2013/SFOM11/000. Draft Agenda. Purpose: Consideration Submitted by: Chair

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1 2013/SFOM11/000 Draft Agenda Purpose: Consideration Submitted by: Chair 11 th Senior Finance Officials Meeting Manado, Indonesia May 2013

2 APEC SENIOR FINANCE OFFICIALS MEETING (SFOM) May 2013 VENUE: SINTESA PENINSULA HOTEL (MANADO, INDONESIA) AGENDA Tuesday, 21 May :00 20:00 Registration 17:00 21:00 Welcoming Cocktail at Sintesa Peninsula Hotel, 11 th Floor Wednesday, 22 May :30 08:30 Registration 08:30 08:35 Opening Remarks by SFOM Chair 08:35 08:45 Photo Session 08:45 11:30 SESSION 1: CURRENT ECONOMIC OUTLOOK AND FINANCIAL STABILITY IN THE REGION Growth in the Asia-Pacific region shows signs of small and gradual pick-up as downside risks in advanced economies have eased and domestic demand remains resilient. However, there are some risks to the outlook from within the region, such as rising financial imbalances and asset prices in some economies. In general Asia s banking and corporate sectors have solid buffers and policy remains robust. However, policymakers should avoid complacency and be ready to respond in a timely and decisive manner to shifting risks, including through macroprudential measures. In this session, SFOM officials will be updated about current macroeconomic and financial conditions with a particular focus on the Asia Pacific region. SFOM will share information about their policy responses to the current situation and discuss possible cooperation measures that could strengthen regional

3 resiliency and sustain growth rates in the region. SFOM might also discuss what should be endorsed by Finance Ministers in this area in their September s meeting. Speakers: Yuko Kinoshita (Ms.), Assistant to the Director of the IMF s Regional Office for Asia and the Pacific, International Monetary Fund Gilles Alfandari (Mr.), Senior Economist, International Policy and Partnerships Group (IPPG), World Bank Haruya Koide (Mr.), Principal Regional Cooperation Specialist, Asian Development Bank Le Quynh Thai (Ms.), Analyst, APEC Policy Support Unit LV, Xia (Ms.), Deputy Director, International Department, Ministry of Finance, People s Republic of China Ichiro Oishi (Mr.), Director of the Research Division International Bureau, Ministry of Finance, Japan Michael Kaplan (Mr.), Director, Office of South and Southeast Asia, United States Department of the Treasury Irwan Rashid (Mr.), Finance Officer, Ministry of Finance, Brunei Darussalam 11:30 11:45 Coffee break 11:45 12:30 REPORT ON PROGRESS OF DISASTER RISK MANAGEMENT Last year, APEC Finance Ministers launched an initiative to specify the role of financial authorities (Ministries of Finance, regulatory authorities) in disaster risk management (DRM). This initiative was to focus on the resilience of the financial sector and the use of disaster risk financing instruments. The OECD, in agreement with the ADB and World Bank and with the support of the Indonesia APEC Chairmanship, has volunteered to lead the APEC initiative on disaster risk financing (DRF). This initiative is to complement the work undertaken by the G20 in 2012 since APEC is very well-suited to develop work on DRF given the high economic costs incurred by many APEC economies due to disasters. In undertaking this initiative, APEC will be providing a clear leadership role in supporting the implementation of the G20/OECD framework, which would benefit APEC and non-apec economies alike and help to strengthen financial resilience against disasters. While the final report is due to be presented to Finance Ministers in their September meeting, SFOM will use this meeting to hear about the progress being made by the OECD and international organizations, and discuss the way forward including any future APEC Finance Ministers initiatives.

4 Speaker: Juan Yermo (Mr.), Deputy Head of Financial Affairs Division, Organisation for Economic Co-operation and Development Nadhavudh Dhamasiri (Mr.), Director of International Financial Policy Division, International Economic Policy Bureau, Fiscal Policy Office, Ministry of Finance, Thailand 12:30 14:00 Lunch 14:00 15:45 SESSION 2: INFRASTRUCTURE INVESTMENT To sustain high growth rates in the Asia Pacific and particularly to alleviate the middle-income trap across Emerging Asia, it is timely that countries discuss how they can provide quality infrastructure investments to lift the productive capacity of their economies and make economic growth in the region more sustainable. It is widely agreed that the quality of infrastructure institutions, project development processes and supporting public sector capacity among APEC member economies are important factors that can enable a significant scaling up of private sector involvement in infrastructure investment in the region. The session will focus on how the APEC Finance Ministers Meeting in September could produce meaningful deliverables in terms of regional collaboration to enhance APEC members capacities in achieving those objectives. SFOM officials will benefit from the findings of the first infrastructure workshop in Makassar as well as sharing the experience of some members in pursuing their infrastructure schemes. Speaker: Kamran Khan (Mr.), Program Director, Global Infrastructure Finance Centre of Excellence, World Bank Glenn Campbell (Mr.), Director, Department of Finance,Canada Herminio C. Runas, JR (Mr.), Director, International Finance Policy Office, Department of Finance, Philippines 15:45 16:00 Coffee break 16:00 17:00 SESSION 3: FINANCIAL INCLUSION A strong case exists for a wide array of setting-specific public interventions and possible public-private sector collaboration both at the domestic and international level that can positively impact financial inclusion effort. The first workshop in Jakarta has develop some key points that can be taken as consideration for the Finance Ministers in September to be adopted as a guiding principles on innovative delivery channels (particularly through Branchless Banking) to promote financial

