Finance ministers from South Korea, Japan, China and the Association of Southeast Asian Nations(ASEAN) agreed to strengthen the financial safety net within the region.

At a meeting of the ASEAN-Plus-Three finance chiefs and central bank governors in Tbilisi, Georgia on Friday, under South Korea and Laos' co-chairmanship, the attendees discussed ways to bolster the regional safety net of the Chiang Mai Initiative Multilateralization(CMIM).

The first regional currency swap arrangement launched in May 2000 valued at 240 billion U.S. dollars, South Korea's CMIM contribution stands at 16 percent.

The participating nations approved establishment of the Rapid Financing Facility(RFF) for emergency financing against urgent payment needs, possibly from pandemics and natural disasters, with eligible freely usable currencies(FUCs).

The countries forecast the ASEAN-Plus-Three region to grow at a faster pace of four-point-five percent in 2024, on the back of resilient demand and semiconductor-driven export recovery, while expecting inflation to continue moderating.