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POSITION PAPER Delegate: School: National HuaQiao UniversityCountry: BruneiCommittee: ASEAN 10+3 ministerial committee Topic A: CMIM - Country’s contribution, borrowing quota, accessibility, and the surveillance mechanism The Financial Crisis that was unleashed in circa 2007-2009 was truly global in scale. It set off a ripple of panic and traumatic energy that shook the very foundations not just of governments and Banking Giants but also right down to the dwellings of the humble wage-earner. So much so, that it was hailed as the worst financial catastrophe since “The Great Depression” and that is really saying something. The whole institution of finance is set in jeopardy and we realize just how brittle and vulnerable we really are to the changing winds of fiscal fortunes and disaster. Like a leaf in a storm, we were caught helpless and wanting when the whole economic structure tumbles down. The International Monetary Fund (IMF) is a body set up by the UN for just such a contingency. However, its helping hand to Asia has faltered awkwardly when put to trial. To counter this, The Chiang Mai Initiative Multilateralization (CMIM) is established. $120billion US dollars would be pooled in to safeguard the economy of its member countries. With such a sum involved, the challenges that need to be overcome are substantial indeed. The CMIM will strengthen the regions capacity to safeguard against increased risks and challenges in the global economy. The core objectives of the CMIM are able to address balance-of-payments and short-term liquidity difficulties in the Brunei and to supplement the existing international financial arrangements. His Majesty, Sultan Dan Yang Di- pertuan Negara Brunei Darussalam said that such connectivity of ASEAN+3 on CMIM would facilitate the movement of goods, services, capital and skilled labour to promote economic growth and create other opportunities. That connectivity would become more evident as ASEAN moved forward to