ADB chief says trade friction, debt could hobble Asia growth

  • ADB chief says trade friction, debt could hobble Asia growth

ADB chief says trade friction, debt could hobble Asia growth

The ADB president Takehiko Nakao delivering his address at the opening session in Manila of the Board of Governors during the 51st annual meeting said: "ADB's own financial commitments, including loans, guarantees, and equity investments, were a record US$20 billion (FJ$41 bn)".

"We would emphasise augmentation of support for public private partnership to address the evolving needs and operating environment of DMCs as well as leverage for the funding for the development needs", Ghazanfar Abbas Jilani, secretary of Economic Affairs Division said during an ADB board of governors' meeting. "Ageing in some countries and an increasing youth population in others present opportunities as well as challenges", Nakao said. "We will continue to seek views from various stakeholders including civil society organizations", he said.

Dominguez said living in today's world means coping with rapid advances in digital technologies, which have both its "upsides and downsides" as these could, for instance, dramatically improve productivity but could also eradicate jobs and introduce greater inequalities. "We will expand our presence on the ground".

ADB should also introduce more targeted intervention in low income and poverty-concentrated geographic pockets, Garg said.

"A "One ADB" approach will break down silos and bring together expertise across ADB".

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.

Although he acknowledged that still there are many challenges to overcome, Nakao was of the view that the region is well-positioned to sustain its growth momentum, supported by strong private consumption and investment, along with sound macroeconomic policies and structural reforms.

Dominguez urged the lender to help "future-proof" its member-countries.

He also attended the 12th informal meeting of SAARC Finance Ministers and highlighted the ongoing reforms in India and India's economic performance.

Founded in 1966 with a mandate to lift hundreds of millions of Asians out of poverty, the ADB has 67 member countries ranging from struggling Bangladesh and Pakistan to booming China and India.

Dominguez also pointed out that the Philippines' partnership with ADB was "an especially fruitful one". It has enabled us in many ways to improve the quality of life of our people. "Build, Build, and Build and we Link, Link, and Link, that is the battle cry of the moment", he said. "The ADB will play a key role in this process", Duterte added. "There is a time when Asia will lead the world and provide an example to other developing economies".