Real-time Evaluation of Asian Development Bank's Response to the Global Economic Crisis of 2008–2009
The 2008-2009 global economic crisis affected trade, capital flows, and remittances in the economies of ADB's developing member countries. This special evaluation study provides feedback on the relevance of ADB assistance during the crisis, an assessment of how ADB formulated and delivered support, and the results and their sustainability.
The study covers ADB's crisis-related assistance in the form of loans and grants provided in 2009 and 2010 from the Asian Development Fund, ordinary capital resources, and other ADB special funds, with a special focus on ADB's $3 billion Countercyclical Support Facility and the Trade Finance Program. The study covers all five countries that received assistance from the support facility - Bangladesh, Indonesia, Kazakhstan, Philippines, and Viet Nam
It concludes that ADB was much better prepared institutionally to respond to the 2008-2009 global economic crisis, and that ADB played an important role by helping promote Asia's coordinated fiscal response through policy dialogue, and taking part in the stimulus packages of several countries using its lending and nonlending products.
The evaluation underscores the importance of institutional readiness and greater flexibility in responding to global financial and economic upheavals. For ADB, the surveillance of more countries and regions would further enhance it crisis response ability.
The study recommends, among other things, creating a crisis-response window for Asian Development Fund-only countries, which it says would help ADB respond more flexibly and substantially to the needs of poorer and smaller crisis-affected countries. It also recommends strengthening macroeconomic and financial sector surveillance to include other regions, such as the Pacific, Central and West Asia, and South Asia, to help developing member countries better prepare for and manage future crises. "The experience of this crisis showed that better surveillance pays off," says the study.
- Executive Summary
- Transmission of the Global Economic Crisis and Its Impact on the Asia and Pacific Region
- Governments' Response to the Crisis in Developing Member Countries
- ADB's Support to Developing Member Countries in their Response to the Crisis
- Assessment of ADB's Support
- Key Findings, Issues, Lessons for the Future, and Recommendations