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Regional: Building Financial Resilience and Stability to Reinvigorate Growth

Sovereign (Public) Project | 53317-001 Status: Proposed

The proposed knowledge and support technical assistance (TA) will, in aid of ADB's mandate to support regional cooperation and integration (RCI), will strengthen the financial resilience and capacity of ASEAN+3 policymakers to craft strategic agenda, and identify policy priorities and directions that can help countries manage both the short-term risks and medium-term vulnerabilities emanating from increasing interconnectedness, rapid technology advances, impacts of recurring financial and commodity crises, and uncertainties from climate change and economic policy shocks. It aims to strengthen regional cooperation mechanisms and improve financial regulatory and supervisory frameworks.

Project Details

Project Officer
Villafuerte, James P. Economic Research and Regional Cooperation Department Request for information
Country
  • Regional
Sector
  • Finance
 
Project Name Building Financial Resilience and Stability to Reinvigorate Growth
Project Number 53317-001
Country Regional
Bangladesh
Cambodia
Lao People's Democratic Republic
Mongolia
Myanmar
Nepal
Sri Lanka
Viet Nam
Project Status Proposed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA: Building Financial Resilience and Stability to Reinvigorate Growth
Technical Assistance Special Fund US$ 100,000.00
Strategic Agendas Inclusive economic growth
Regional integration
Drivers of Change Governance and capacity development
Knowledge solutions
Partnerships
Sector / Subsector

Finance / Central banking systems - Finance sector development

Gender Equity and Mainstreaming No gender elements
Description

The proposed knowledge and support technical assistance (TA) will, in aid of ADB's mandate to support regional cooperation and integration (RCI), will strengthen the financial resilience and capacity of ASEAN+3 policymakers to craft strategic agenda, and identify policy priorities and directions that can help countries manage both the short-term risks and medium-term vulnerabilities emanating from increasing interconnectedness, rapid technology advances, impacts of recurring financial and commodity crises, and uncertainties from climate change and economic policy shocks. It aims to strengthen regional cooperation mechanisms and improve financial regulatory and supervisory frameworks.

The TA proposes to undertake: (i) production of knowledge products that will identify regional and national knowledge solutions and disseminate strategic policy advice; (ii) establishment of an electronic library and information platforms and/or database solutions that will enhance access to data, information, and knowledge for 8 selected DMCs; and (iii) delivery of capacity building seminars and South-South policy dialogue to exchange experience, lessons, and policy recommendations to help these 8 selected DMCs respond to shocks. The targeted economies are Bangladesh, Cambodia, Lao PDR, Mongolia, Myanmar, Nepal, Sri Lanka, and Viet Nam. These economies are selected based on their income level, size, economic vulnerabilities they face, development stage of their financial sector, and the capacity of their governments to manage shocks to their financial sector.

Project Rationale and Linkage to Country/Regional Strategy

The velocity of growth and development is increasing and we are bound to see larger fluctuations in economic growth due to big shocks emanating from financial crisis, technology disruptions, commodity crisis, climate change disasters, health-related issues like epidemics, cyber-attacks, financial and policy uncertainties, and threats from geopolitical dynamics which will inevitably trigger fallout affecting economic growth. These volatility and uncertainty will occur at an exponential rate, with impact spread with speed, intensity, and diversity affecting many countries. Therefore, building resilience and nurturing capacity to craft policies and build strategic agenda to cope with these challenges is imperative. While crises and resilience-related studies exist, research agenda remains large as best practices evolve to respond to these shocks.

New markets and economic geographies are also emerging, such as the evolution of platform economies, which are changing the way markets operate with important implications on fiscal policies, labor markets, social safety nets, and regulations. New regional alliances are also developing through the creation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the ASEAN's Regional Comprehensive Economic Partnership (RCEP), and the PRC's Belt and Road Initiative (BRI). Understanding the implications of these new markets and economic geographies is important so that the region and countries can adapt to and use these changes to their advantage.

The proposed TA will respond to the need for improving the wealth of knowledge and existing mechanisms toward building and ensuring financial resilience and stability to invigorate growth. The TA will also encourage participation and collaboration with and among regional institutions such as ASEAN and ASEAN+3 Macroeconomic Research Office (AMRO) in undertaking the proposed solutions to the aforementioned challenges.

Impact The project is aligned with shocks and their impact contained through financial stability and resilience
Outcome Greater financial resilience achieved through from stronger regional mechanism and capacity of ASEAN+3 and target countries
Outputs

Knowledge products with regional and country-level policy recommendations delivered.

Electronic library and information platforms established

Knowledge sharing events for the 8 selected DMCs conducted.

Geographical Location Bangladesh - Nation-wide; Cambodia - Nation-wide; Lao People's Democratic Republic - Nation-wide; Mongolia - Nation-wide; Myanmar - Nation-wide; Nepal - Nation-wide; Sri Lanka - Nation-wide; Viet Nam - Nation-wide
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Responsible ADB Officer Villafuerte, James P.
Responsible ADB Department Economic Research and Regional Cooperation Department
Responsible ADB Division ERCI
Executing Agencies
Asian Development Bank
6 ADB Avenue,
Mandaluyong City 1550, Philippines
Timetable
Concept Clearance 27 Mar 2020
Fact Finding 01 Jun 2020 to 31 Jul 2020
MRM -
Approval -
Last Review Mission -
Last PDS Update 07 May 2020

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

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The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.

In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

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Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

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Related Publications

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The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

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Tenders

No tenders for this project were found.

Contracts Awarded

No contracts awarded for this project were found

Procurement Plan

None currently available.