Chiang Mai Initiative
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The Chiang Mai Initiative (CMI) is an initiative under the ASEAN+3 framework which aims for creation of a network of Bilateral Swap Arrangements (BSAs) among ASEAN+3 countries. After 1997 Asian Financial Crisis member countries started this initiative to manage regional short-term liquidity problems and to facilitate the work of other international financial arrangements and organizations like IMF.
In May 2007, at the 10th meeting of ASEAN+3 Finance Ministers the CMI further progress was agreed upon.
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