Four D-8 Countries will attend the 42nd ADB Annual Meeting in Bali

Jakarta, Indonesia | April 27, 2009 by D-8 Secretariat

Indonesia to host the 42nd Annual Meeting of the Board of Governors of the ADB in May 2009

Indonesia expects the 42nd Annual Meeting (May 2-5, 2009) of the Board of Governors of the Asian Development Bank (ADB) would recommend a solution to the impact of the global recession, said an Indonesian minister quoted by the Indonesian national Antara news agency on Friday.

“We hope the ADB annual meeting will become a strategic forum to discuss the world economic recovery,” said the Coordinating Minister for Economic Affairs and also the Finance Minister Sri Mulyani Indrawati in Jakarta on Thursday evening.

According to her, the Asian region is expected to become the most developed region after the global recession because Asia is considered a region having a positive economic growth rate.

“The Asian region is expected to become a part of the solution of the world economy which is experiencing recession,” said the minister.

She also said that, according to ADB President Haruhiko Kuroda, the ADB annual meeting in Bali would also become a crucial momentum because the ADB would try to get an approval for an additional capital of up to 200 percent.

The 42nd Annual Meeting of ADB will kick off in Bali on May 4 to 5, participated in by around 3,500 representatives of 67 countries, including ADB members, government leaders, central bank governors, finance ministers, academicians, private businessmen, and non-government organization activists. Among D-8 Organizations, Bangladesh, Indonesia, Malaysia, and Pakistan have confirmed their participation to the meeting.

The meeting will take stock of progress made under ADB’s Strategy 2020, its Long Term Strategic Framework for 2008-2020, which was formally adopted last year. The Seminar Series and other ancillary meetings on major issues including Asia’s response to the global financial crisis, progress on the Millennium Development Goals, climate change and regional integration, will commence from May 2.

On the sidelines of the ADB meeting, there will also be a meeting of ASEAN finance ministers plus three (China, Japan and South Korea) under the framework of the Chiang Mai Initiative.

In coping with the current financial turmoil, ADB recognizes the important role of the private sector in generating jobs and economic growth. ADB significantly increased nonsovereign lending in 2008. It approved $1.5 billion for 13 loans to the private sector, an increase of 106.9% on the previous year, and $300 million for nonsovereign loans to the public sector.

D-8 Economist, Esen Gonen, said under the financial crisis siege, D-8 member countries should further intensify their trade and economical cooperation. “With the effects of the unfolding global economic crisis looms large in the outlook for developing world, there’s no better choice for us than escalating economic and trade cooperation among our member countries, as well as with international finance organization such as ADB,” she said in her office on Monday.

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