APEC finance ministers recognize cost of disasters
Source(s):
Associated Press
Star Tribune Company, the
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APEC finance ministers pledge to refrain from competitive currency devaluations
Finance ministers from Asian and Pacific nations said Friday they are committed to strengthening economic growth and stability in the region and will refrain from competitive currency devaluations amid financial volatility, reports the Associated Press via The Star Tribute.
According to the report, recognizing that the region faces frequent costly natural disasters, the finance ministers agreed during the Asia Pacific Economic Cooperation forum to enhance their financial resilience "through the development of innovative disaster risk financing and insurance mechanisms and other risk transfer instruments" in the capital markets.
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