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The International Organizations (Privileges and Immunities) (ASEAN+3 Macroeconomic Research Office) Order (the Order) was gazetted today (February 19) to implement certain provisions of an agreement establishing the ASEAN+3 Macroeconomic Research Office (AMRO) as an international organisation (the Agreement).
The Order, made under Section 3 of the International Organizations (Privileges and Immunities) Ordinance, seeks to give effect to provisions of the Agreement relating to the AMRO's legal status, its privileges and immunities, and its personnel.
The Hong Kong Special Administrative Region, using the name "Hong Kong, China", participates in the AMRO under the Chiang Mai Initiative Multilateralisation (CMIM), an arrangement providing short-term United States dollar liquidity support to its participants facing balance-of-payment and short-term liquidity difficulties. The main functions of the AMRO are to monitor members' macroeconomic status and financial soundness, identify risks and vulnerabilities in the region, and support the implementation of the CMIM.
A Government spokesperson said, "The establishment of the AMRO as an international organisation will help strengthen its operation in macroeconomic surveillance, and will be conducive to promoting regional economic and financial stability."
The Order will be tabled before the Legislative Council on February 24, 2016 for negative vetting. It will come into operation on April 27, 2016.
Ends/Friday, February 19, 2016
Issued at HKT 11:01
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