Tuesday, June 2, 2020 | ePaper

ADB approves corporate financial issues over virtual meeting

  • Print


The Board of Governors of the Asian Development Bank (ADB) on Friday approved its financial statements and allocation of its 2019 net income in its first-ever virtual annual meeting held amid the coronavirus pandemic.
According to a press release, the approval came at the first stage of the 53rd annual meeting of the Board, or their designated representatives from 68 members of ADB.
Meanwhile, the second stage of the Annual Meeting is scheduled for September 18-21 in Incheon, Korea.
Governors, other senior government officials, members of the private sector, representatives of international organisations and civil society organisations, youth, academia, and the media will attend the Annual Meeting.
ADB President Masatsugu Asakawa in his remarks to the meeting, said, "Our immediate priority is to provide vital support to developing member countries as they confront the COVID-19 pandemic and return their economies to a path of sustainable growth."
The approval of the financial statements and allocation of net income ensure that ADB has the tools and financial stability to address the enormous challenges that now affect the lives and economies of millions of people across this region, he added.
 "Our choices and efforts today will determine whether we can overcome the current
health care and economic crises," said the Chair of the Board of Governors, and Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea Hong Nam-Ki.
 "The ADB should turn this crisis into an opportunity, while enhancing knowledge sharing on COVID-19 policy responses and expanding support for low-income countries and vulnerable groups," he added.
The Board of Governors adopted a resolution to allocate $1.069 billion of net income, the highest in the bank's history, from ADB's 2019 ordinary capital resources.
The 2019 net allocable income is higher than the $841.4 million recorded in 2018, due largely to an increase in income from lending operations and liquidity investments, as well as a drop in non-sovereign loan loss provisions.
The allocable net income will be distributed as follows: $615.7mn to the ordinary reserve to support ADB's capital adequacy and provide an earnings base to generate net income; $259.5mn to the Asian Development Fund, which provides grants to ADB's low-income member countries; $130mn to the Technical Assistance Special Fund, which provides a stable and predictable funding source for ADB's technical assistance, as well as increased support to respond to the COVID-19 pandemic; $30mn to the Regional Cooperation and Integration Fund; $24mn to the Climate Change Fund; and $10mn to the Asia Pacific Disaster Response Fund.
Governors also approved the bank's annual financial statements. ADB's ordinary capital resources' operating income totaled $1.1bn in 2019, up from $889mn in 2018. The 2019 net income was $1.554bn, up from $750mn in 2018.
ADB is actively supporting its members as they address the effects of COVID-19 through its $20bn response package announced on April 13.
ADB has also approved a series of measures to streamline its operations for quicker and more flexible delivery of assistance.

More News For this Category

Commuters wait for public bus at the capital's Rayer Bazar on Monday, a day after the authorities reopened offices and transport services in a restricted manner.

Commuters wait for public bus at the capital's Rayer Bazar on Monday, a day after the authorities reopened offices and transport services in a restricted manner.

.

Heavy traffic congestion across the capital on Monday after the government lifted months long nationwide coronavirus shutdown. This photo was taken from Airport Road.

Heavy traffic congestion across the capital on Monday after the government lifted months long nationwide coronavirus shutdown. This photo was taken from Airport Road.

.

Experts advise not to use unproven drugs to treat Covid-19

Staff Reporter :As the search for a remedy to COVID-19 continues in full swing, the national technical advisory committee on the coronavirus has warned against using any unproven medicine

HC rejects bail petition of ex-DIG Prisons Bazlur

Staff Reporter :The High Court on Monday rejected a bail petition filed by suspended Deputy Inspector General (DIG) of Prisons Bazlur Rashid in connection with a corruption case filed

HC for judicial inquiry into fatal fire at United Hospital

Staff Reporter :A writ petition has been filed with the High Court seeking a judicial inquiry into last week's fire incident at United Hospital's COVID-19 unit which left five

Dr Kamal for nat’l effort in preventing coronavirus

Staff Reporter :Gono Forum President and Jatiya Oikya Front leader Dr Kamal Hossain has urged Prime Minister to take coordinated national efforts in preventing coronavirus, says media report.   In

Pressure grows to release jailed prince

Al Jazeera News :A $2m US lobbying effort and petitions from European legislators are piling pressure on Saudi Arabia to release a philanthropist prince jailed for two years

Writ challenges virtual court functions

Staff Reporter :A Supreme Court lawyer on Monday filed a writ petition with the High Court challenging the Chief Justice's decision to run virtual activities of the courts across

Three die in Panchagarh lightning

UNB, Panchagarh :Three people including a father-son duo were killed in two separate lightning strikes in two villages of Tetulia upazila on Monday.The deceased were identified as Mohammad Ali,

Remdesivir helped moderate Covid-19 patients improve: Gilead Sciences

Reuters :Gilead Sciences Inc said on Monday its antiviral drug remdesivir showed improvement in patients with moderate COVID-19 in a late-stage study.Remdesivir is being closely watched after the US