Bali Will Provide Important Forum to Discuss Responses to the Global Economic Crisis at ADB's 42nd Annual Meeting in May

JAKARTA, INDONESIA - Asian Development Bank (ADB) President Haruhiko Kuroda said the evolving global economic crisis and its impacts on the region will provide the backdrop for furthering dialogue and deciding on firm actions when ADB's 67 member countries gather in Indonesia in May for the ADB's 42nd Annual Meeting.

Mr Kuroda made the comment during a visit to Indonesia which is making final preparations for the Annual Meeting to be held in Bali from 2-5 May.

He said that ADB is committed to providing support to its developing member countries to cushion the social impacts of the economic crisis and continue investing in infrastructure, social sectors and other key areas. Therefore, it was critical for ADB to have adequate resources to assist developing Asian countries with these development challenges.

"In this context our forthcoming Annual Meeting is of exceptional importance as we are hoping to have concluded negotiations on a general capital increase for ADB. I am pleased that Indonesia is supporting this effort," he said.

During his visit, Mr Kuroda discussed the financial crisis and its impacts on the Indonesian economy with Indonesian President Susilo Bambang Yudhoyono, Finance Minister Sri Mulyani, and senior government officials on Monday. He commended the government on the recent fiscal measures taken to manage the impact of the financial crisis on the country and stimulate the economy.

"We are pleased the recent steps taken by the Government to reassure financial markets have assisted the Government to manage the difficult situation to date," Mr Kuroda said.

However, the global economic slowdown may further broaden and deepen this year, leading to a slowdown in export growth and economic slowdown in Indonesia, he said. To assist Indonesia in addressing the effects of the global economic crisis, he said that ADB would provide additional support for Indonesia's fiscal management through a proposed Public Expenditure Support Facility.

On Tuesday, he will travel to Bali, venue for ADB's 42nd Annual Meeting where he will inspect the site. Around 3,000 delegates including government leaders, central bank governors and finance ministers as well as representatives from academia, the media and civil society groups are expected to attend the ADB's 42nd Annual Meeting that will be held at the Bali International Convention Center.