ADB celebrates 50th years of operations
THE Asian Development Bank celebrated its 50th year of operation yesterday.
The bank had been operating in Papua New Guinea for 45 years and today is one of the country’s largest multilateral development partner.
ADB country director Marcelo Minc said: “Over the past 50 years, the development landscape of Papua New Guinea has undergone a significant transformation and ADB has contributed to this process by boosting connectivity through investment in roads and civil aviation, helping the country prepare for climate change and plan for a renewable energy future.”
In the latest Pacific Economic Monitor, which assesses the economic performance of the Pacific region, ADB said PNG would have to increase its fiscal resilience and budget utilisation to manage declining resource-related revenues and slower economic growth moving forward.
“PNG, as the Pacific’s largest economy, will have to respond to current and critical regional policy issues which include budget responses to lower commodity prices, investment in information and communications technology, civil service reform, disaster resilience, and better public investment.”