SEOUL (Agencies): The Asian Development Bank (ADB), one of the top international financial lenders, is all set to hold the Board of Governors’ 56th annual meeting at South Korean city Incheon, bordering the capital of Seoul, from May 2 to 5.
The theme for this year’s conference is “Rebounding Asia: Recover Reconnect, and Reform,” wherein relevant issues will be discussed with members and development partners in working toward an inclusive, resilient, and prosperous Asia and the Pacific. The forum would be taking up a wide range of issues including food security, climate change, and dealing with external shocks such as the Russian invasion of Ukraine, paving the way for sustainability and progress of the region with robust economic policies.
Besides, it would deliberate on various reforms that the ADB is undertaking to introduce innovative climate financing, expand its lending capacity, and restructure to better meet the needs of its developing member countries. The meeting is being held at a time when Pakistan had recently witnessed massive floods caused by torrential rains, inflicting losses of over $30 billion to the national economy and created issues of food security, damaged infrastructure, washed away livestock and collapsed houses. There is a forecast of another spell of heavy downpours in parts of the country this season again that could lead to further devastation of the already calamity-hit nation.
According to a media report, the rains and flooding-2022 submerged a third of Pakistan and killed more than 1,191 people, including 399 children as the United Nations appealed for aid for what it described as an “unprecedented climate catastrophe.” Pakistan received nearly twice as much rain than the 30-year average in the quarter through August last year, totaling 390.7 millimeters (15.38 inches). Sindh province, with a population of 50 million, was hardest hit, getting 471% more rain than the 30-year average.
It’s all about climate change for which Pakistan in no way is responsible but a ‘most vulnerable country’ to all the negative impacts of the changing weather patterns. So it is natural that Pakistan would be expecting the ADB to look into the miseries faced by its people and extend the much-required financial assistance to cope with this challenge. Although the ADB in its annual report for the year 2022 said funding to Pakistan reached a high level as it financed projects amounting to $31.8 billion in Asia, and Pakistan was the recipient of projects worth $5.5 billion. Concessional loans of $2 billion and $60 million were also granted to Pakistan.
In the report, the ADP itself admitted that the floods had devastated Pakistan’s economy, with crops being destroyed, supply and demand deteriorating, and local inflation increasing as a result of crop destruction. On May 2, the annual moot would begin with a presser of ADB President Masatsugu Asakawa, followed by the “Korea Seminar Day’ which contains a series of sessions addressing current issues facing Asia and the Pacific.
ADB Board of Governors’ moot starts today
