ADB confident of continued growth in Asia

President discusses Strategy 2030 for development of region

MANILA: Asian Development Bank (ADB) President Takehiko Nakao praised 'Developing Asia' for its 6.1 per cent growth in 2017 while forecasting it to be 6 per cent in 2018.



Addressing the opening session of the Board of Governors during the 51st ADB Annual Meeting, he said that it is an encouraging sign that global and regional trade has picked up since the beginning of last year. “The recent rebound in oil prices has helped relieve fiscal pressures in oil-producing economies in Central Asia.”

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.



“Despite current disputes, we firmly believe that nations should make utmost efforts to maintain and foster an open multi-lateral trade system.”Citing its achievements, the ADB official said that the bank’s own financial commitment in 2017, including loans, guarantees, and equity investments, was at a record $20 billion.

“Including official and commercial co-financing and technical assistance, ADB’s total commitments last year were $32 billion, a 26 per cent increase from 2016.



“We are promoting innovative approaches and advanced technologies. For example, in Indonesia and Pakistan, we are using satellite data and remote sensing to improve irrigation.”

Looking ahead, the president shared the future prospects ie ADB’s new long-term Strategy 2030. Under this strategy, 10 priorities were highlighted which focused mainly on alleviating poverty, promoting gender equality, mitigating climate change and fostering regional cooperation.

Later, Economic Affairs Division’s Ghazanfar Abbas Jilani addressed the business seminar along with other governors. He appreciated ADB’s policy-based reforms that have assisted Pakistan and added that country’s initiatives under CAREC and China-Pakistan Economic Corridor (CPEC) will contribute towards regional connectivity, infrastructure development, rapid industrialisation and job creation in the whole region.

“In this regard, ADB’s continued support is highly commendable,” Jilani added.

Published in The Express Tribune, May 6^th, 2018.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.