants will include high level government officials and experts from academia.
Senior Finance Officials met in Lima in November 2007 to begin work on the policy themes for the 15th Finance Ministers' Meeting to be held on 5-6 November, 2008, in Trujillo, Peru. The themes are "Results-based budgeting" and "Capital markets reform."

Examination of these themes, papers and relevant case studies are now in preparation by officials of both member economies and partners in the FMP process, including ABAC, the World Bank and IMF. Senior Finance Officials will meet again in Cusco, Peru, from 9-11 July to continue this preparatory work for the Finance Ministers Meeting in November.

In 2008 Senior Finance Officials will also work with Economic Committee officials in preparation for the APEC Structural Reform Ministers' Meeting, to be hosted by Australia in August 2008. This meeting will address the benefits of structural reform, with a particular focus on competition and regulatory reform; strategies for successful implementation of reform, including political considerations; and robust legislative and institutional frameworks.

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Finance Ministers' Process - Key Contacts

Chair of the Senior Finance Officials' Meeting (formerly known as the Finance Ministers' Technical Working Group)

Mr Javier Kapsoli
General Director of Economic and Social Affairs
Ministry of Economy and Finance
Jr. Junin 319 - 3rd floor
Lima 01, Peru
E-mail:
jkapsoli@mef.gob.pe
Tel : (51-1) 311-9916
Fax : (51-1) 311-9917

APEC Secretariat
Ms. Susan J Coles
Director (Program)
E-mail: sjc@apec.org

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FMP Events
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List of APEC FMP Policy Initiatives (for 2008) - May 2008
(PDF,102 Kb)
External Related Links
APEC Finance and Development Program
APEC Structural Reform Ministers' Meeting
Regional Network on Asian Insolvency Reform
Financial Sector Reform Catalogue
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