Australia has emphasized the need for the Asian Development Bank (ADB) to modernize its processes in order to retain its status as the preferred multilateral partner for the Asia-Pacific region. During a high-level session at the ADB’s Annual Meeting in Milan, Rachel Thompson, Australia’s temporary governor, urged the bank to prioritize the specific needs of Pacific Developing Member Countries (PDMCs), highlighting the importance of special consideration for the most vulnerable members of the bank.
Thompson stated that a differentiated approach to ADB’s support for Pacific nations is essential for fulfilling its foundational purposes. She encouraged ADB members and management to heed the voices of Pacific governors, which should inform the new Pacific Approach and the allocation of concessional resources aimed at fostering private sector-led growth and enhancing climate resilience.
As the largest bilateral development partner for the Pacific, Australia is keen to ensure that ADB’s initiatives align with the Pacific Quality Infrastructure Principles. Thompson underscored the expectation for ongoing efforts to integrate value-for-money principles into infrastructure procurement processes, holding contractors accountable for performance and emphasizing the importance of benefiting local communities during project execution.
Thompson also acknowledged ADB’s ongoing support in tackling issues like correspondent banking and financial intermediation in the Pacific, which showcases the bank’s role in enhancing regional integration and resilience.
Australia, as a founding member and a major contributor to the ADB, actively shapes its policies and initiatives through significant funding and co-financing efforts, particularly in areas like the Asian Development Fund (ADF) and the Technical Assistance Special Fund (TASF). The recent discussions at the ADB meeting reflect a growing commitment to fostering sustainable development in the region, marking a hopeful trajectory for future collaboration and resilience amidst global challenges.
This renewed emphasis on collaboration within the ADB and among its member states is vital, as the Pacific region continues to confront economic uncertainties and the impacts of climate change. The proactive stance taken by Australia and the ADB provides a promising outlook for the region’s developmental prospects.
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