A number of symposiums were organised in Hanoi on May 3 as part ofthe ongoing 44 th Annual Meeting of the Asian Development Bank (ADB)Board of Governors.
At the seminar on “Integrationof the capital and finance markets, and harmonisation of managementregulations in Asia in a post-crisis environment”, participantsdiscussed the momentums and reasons for the incorporation of capitalmarkets in Asia .
They also debated the need to develop credit and bond markets as well aschallenges to harmonising and regulating these markets in order to meetthe region’s infrastructural and economic development demands.
The seminar, “Climate risk and resilience: securing the region’sfuture,” examined the threats posed by climate change to water and foodsecurity in the region and explored strategies to manage those threats.
Key solutions include scaling up efforts to“climate proof” infrastructure, managing disaster risks such as floodsand droughts, and adopting regional food security strategies.
ADB estimates that a sustained 10 percent rise in domestic food pricesin developing Asia , home to 3.3 billion people, could push anadditional 64 million people into extreme poverty. Domestic foodinflation in many countries in Asia averaged 10 percent in early 2011.
“If we do not fully grasp the interrelated issues of water,food, and climate change and address them head on, we may lose thehard-won gains in our fight against poverty,” said UrsulaSchaefer-Preuss, ADB’s Vice President for Knowledge Management andSustainable Development. “We must work together to make Asia and thePacific more resilient to the impacts of climate change and ensure waterand food security for all.”
At the seminar “Bridging the Gap:Catalysing Private Capital for Investment in Infrastructure”, delegatesdiscussed the challenges that developing nations face to mobilise theworld’s enormous pools of private savings and what development financinginstitutions must do to facilitate the flow of this capital.
The participants agreed that development finance institutions around theworld should encourage greater use of risk-sharing models likepublic-private partnerships to ensure critical infrastructure gets builtin developing countries. The institutions should do that by helpingcreate the right regulatory and market environment and offering riskmitigation instruments to spur private capital.
ADBestimates Asia and the Pacific alone need 750 billion USD per yearthrough 2020 to finance necessary infrastructure.
The seminar, “Social protection in the Asia Pacific region from theperspectives of workers, the youth, and the aged” looked at how socialprotection helps to ensure decent work for all, promotes the rights ofchildren and their families, and provides income security and care forthe growing ageing populations in the region.
Broader social protection will help the poor and vulnerable in Asiaand the Pacific to break the cycle of poverty and enhance the quality ofthe region’s economic growth through better employment opportunities,increased productivity, and protection against economic shocks,participants heard.
Despite remarkable achievements, economicgrowth in Asia and the Pacific has been uneven with millions remainingvulnerable to economic, social, and environmental risks. The ageingpopulation, urbanisation, and disintegration of family and communitynetworks have contributed to increased social risks and inequalities.
The global economic crisis, coupled with food and fuel priceincreases, further highlights the need to protect the poor anddisadvantaged from unemployment, illness and disability, and naturaldisasters.
“Hundreds of millions of people in Asia and thePacific remain mired in extreme poverty or are vulnerable to crises,such as economic downturns, natural disasters, or severe illness,” saidUrsula Schaefer-Preuss, ADB’s Vice President for Knowledge Managementand Sustainable Development.
Since the global financialcrisis, many Asian countries have adopted reforms to strengthen theircontributory pension systems and better address the needs of groups notcovered by formal social insurance. However, insufficient coverage andinadequate program benefits continue to be a key challenge, particularlyfor informal workers, women, youth and the elderly.
On thesidelines of the meeting, Governor of the State Bank of Vietnam (SBV)Nguyen Van Giau met with Jaejung Song, ADB Executive Director, and SBVDeputy Governor Dang Thanh Binh had a meeting with Ivo Distelbrink,Managing Director and Head of Global Treasury Services of the Bank ofAmerica./.