Meet the Author
Vasuki Shastry
Associate Fellow, Asia-Pacific Programme
Chatham House (The Royal Institute of International Affairs)
Twenty years ago, Southeast Asian nations and three dialogue partners – China, Japan and South Korea – launched the Chiang Mai Initiative (CMI) to act as a safety net to help countries manage short-term liquidity crunches and avoid having to rely on the International Monetary Fund (IMF) for assistance. Even in the throes of the Covid-19 crisis, the mechanism has gone unused. Vasuki Shastry of Chatham House, who served as a senior official at the IMF, argues that the purpose of the CMI should be renewed and deploying it would be a step towards ASEAN regional financial integration.
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