Sitharaman stresses need for robust ADB that adopts transformational approach for regional development
May 04, 2023
Incheon [South Korea], May 4 : Union Finance Minister Nirmala Sitharaman on Thursday stressed the need for a robust Asian Development Bank (ADB) that adopts a transformational rather than an incremental approach for sustainable and resilient regional development.
The Union finance minister was participating and representing the governor for India in the Business Session of the Asian Development Bank's annual meeting in Incheon, South Korea, on Thursday.
Sitharaman said the ADB annual meeting's theme, Rebounding Asia: Recover, Reconnect and Reform, resonates with the spirit and theme of G20 India Presidency -- One Earth, One Family, One Future -- and signals the need for unity of purpose and collective action to achieve shared goals and responsibilities, according to a tweet posted by the ministry of finance on Thursday.
The Union finance minister also appreciated ADB's efforts in exploring G20 expert panel's recommendations for the Capital Adequacy Framework review.
In her speech, Sitharaman also underlined the need for ADB to focus on global public goods in their regional dimension while continuing to focus on its core agenda of poverty reduction and development in low-income countries, according to the ministry's tweet.
Nirmala Sitharaman arrived here in South Korea on Tuesday for a four-day official visit. On her arrival at the Incheon airport, she was received by the Ambassador of India to the Republic of Korea, Amit Kumar.
FM Sitharaman, along with an Indian delegation, is attending the 56th Annual General Meeting of the Board of Governors of the Asian Development Bank (ADB) along with investor/ bilateral and other associated meetings, in Incheon, a city in South Korea from May 2-5, the Ministry of Finance said in an official release.
Official ADB member delegations, observers, non-governmental and civil society organisations, journalists, financial institutions, banks, and other private sector enterprises are also at the meetings.
