JAKARTA, July 28 (Xinhua) -- The Association of Southeast Asia Nations (ASEAN) is unlikely fall in a financial crisis due to its strong fiscal position, a high-ranking official told Xinhua in an exclusive interview recently.
|Vietnam's Foreign Minister Pham Gia Khiem (C) invites Foreign Ministers and head of |
delegations from ASEAN and their partners countries to the meeting room after posing for
a group photo before the opening of the ASEAN Regional Forum (ARF) in Hanoi July 23, 2010.
(Xinhua/Reuters File Photo)
He took examples of fiscal reforms to increase taxation, improve expenditure efficiency, and rationalize expenditures that have been implemented in most ASEAN countries, in addition to implementing fiscal consolidation plans.
"As well, most of the ASEAN countries have adopted fiscal-rule framework to guide their policies related to maintaining budget balance, debt sustainability and expenditure and revenue rules," he said.
He added that last year most the ASEAN countries resorted to extra-ordinary fiscal stimulus measures that led to increase sharply in fiscal deficits, and most of the countries in the region have managed to generate fiscal surpluses or incur small fiscal deficits since 1997.