SEOUL: Asian Development Bank (ADB) is all set to hold Board of Governors’ 56th annual meeting at South Korean city Incheon, bordering capital of Seoul from May 2 to 5. 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, resilientand prosperous Asia and Pacific.

Forum would be taking up wide range of issues including food security, climate change and dealing with external shocks such as Russian invasion of Ukraine, paving way for sustainability and progress of region with robust economic policies.

Besides, it would deliberate on various reforms that ADB is undertaking to introduce innovative climate financing, expand its lending capacity and restructure to better meet needs of its developing member countries.

Meeting is being held at time when Pakistan recently witnessed massive floods caused by torrential rains, inflicting losses of over $ 30 billion to national economy and created issues of food security, damaged infrastructure, washed away livestock and collapsed houses. There is forecast of another spell of heavy downpours in parts of country this season again that could lead to further devastation of already calamity-hit nation.

Although ADB in its annual report for year 2022 said funding to Pakistan reached high level as it financed projects amounting to $ 31.8 billion in Asia and Pakistan was recipient of projects worth $ 5.5 billion. Concessional loans of $ 2 billion and $ 60 million were also granted to Pakistan.

On May 2, annual moot would begin with presser of ADB President Masatsugu Asakawa followed by ‘Korea Seminar Day’ which contains series of sessions addressing current issues facing Asia and Pacific.

Conference organiser would be holding another Seminar themed ‘Green Transition, Needs Green Workforce: Role of Skills Development for Just Transition’ explores critical role of skills development in preparing workforce for green economy.

Panelists will discuss notions of just transition from viewpoint of communities where ADB-supported projects are located. They will present insights into recovery across region within context of energy and climate crises, inequities that have been exacerbated by endemic, growing debt service payments of borrowing members and increasing constraints on civil society advocacy.

Published in The Daily National Courier, May, 02 2023

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