KUALA LUMPUR: The need for structural reforms, innovation in domestic resource mobilisation and how to make recovery sustainable following COVID-19 amid global headwinds, were among the topics discussed at the recently held panel dialogue organised by the Asian Development Bank (ADB).
The high-level virtual event also discussed lessons learned as countries took immediate measures to address the pandemic’s devastating health, social, economic, and financial impacts, and their medium- to long-term priorities.
ADB President Masatsugu Asakawa in a statement said the virtual discussion aimed to identify options for Southeast Asian (SEA) economies to tap into to quickly bounce back after the COVID-19 pandemic.
It drew the participation of leading experts in economics, finance and health to help ministers, central bank governors and other senior officials from the SEA nations.
“The second and third waves of the disease are possible, indeed likely and further economic decline would be costly.
“Countries face a whole host of cross-cutting issues that affect people and businesses. They have already learned useful lessons and can benefit from sharing these with each other,“ he said.
On 13 April, ADB announced a US$20 billion package to support developing member countries’ COVID-19 response.
ADB has since approved US$7.2 billion in rapid response loans and technical assistance, including nine interventions under the COVID-19 pandemic response option totalling US$5.52 billion for Bangladesh, Bhutan, Georgia, India, Indonesia, Kyrgyzstan, Mongolia, Nepal and the Philippines. -Bernama
