Lahore, 22 Sept.— Asian Development Bank (ADB) projected Pakistan's risk of inflation being higher than forecastIn Asian Development Outlook 2021, it points out, "Inflationary pressures will persist and likely come from ongoing economic recovery and rising global oil prices but should be tempered by expenditure reform and the government's commitment not to borrow directly from the central bank."The ADB report said the risk of inflation being higher than forecast derived from any unusual increase in oil prices or from potential currency depreciation in the wake of any early winding down of the ongoing IMF programme.Report projected that expenditure is also to rise in FY22 as the government has budgeted substantial increases in subsidies a...
September 22, 2021 at 9:17 pm | Economic Affairs
MANILA: 22 Sep.— Asian Development Bank lowered its 2021 economic growth outlook for developing Asia, amid continuing concerns over the coronavirus disease (COVID-19) pandemic.However, ADB said recovery was underway in "developing Asia", referring to the bank's 46 members, including China and India, but growth was revised down to 7.2% from 7.3% projected in its Asian Development Outlook (ADO) report released in April.The bloc's combined economy was projected to expand 5.4% next year, compared with the April forecast of 5.3%."Asia and the Pacific's recovery from the COVID-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants, and an uneven vaccine rollout," ADB Chief Economist Yasuyuki Sawa...
September 22, 2021 at 9:33 am | Economic Affairs
MANILA, PHILIPPINES (6 December 2017) — The Asian Development Bank’s (ADB) Board of Directors has approved $330 million in grant financing to support the completion of Afghanistan's national Ring Road, a vital national strategic corridor and a critical part of the country’s regional integration agenda. ADB’s financing will support the construction of 151 kilometers (km) of road connecting the towns of Qaisar and Dari Bum in northwestern Afghanistan. The road is the last section of the 2,200-km Ring Road that connects Afghanistan's major cities and is also a key corridor under the Central Asia Regional Economic Cooperation (CAREC) program. The Ring Road is ranked first among the investment priorities of the road improvement master...
December 6, 2017 at 3:05 pm | News Desk
MANILA, PHILIPPINES (24 November 2017) — Bond yields in emerging East Asian markets rose between 1 September and end-October as the global economy entered its most robust period of synchronized growth since the Global Financial Crisis, according to a new report from the Asian Development Bank (ADB). In the latest quarterly issue of the Asia Bond Monitor, ADB cites strong macroeconomic fundamentals and tightening liquidity as the main sources for rising yields across most emerging East Asian bond markets, but noted that further monetary tightening by advanced-economy central banks will require vigilance by the region’s financial market regulators. “Emerging East Asia currently enjoys strong growth and relative financial stabilit...
November 24, 2017 at 11:29 am | News Desk
MANILA, PHILIPPINES – The Asian Development Bank (ADB) has approved a $400 million loan to help the Government of the Philippines further expand its flagship conditional cash transfer (CCT) program, which provides regular health and education grants to millions of the country’s poorest households. “The support, which builds on ADB’s initial loan to the project of the same amount, will help the government support more families, now also including high school students,” said Karin Schelzig, Senior Social Sector Specialist in ADB’s Southeast Asia Department. “This is important, as impact evaluation shows that the CCTs are keeping vulnerable young people at school, opening the door to a better future.” The CCT program, kno...
February 9, 2016 at 2:44 pm | News Desk
CANBERRA, AUSTRALIA - Asian Development Bank (ADB) President Takehiko Nakao today met with Minister for Foreign Affairs Julie Bishop, Minister for International Development and the Pacific Steven Ciobo, and other high-level officials in Canberra. He signed a new framework for cooperation to reinforce ADB’s partnership with Australia to reduce poverty and achieve inclusive and sustainable economic growth in Asia and the Pacific. “I am delighted to be signing this partnership agreement with Australia. The country has been a strong partner in tackling the region’s development challenges over the last 50 years,” Mr. Nakao said. “In particular, Australia has strongly supported, through contributions to trust funds and cofinancing, A...
February 9, 2016 at 12:28 pm | News Desk
YANGON, MYANMAR – The Asian Development Bank (ADB) and the International Finance Corporation—IFC, a member of the World Bank Group—are providing loans of $300 million to Ooredoo Myanmar for the rollout of a mobile telecommunication network across Myanmar, which will help extend affordable telecom services across the country, boosting economic growth and job creation. ADB and IFC are extending a loan of $150 million each to Ooredoo Myanmar, a fully owned subsidiary of Ooredoo Q.S.C, to expand a nationwide “greenfield” mobile telecom network using advanced 3G technology. “Myanmar has one of the lowest rates of telecom connectivity in Southeast Asia, with poor communities and women the least likely to have access to these inc...
February 8, 2016 at 11:47 am | News Desk
TOKYO, JAPAN — The Asian Development Bank Institute (ADBI) was ranked second among the world’s government-affiliated think tanks, after the World Bank’s Development Research Group. The2015 Global Go To Think Tank Index Report, produced by the University of Pennsylvania’s Think Tanks and Civil Societies Program (TTCSP), is the result of a survey of 6,846 think tanks and 4,750 journalists, policy makers, public and private donors, and functional and regional area specialists. ADBI also ranked second in 2014. ADBI has been improving in the rankings over time and is now recognized as a leading think tank in several categories. ADBI is ranked the 29th best think tank in the world, 20th best non-US think tank, 6th best international de...
February 2, 2016 at 7:30 pm | News Desk