Whalesbook
Kya chal raha hai ASEAN+3 mein?
Dekho, East aur Southeast Asia ke deshon ko apna financial system aur strong karna hai. Iske liye woh Chiang Mai Initiative Multilateralisation (CMIM) ko ek naye Paid-in Capital (PIC) structure mein badalna chahte hain. Matlab, ek ready-made financial reserve banega jisse countries ko balance of payments issues mein madad milegi. Idea hai ki yeh fund IMF se zyada accessible ho aur uski conditions na hon.
Problem kya hai?
Sabse badi dikkat aa rahi hai governance par. Ministers ne kuch core principles par toh haan kar di hai, jaise ki fund independent rahega aur expert staff hire honge. Lekin, decision-making aur oversight ke liye ek solid management structure kaise banega, is par koi consensus nahi ban paa raha. Yeh unka 'fourth principle' hai jahan sab fans gaye hain.
Isse kya fark padega?
Is disagreement ki wajah se fund ki independence par doubt ho raha hai. Agar clear decision-making nahi hogi, toh yeh fund sirf naam ka reh jayega aur shayad CMIM ki tarah hi use nahi hoga. Pehle bhi jab 1997 mein Japan ne regional fund ka idea diya tha, toh US aur IMF ne support nahi kiya tha. Ab agar yeh fund ban bhi gaya, par yeh khud se decisions nahi le payega toh kya fayda? Jaisa ki pehle bhi hua tha ki loans IMF ki conditions se bandhe hone ki wajah se log IMF ko hi prefer karte the.
Future kya hai?
Experts bhi abhi sure nahi hain ki yeh fund pakka banega ya nahi. Pichle 3 May, 2026 ko Samarkand mein hui meeting mein bhi is par koi solution nahi nikla. Regional economy 4.5% grow kar rahi hai, lekin global shocks ka darr hai. Alag-alag markets ki valuations 12x se 18x forward earnings tak hain. Is sabko manage karne ke liye ek strong, independent fund chahiye, jo abhi governance issues ki wajah se mushkil lag raha hai. Agar yeh fourth principle solve nahi hua, toh shayad yeh fund apni independence nahi paa payega.