Which one of the following gives the best description of lsquo Chiang Mai Initiative Multilateraliza...........

International Affairs Others

Which one of the following gives the best description of ‘Chiang Mai Initiative Multilateralization’?

Regional initiative for prevention of illegal wildlife trafficking in ASEAN

Multilateral Currency Swap arrangement

Regional Development funding mechanism within ASEAN

Maritime security agreement in Indo-Pacific regio

In response to the Asian Financial Crisis, ASEAN+3 member authorities decided in 2000 to strengthen their financial cooperation through the establishment of the Chiang Mai Initiative (CMI), comprising a network of bilateral swap agreements among members.
The initiative began as a series of bilateral swap arrangements after the ASEAN Plus Three countries met on 6 May 2000 in Chiang Mai, Thailand,
Chiang Mai is most famous for its beautiful ancient temples,It serves as the religious, economic, cultural, educational, and transportation centre for both northern Thailand and part of neighbouring Myanmar (Burma)

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