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The Star
7 hours ago
- Business
- The Star
ADB chief supports Timor-Leste's Asean bid, pledges stronger development ties
JAKARTA: The Asian Development Bank (ADB) has welcomed Timor-Leste's upcoming accession to the Association of Southeast Asian Nations (Asean). ADB president Masato Kanda (pic) said this during his first official visit to the country, and also pledged to expand development support to the island nation, which gained independence from Indonesia in 2002. Over a four-day visit that ended Monday (July 21), he met President Jose Ramos-Horta and acting Prime Minister Mariano Assanami Sabino, commending the country's progress towards Asean membership. "Timor-Leste's journey from independence to Asean membership is a story of resilience and vision. ADB is proud to stand with the people and Government of Timor-Leste at this historic moment,' Kanda said in a statement. He also met Finance Minister Santina Cardoso and other senior officials, reaffirming ADB's commitment to support Timor-Leste's priorities through deeper cooperation in infrastructure, private sector development, youth empowerment and improved livelihoods. According to ADB, Kanda's visit, which was the first by an ADB president to a member classified as both fragile and a small island developing state, underscored the bank's commitment to its most vulnerable members. He visited the Coffee and Agroforestry Livelihood Improvement Project (CALIP), supported by ADB and Japan, that assists 2,000 farming families in a sector involving 38 per cent of Timorese households and which plays a vital role in diversifying the country's economy. Kanda also toured the expansion site of Presidente Nicolau Lobato International Airport, a project supported by ADB, Australia and Japan, which is expected to more than double annual passenger capacity to over 400,000 by 2030 and meet Asean infrastructure standards. Timor-Leste, with a population of around 1.4 million, applied for Asean membership in 2011, gained observer status in 2022, and is progressing towards full integration into the regional bloc. ADB is a development bank founded in 1966 that supports inclusive, resilient, and sustainable growth across Asia-Pacific and has 69 members, including Malaysia. - Bernama, Timor-Leste, member, Masato Kanda, visit
The Star
20-06-2025
- Business
- The Star
ADB approves US$100 million aid package for Myanmar
The 7.7 magnitude earthquake in March killed more than 3,700 people, flattened communities and crippled infrastructure. - AFP MANILA: The Asian Development Bank has approved a US$100 million grant for Myanmar for emergency shelters, food and other essential supplies following a devastating earthquake that struck the country earlier this year. The 7.7 magnitude earthquake in March killed more than 3,700 people, flattened communities and crippled infrastructure in the impoverished South-East Asian nation. "This $100 million aid package, ADB's largest grant for the people of Myanmar, will deliver food, water, shelter, and medical care to families in desperate need, while also supporting long-term livelihoods, jobs, and community resilience," ADB President Masato Kanda said in a statement. Myanmar has been ravaged by conflict since a 2021 military coup triggered a protest movement that has evolved into a nationwide civil war. The ADB said the funds, drawn from its Asian Development Fund, will cover emergency shelters, water and sanitation services, food, essential health supplies for women and trauma counselling. - Reuters
Straits Times
12-06-2025
- Business
- Straits Times
Asia is better placed now to handle crises, says new ADB chief
ADB president Masato Kanda said Asia had entered this round of turmoil from a relatively strong position. PHOTO: ADB This, too, shall pass. And for all you know, the region might even emerge stronger after the current trade and market turmoil. That's the message from the new president of the Asian Development Bank (ADB) to an Asia buffeted by the Trump tariffs, geopolitical swells that are disrupting supply chains, and shifting trade patterns that are resulting in an avalanche of Chinese-made goods threatening domestic industry. Join ST's Telegram channel and get the latest breaking news delivered to you.
Indian Express
04-06-2025
- Business
- Indian Express
India ‘shared deep concerns' on ADB's $800-mn loan to Pakistan
India had raised 'deep concerns' about the possibility of misuse of funds by Pakistan to Asian Development Bank (ADB) as it extended a $800 million tranche to the neighbouring country. Government sources said India had 'vehemently opposed' the ADB extending 'any form of financing support' to Pakistan, particularly in light of Pakistan's increasing defence expenditure, its declining tax-to-GDP ratio, and the lack of demonstrable progress on key macroeconomic reforms. 'India cautioned the ADB regarding the possibility of misuse of its resources. The linkage between Pakistan's increase in expenditure on its military, as opposed to on development, cannot be fully explained solely in terms of its domestic resource mobilisation. India highlighted that Pakistan's tax collection as a share of GDP declined from 13.0% in FY18 to 9.2% in FY23 and continues to remain way lower than the Asia and Pacific average of about 19.0%. However, there has been a significant increase in defence spending in the same period,' a source said. ADB on Tuesday approved a $800 million programme to strengthen fiscal sustainability and improve public financial management in Pakistan. Earlier in the day, the Congress in a post on X stated that Prime Minister Narendra Modi met ADB President Masato Kanda on June 1 and three days later ADB cleared the $800-million loan to Pakistan. 'Asian Development Bank (ADB) has given Rs 6,861 crore to Pakistan. Just 3 days ago, Narendra Modi met Asian Development Bank President Masato Kanda and just 3 days later, a huge amount was given to Pakistan. Earlier, the Modi government's influence did not work on the IMF and Pakistan got the loan. That too when the conflict between India and Pakistan was going on,' the pose by Congress said. Government sources said India expects the ADB management to adequately ring-fence the ADB financing, to prevent any such misuse. 'Pakistan's poor track record of implementation stems from the military's deeply entrenched interference in economic affairs, posing risks of policy slippages and reversal of reforms as has been witnessed in the past,' the source said. Even when a civilian government is in power, the army continues to play an outsized role in domestic politics and extends its tentacles deep into the economy, sources said. 'Pakistan's policy of cross-border terrorism has led to a worsening of the security situation in the region and has significantly escalated macroeconomic risks for the country, which also heightens the enterprise risks for the ADB,' the source said. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
The Print
04-06-2025
- Business
- The Print
India vehemently opposed ADB's loan Pakistan as it could be misused: Govt sources
Asian Development Bank (ADB) on Tuesday approved USD 800 million programme to strengthen fiscal sustainability and improve public financial management in Pakistan. 'India shared deep concerns regarding the potential misuse of ADB resources, particularly in light of Pakistan's increasing defence expenditure, its declining tax-to-GDP ratio, and the lack of demonstrable progress on key macroeconomic reforms,' they said. New Delhi, Jun 4 (PTI) India had vehemently opposed ADB's decision to grant USD 800 million loan to Pakistan saying the fund could be misused for increasing expenditure on its military, government sources said. Earlier in the day, the Congress in a post on X quipped that Prime Minister Narendra Modi met ADB President Masato Kanda on June 1 and three days later ADB cleared the USD 800-million loan to Pakistan. Modi government's influence did not work on the IMF earlier and Pakistan got loan last month, the post said, adding that this happened even when the conflict between India and Pakistan was going on. Government sources said India expects the ADB management to adequately ring-fence the ADB financing, to prevent any such misuse. Pakistan's poor track record of implementation stems from the military's deeply entrenched interference in economic affairs, posing risks of policy slippages and reversal of reforms as has been witnessed in the past, they said. Even when a civilian government is in power, the army continues to play an outsized role in domestic politics and extends its tentacles deep into the economy, they added. Pakistan's policy of cross-border terrorism has led to a worsening of the security situation in the region and has significantly escalated macroeconomic risks for Pakistan, which also heightens the enterprise risks for the ADB, sources said. India also highlighted that the economic fragility of the borrowing country (Pakistan) poses credit risks to the ADB too, sources added. PTI DP TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
