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SE Asia well poised to weather inflation, commodities crises: ADB president
Asian Development Bank president Masatsugu Asakawa spoke to The Jakarta Post’s Vincent Fabian Thomas recently about the bank’s views of, and role in alleviating, ongoing crises.
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Finance Minister Sri Mulyani Indrawati (right) meets Asian Development Bank president Masatsugu Asakawa during the third G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Nusa Dua, Bali. (Finance Ministry/Biro KLI)
Iem>Indonesia holds the Group of 20 presidency during a very challenging year, as global inflation and food and energy crises caused by the pandemic have been exacerbated by Russia’s invasion of Ukraine. Asian Development Bank president Masatsugu Asakawa spoke to The Jakarta Post’s Vincent Fabian Thomas recently about the bank’s views of, and role in alleviating, the ongoing crises. The following are excerpts from the interview, which was conducted during Asakawa's visit to Bali to attend the third G20 Finance Ministers and Central Bank Governors (FMCBG) meeting.
Question: How does the ADB view Indonesia’s G20 presidency, and in what ways can the country help lead the effort to overcome a possible global economic recession?
Answer: As a large and vibrant emerging economy, Indonesia is well positioned to reflect the priorities of the developing world and emerging economies on the global stage. The priority agenda items in Indonesia’s presidency resonate very well with many countries.
This year has been challenging. We’ve seen rising food prices, the need for a strong post-pandemic recovery and heightened geopolitical tensions. Indonesia’s ability to guide G20 discussions during these difficult times will have important, significant impacts on many countries in the medium-to-long term.
The ADB believes that Indonesia has been making significant efforts to bring everyone together to discuss critically important global issues. This demonstrates Indonesia’s ability and willingness to assume leadership on the global stage.
The G20 has created a new global health fund for pandemic preparedness. Will the ADB participate in it?
The ADB will be watching with great interest. According to estimates prepared by WHO and others, the financing gap for pandemic preparedness and response is more than US$10 billion.
