Published May 4, 2021, 5:35 PM
The Asian Development Bank (ADB) is urged to substantially expand its loan portfolio in the next five years to support the swift recovery of its developing member-countries from the global economic shock of the pandemic.
During the ADB Governors’ Seminar, Finance Secretary Carlos G. Dominguez III has called on the Manila-based multilateral financial institutions to raise its financing support even if it involves additional capital base.
Dominguez said that as the largest and most experienced development institution in the Asia Pacific region, the ADB must effectively assist developing economies to bounce back as fast as the developed countries.
Finance Secretary Carlos Dominguez III asks the Asian Development Bank to ramp up its lending activities in the next 5 years to help countries recover faster from the pandemic-induced recession. His appeal comes after ADB President Masatsugu Asakawa told member-states to boost local tax collections rather than rely on foreign debt for funding.