ADB opens "one of the most important" annual meeting of governors

Special
Report: Global Financial Crisis

BALI, Indonesia, May 4 (Xinhua) -- The Asian Development Bank (ADB) opened here Monday what is described as "one of the most important" Annual Meeting of the Board of Governors, amid deepening global economic crisis.

Indonesian President Susilo Bambang Yudhoyono inaugurated the meeting attended by finance ministers from most of ADB's 67 member countries.

"Against the backdrop of a global economic crisis whose depth and severity has surprised us all, this year's Meeting of the Board of Governors is one of the most important in the ADB's history," the Indonesian President said.

"What must come out of this meeting is the clear resolve that the ADB is ready and capable to take on this serious challenge. We must demonstrate that the global financial crisis has made the ADB more, not less, relevant," he added.

The President also took the occasion to boost confidence in overcoming the obstacles. "We are tigers and dragons, resilient and bold. For years if not decades, the Asia Pacific region has been a symbol of hope and inspiration to many around the world," he said.

According to ADB's estimate, Asia-Pacific growth will be 3.4 percent in 2009 and 6 percent in 2010, making it still the world's fastest-growing region.

The 42nd annual meeting came a day after Association of Southeast Asian Nations, China, Japan and South Korea (ASEAN+3) reached the agreement on all main components of a 120-billion-U.S.-dollar regional reserve pool, known as Chiang Mai Initiative Multilateralization. The finalization of details of the pool is considered a big step forward for the financial cooperation of Asian economies.

China and Japan will each contribute 38.4 billion U.S. dollars to the pool, while South Korea will contribute 19.2 billion dollars. The remainder will come from ASEAN nations.

Four days ago, ADB's Board of Governors agreed to triple its capital resource base, from 55 billion U.S. dollars to 165 billion, which the ADB President, in his address Monday, hailed as "a resounding vote of confidence in this region's ability" to overcome obstacles.