5 access of poor household and SMEs in APEC economies. This guiding principles will touch among others the issue of technology innovation, regulatory framework, monitoring and supervision, appropriate consumer protection framework, and financial education. In this session, SFOM officials will focus in sharpen up these principles that can be agreed by Finance Ministers utilizing the findings from the first workshop, and explore possible future APEC collaboration to build members capacities in this area. Speakers: Ivan Mortimer-Schutts (Mr.), Leader for Retail Payments and Mobile Banking in East Asia, International Finance Corporation Julius Caesar Parrenas (Mr.), APEC Business Advisory Council (ABAC) Ricky Satria (Mr.), Assistant Director, Access to Finance and SME Development Department, Bank Indonesia Carlos Pinerua (Mr.), Country Coordinator for Finance and Private Development Sector, World Bank 18:00 21:00 Dinner and Cultural Performance Venue: House of Governor of North Sulawesi *Dress code: smart casual/batik Thursday, 23 May :00 10:15 SESSION 4: TRADE FINANCE In February 2013, Finance and Central Bank Deputies agreed to assign APEC PSU to conduct the Study on Trade Finance. The findings of trade finance surveys could help evaluate the impact of current prolonged recession and prudential regulatory standards on the availability and cost of trade financing. In this session, SFOM officials will hear progress of the survey and update from the lead discussants that will focus on three main questions: How is the situation of trade finance in APEC economies since the Global Financial Crisis and what is the outlook for the region?, Have Asian banks been able to increase their share of global trade finance as funding from European banks has declined?, and What are the current issues and challenges facing SMEs in the region. Taken from this discussion, SFOM will also explore possible areas that need to be elaborated at the Trade Finance Workshop in Lombok on 1 July 2013, with an aim to develop recommendations for the APEC Finance Minister s Meeting in September 2013.

6 Speakers: Le Quynh Thai (Ms.), Analyst, APEC Policy Support Unit Haruya Koide (Mr.), Principal Regional Cooperation Specialist, Asian Development Bank Alvin Goh (Mr.), Deputy Director, International Relations, Ministry of Finance, Singapore 10:15 10:30 Coffee break 10:30 11:45 SESSION 5: TREASURY AND BUDGET REFORM Given the current global economic situation, there are needs in many APEC economies to plan for some fiscal consolidation in order to rebuild the space needed to respond to future shocks and preempt potential overheating pressures from capital inflows. In particular, there is a growing need to improve treasury and budget system to make spending policies more efficient. In this context, Finance Deputies in their February meeting welcomed the proposal to use APEC FMP to share experiences, information, and innovative ways among members in their implementation of FMIS, cash management, and spending review. In this session, discussion will be focused on learning the current status in the region, and on possible area of collaboration in APEC that can be endorsed by Finance Ministers in September. Speaker: Theo David Thomas (Mr.), Senior Public Sector Specialist, World Bank Alexander Demidov (Mr.), Deputy head, the Treasury of Russia Sudarto (Mr.), Director, Ministry of Finance, Indonesia 11:45 12:30 SESSION 6: OTHER BUSINESS 1. Report of Sydney Asia Pacific Financial Forum Last year, Finance Ministers support ABAC s proposal to explore the creation of an Asia Pacific Financial Forum (APFF) through a symposium in early The purpose of APFF is to provide a platform for public-private sector collaboration in pursuing dynamic and integrated financial markets that will support the region s sustained rapid growth to shape global financial regulatory reforms in support of the region s financial development goals. In this session, ABAC will share the results of the Symposium that was held in Sydney in April 2013 and SFOM officials will have the opportunity to provide input on the way forward.

7 Speaker: Julius Caesar Parrenas (Mr.), APEC Business Advisory Council (ABAC) 2. Report of Asia Regions Fund Passport APEC FMP has decided to support the formation of a working group of Asia Region Funds Passport (ARFP) to pursue further development of the proposed model, governing arrangement, and policies for a pilot ARFP. The ARFP would provide a multilaterally agreed framework allowing the cross border marketing of funds across participating economies in the Asia region on voluntary basis. In this session, SFOM officials will be updated with the current progress and asked their comments and input for the way forward. Speaker: Jason McDonald (Mr.), Senior Finance Official, The Treasury Department, Australia 12:30 14:00 Lunch

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