Malaysia Lauds ADB's Engagement Efforts With Middle-Income Nations

From Azizul Ahmad BAKU (Azerbaijan), May 5 (Bernama) -- Malaysia has applauded the Asian Development Bank's (ADB) engagement efforts with middle-income countries, saying the challenges faced by each nation are unique. Minister of Finance II Ahmad Husni Hanadzlah said middle-income nations in varying stages of growth are dealing with a complex set of challenges. "Middle-income nations are vulnerable to global and regional shocks, unfinished governance agenda, productivity and infrastructure gap, ageing population and climate change issues. "With these challenges in mind, I am heartened to hear that the ADB has heeded the call to better engage middle-income countries by commissioning a new report on a new partnership model with middle-income countries by seeking views and feedback from us," Ahmad Husni said at the opening of the 48th Annual Meeting of the Board of Governors of the Asian Development Bank. The two-day meeting, themed 'Fostering Partnership for Development', is being held in Azerbaijan's capital Baku starting Monday. Since May 2, Ahmad Husni has been leading the Malaysian delegation to several meetings in Azerbaijan, including the 18th ASEAN Plus Three Finance Ministers' and Central Bank Governors' Meeting. Ahmad Husni said he would like to see ADB enhance its engagement with middle-income countries by focusing on key challenges including enhancing resilience to global and regional shocks by developing an economic framework that is robust enough to mitigate any vulnerabilities. The regional development bank should focus on strengthening financial systems and the delivery of public services, and boosting productivity levels and competitiveness by developing the private sector, he said. ADB should also focus on income inequalities by providing greater support to the development of rural areas, as well as managing climate change and the environment through the promotion of green technology and renewable energy, he added. Ahmad Husni also commended ADB for successfully managing the intricate process of merging ADB's Ordinary Capital Resources (OCR) with the Asian Development Fund (ADF). "This is indeed a historic milestone in ADB's 49 years of existence, another accomplishment in ADB's remarkable journey. "Malaysia, like other donors of ADF, is committed towards ensuring continuous support to ADF recipients, and hope this merger will provide enhanced financial assistance to them," he said. Ahmad Husni also called upon ADB to enhance its involvement with ASEAN, in line with the bank's strategic focus on regional cooperation and integration under Strategy 2020. ADB's Strategy 2020, which was approved in April 2008, reaffirms both ADB's vision of an Asia and Pacific free of poverty and mission to help its developing member countries improve their living conditions and quality of life. To achieve this, ADB will support three complementary development agendas -- inclusive economic growth, environmentally sustainable growth, and regional integration. --BERNAMA