AMRO now on similar standing as IMF: Finance Minister

SINGAPORE — The ASEAN+3 Macroeconomic Research Office (AMRO) on Friday (Feb 19) commemorated its establishment as an international organisation - a transition which Finance Minister Heng Swee Keat said puts AMRO on similar standing of institutions such as the International Monetary Fund. 

Set up by the trading bloc as an independent macroeconomic surveillance unit, AMRO was initially set up as a company limited by guarantee in Singapore in 2011 and transitioned into an international organisation on Feb 9.

AMRO Director Yoichi Nemoto added that functional privileges and immunities granted to the office will enable it to obtain wider scope of data and information.

“Such data and information are critically important to improve our assessment of macroeconomic and financial developments in the region. They will also enable us to formulate policy recommendations to more effectively cope with risks,” Dr Nemoto said at the opening ceremony of AMRO’s office this morning.

Headquartered in Singapore, AMRO is the first international organisation established by the ASEAN+3 member states. It has close to 40 staff from these 13 countries.

The opening ceremony of AMRO was attended by Mr Heng, officials from ASEAN+3 Finance Ministries and central banks, as well as representatives from international organisations, diplomatic missions, financial institutions and economic research institutes.