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ADB’s governors approved ADB’s financial statements

22 May 2020 Ariana News

The Board of Governors of the Asian Development Bank approved ADB’s financial statements in its first-ever virtual Annual Meeting. ADB on its official website wrote that its Board of Governors had approved ADB’s financial statements and the allocation of its 2019 net income in the Annual Meeting today. The annual meeting took place through video conferencing (VTC) Friday amid the COVID19 pandemic. In his remarks to the meeting, ADB President Masatsugu Asakawa said, “Our immediate priority is to provide vital support to developing member countries as they confront the COVID19 pandemic and return their economies to a path of sustainable growth,” “Your approval today of the financial statements and allocation of net income ensure that we have the tools and financial stability to address the enormous challenges that now affect the lives and economies of millions of people across our region,” he added. The Chair of the Board of Governors said, “Our choices and efforts today will determine whether we can overcome the current health care and economic crises.” He added, “The ADB should turn this crisis into an opportunity while enhancing knowledge sharing on COVID-19 policy responses and expanding support for low-income countries and vulnerable groups.” The Board of Governors adopted a resolution to allocate $1.069 billion of net income from ADB’s 2019 ordinary capital resources. The allocable net income will be distributed as follows: $615.7 million to support ADB’s capital adequacy to generate net income, $259.5 million to the Asian Development Fund, which provides grants to ADB’s low-income member countries, $130 million to the Technical Assistance Special Fund, which includes support to respond to the COVID19 pandemic, $30 million to the Regional Cooperation and Integration Fund, $24 million to the Climate Change Fund, and $10 million to the Asia Pacific Disaster Response Fund. ADB is actively supporting its members as they address the effects of COVID-19 through its $20 billion response package announced on 13 April.

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