Finance minister Nirmala Sitharaman on Thursday stressed on the need for a robust Asian Development Bank (ADB) that adopts a transformational rather than incremental approach for sustainable and resilient regional development.
She made these observations while participating in the business session of the ADB's annual meeting in Incheon, South Korea.The Finance Minister further 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.
Sitharaman appreciated ADB's efforts in exploring G20 expert panel recommendations for capital adequacy framework review.ADB's annual meeting's theme "Rebounding Asia: Recover, Reconnect and Reform", resonates with spirit and theme of G20 India presidency "One Earth, One Family, One Future" and signals need for unity of purpose and collective action to achieve shared goals and responsibilities, the Finance Minister observed.