ASEAN will launch the ASEAN Treasury Forum (ATF) tomorrow (3/10). It is hoped that this launch will improve the quality of the treasury systems of each member country. This was conveyed by the Director of Treasury Systems, Directorate General of Treasury, Ministry of Finance, Sulaimansyah, at a media briefing in Bali, Wednesday (2/10).
“The formation of the ATF is not intended to equalize all policies in treasury management, but there is a common thread as to how it can be better and can be implemented by each country,” he said.
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He said, basically, each country has a different way of managing the treasury. This different method, said Sulaimansyah, definitely has advantages that other countries can imitate or learn from. Meanwhile, countries that feel they have shortcomings can learn lessons in treasury management from other countries.
“So far, we have been visited by many ASEAN countries because we are considered successful in treasury management. Laos, Vietnam and Cambodia have come to Indonesia to learn about this,” he explained.
The exchange of information and learning is said to have been the initial initiation for ATF to be formed. “Then, if the ATF is formed, it can be better organized. “Other countries like Singapore, for example, have good IT, so we can also learn from Singapore,” added Sulaimansyah.
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Specifically, he continued, there are at least five benefits that Indonesia can obtain from the formation of the ATF. First, it becomes a means of sharing knowledge and building capacity. State financial management institutions are said to be able to learn about best practices and policy reforms from ASEAN countries regarding treasury management.
Second, ATF can be a means of expanding networks and partnerships. Indonesia, which has been agreed to become Chair of the 2024-2025 ATF, can utilize the ATF as a means of strengthening bilateral and unilateral cooperation with other countries’ treasury institutions.
Third, ATF can be a means of strengthening policy coordination. This is considered to be able to encourage economic and financial integration, maintain economic stability, while mitigating systemic risks in the ASEAN region.
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Fourth, ATF can be a means of gaining access to resources and assistance. In this case, said Sulaiman, ASEAN member countries can access these two things from other countries and international organizations as development partners, such as the World Bank, Asian Development Bank (ADB), and the International Monetary Fund (IMF).
Fifth, ATF can be a means of increasing Indonesia’s reputation and influence in ASEAN. As one of the ATF initiators, said Sulaimansyah, this will be a momentum to improve Indonesian diplomacy regarding treasury issues which have a significant impact on national economic interests.
On the same occasion, Head of the Sub-directorate of Research, Development and Institutional Cooperation, Directorate of Treasury Systems, Directorate General of Treasury, Ministry of Finance, Siska Indirawati, revealed that the formation of the ATF was originally a replication of the ASEAN tax forum.
This initiative was formed because so far there has been no forum that accommodates the management of the state treasury even though it is known that this is a crucial matter. “Indeed, there is a benchmark that we look at what the world treasury forum is like, and we are trying to create it specifically for ASEAN countries,” explained Siska.
“Because in ASEAN there are 10 countries whose treasury systems may all be different. But this forum was not created for binding. “But we can learn later to improve our respective internal policies from more advanced countries,” he added. (D-3)
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