The Minister for International Development and the Pacific has presented Australia’s Governor Statement to the Board of Governors at the 50th Asian Development Bank Annual Meeting in Yokohama, Japan, today.

Under the theme “building for prosperity”, the meeting brings together representatives from 67 member countries to discuss the Asian Development Bank’s key priorities and to exchange views on global and regional economic and development issues.

The Minister highlighted the rapid economic growth across the Asia Pacific region over the past 50 years and recognised the critical role the ADB has played in building the necessary conditions for the region’s impressive economic gains.

The Minister noted that despite these gains there remain ongoing challenges to sustainable development and growth in the region and encouraged the ADB to continue building its capacity to respond to new developments, including through its Strategy 2030.

The Minister commended the Asian Development Bank’s efforts to mobilise finance in a time of fiscal constraint for donor countries, by better optimising their balance sheets

She welcomed the increased resources allocated to the Pacific and called for high-quality engagement and project implementation.

The Minister reiterated Australia’s commitment to multilateralism, the principles of free trade and the importance of a cooperative approach to support sustainable and inclusive economic growth in the Asia and the Pacific to reduce poverty.

The Minister reaffirmed Australia’s commitment to the Bank and our role in working with regional partners to face the challenges and opportunities that lie ahead.

As the 5th largest shareholder and 2nd largest donor, Australia attaches considerable importance to the Asian Development Bank’s work within the region.

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