Jakarta – Finance Minister Sri Mulyani Indrawati, as the Asian Development Bank (ADB) Governor for Indonesia, attended a series of events at the Asian Development Bank’s Annual Meeting on May 2-5, 2024, in Tbilisi, Georgia.
In a press release on Tuesday, May 7, Sri Mulyani highlighted the main theme of the meeting, “Bridge to the Future,” which reflects current and future economic and financial relations.
She said the annual meeting is special because it commemorates 50 years since the establishing of the Asian Development Fund (ADF) in 1974. The ADF is a commitment of ADB member countries to eliminate poverty and improve the quality of life in Asia and the Pacific, especially in the poorest and most vulnerable countries.
Among the various agendas, Sri Mulyani also attended the ASEAN Finance Ministers and Central Bank Governors’ Meeting+3 (AFMGM+3), which discussed the development of macroeconomic and financial stability and policies in the region. One of the important topics in the meeting was strengthening the region’s financial safety net, especially for the Rapid Financing Facility (RFF), which aims to help deal with non-financial sector risks such as pandemics and natural disasters.
During the Governor’s Plenary, Sri Mulyani highlighted the importance of private sector involvement in scaling up financial support for development and climate change, which is expected to reach trillions of dollars.
She emphasized that in addition to the government’s role, catalysts in mobilizing funding by the private sector are also needed, and various facilities, such as blended funding, government support, and cooperation between the government and business entities, are key in this effort.
During the Governor’s Business Session, the Minister reinforced the call for ADB to work with the private sector and philanthropy to facilitate blended finance. With her direction for reforms towards a bigger, better, and bolder ADB, Sri Mulyani also emphasized the importance of capital reforms to support priority sectors that will provide an additional USD10 trillion in funding over the next 10 years.
In addition, in several bilateral meetings, Sri Mulyani discussed various economic and financial issues with various stakeholders, including the President of ADB, the Minister of Finance of Japan, and the First Deputy Prime Minister of Georgia, and expressed hopes for increased economic cooperation, trade, and investment between countries.
The ADB Annual Meetings are an important momentum in joint efforts to address global challenges. Going forward, the ADB Annual Meetings are expected to play a greater role in developing and improving the quality of life of the poorest and most vulnerable countries in Asia and the Pacific region.
As a multilateral bank that positions itself as a bank for climate change finance in the Asian region, ADB is expected to increase funding support with more affordable adaptation and mitigation efforts of climate change impacts. (Hartatik)