Events

“Subprogram 2 continues the good reforms achieved in subprogram 1 by focusing on the stated priorities of the government and providing support to achieve their reform program,” said ADB Principal Public Management Specialist for the Pacific Ms. Pamela Wyatt.Apart from the USD2.5 million grant sourced from ADB’s Special Funds resources, the World Bank and the governments of Australia and New Zealand are also supporting the implementation of the program’s reforms.Comprised of 33 islands spread over 5 million square kilometers of ocean, Kiribati is one of the most remote and geographically dispersed countries in the world. The capital Tarawa is about 4,000 kilometers from the major trade markets of Australia, Hawaii, and New Zealand. The extreme remoteness and large dispersion create major challenges for service delivery. Private sector development has been constrained by high business, investment, and connectivity costs.With increased revenues from fisheries … [Read more...] about Kiribati strengthens economic management

The project, comprising a USD21.8 million loan and a USD16.8 million grant from the Asian Development Fund, will focus on the Ferghana Valley in the southwestern part of the country and the Chui River Basin in the north, both of which are vulnerable to flooding, mudflows, and drought exacerbated by climate change. The Government of the Kyrgyz Republic will contribute USD5 million to the project.The Kyrgyz Republic is vulnerable to the adverse effects of climate change and extreme weather events. Disasters triggered by natural hazards—floods, droughts, landslides, and earthquakes—are frequent and cost the economy approximately 1.0% to 1.5% of gross domestic product (GDP) annually. Irrigated agriculture, which is critical for sustained agricultural production in the Kyrgyz Republic, is particularly vulnerable to climate change. It is the primary source of livelihood for about 30% of the population (including about 45% of the lower-income rural population) and contributes … [Read more...] about Kyrgyz Republic strengthens disaster risk management

Short-term risks include general risk aversion toward emerging markets, faster-than-expected hikes in US interest rates, and escalating global trade tensions. Tightening liquidity conditions exacerbate the risk from the region’s rapid growth of private debt in recent years. Depreciation of regional currencies and capital outflows pose further risks to the region’s financial stability.“Concerns about emerging markets are looming, but ultimately Asia’s strong fundamentals should attract investors back to the region’s local currency bond markets,” said ADB Chief Economist Mr. Yasuyuki Sawada. “That said, the region’s policymakers must closely monitor developments and keep up their guard against potential shocks.”The report shows emerging East Asia’s bond market expanded 4.3% in the third quarter versus the second quarter to stand at USD12.8 trillion at the end of September. The growth rate was faster than the 3.2% pace seen in … [Read more...] about Emerging East Asia bonds can weather short-term risks