BAKU, Azerbaijan, May 3. Development banks should help countries address these global challenges, Undersecretary for International Development Strategy, US Department of the Treasure, Alexia Latortue said, TurkicWorld reports.
She made the statement during the panel discussion at the ADB Annual Meeting.
"Countries today face different issues than when Bretton Woods was formed. Our great global challenges threaten to undo development gains and are already reversing them, such as climate change, which has grave ramifications for society and the economy. Development banks must help countries address climate change, pandemics, instability, and violence. I think the biggest risk to progress is not providing this agenda political and technological attention. It requires constant attention to fulfill its promises. So, what have we done in a year? The agenda covers four important issues. Incorporating global challenges into MDB purpose and vision. Changes to MDB incentives. Operating model updates. Enhancing their financial capacity. Working together, we accomplished much," she said.
To note, the theme of the 57th Annual Meeting, to be held May 2-5, is "Bridge to the Future."
The first meeting of the Board of Governors will be held on May 4. The opening will mark the official start of the annual meeting. It is an event that will be attended by distinguished guests from the host country. ADB President Masatsugu Asakawa and Lasha Khutsishvili, Minister of Finance of Georgia and Chairman of the ADB Board of Governors, will make statements.
The Annual Meeting is an opportunity for ADB Governors to address development issues and challenges facing the Asia-Pacific region. Several thousand participants regularly join the meeting, including finance ministers, central bank governors, senior government officials, representatives of the private sector, international and civil society organizations, youth, academia, and the media.
