Within the framework of the 53rd Annual Meeting of the Asian Development Bank (ADB) held in virtual format on September 17-18, 2020, the Minister of Finance of Georgia and the Governor of the Asian Development Bank, Ivane Matchavariani, participated in the Business Session of the Bank's Governors.

During the meeting, the Minister of Finance of Georgia was elected as Chairman of the Board of Governors of the Asian Development Bank for one year.

As it is known, according to the decision made by the Board of Governors of the Bank in November 2019, Georgia is a host country of the annual meeting of the Asian Development Bank in 2021. Up to 5,000 high-ranking guests will take part in this large-scale event.
The business session was opened by the Chairman of the Board of Governors - the Bank of South Korea, the Deputy Prime Minister of South Korea and Minister of Finance and Economy Hong Nam-ki.

The meeting was attended by the President of the Asian Development Bank, Masatsugu Asakawa, who reviewed ADB's activities in 2019 the challenges for current year and the Bank's future plans.

In his speech, the Minister of Finance of Georgia Ivane Matchavariani stressed the importance of cooperation with the Asian Development Bank and the role of the Bank in the fight against the Covid-19 pandemic.

As he noted, in response to the Covid-19 pandemic, the bank has allocated $20 billion, which has allowed the bank's member states to use financial resources to provide both health and social support and stimulate the private sector. At the same time, the Minister of Finance noted that the negative consequences of the pandemic for the economies will be long-term, which will require coordinated and joint work of all countries to overcome the challenges.

"First of all, we must continue and strengthen economic and structural reforms that will help maintain the sustainability of the economy. We need to strengthen the role of the private sector in the economic recovery process, and in this regard, the Asian Development Bank can make a significant contribution. It is also important to develop human capital, for which it is necessary to reform the education and health systems. The Asian Development Bank has extensive experience in supporting reforms and needs to focus on this in the long run. In addition, it is important to promote regional cooperation and integration. Georgia actively supports free trade policy. It is important to develop links between the transport infrastructure, trade, customs and border countries in the Bank's member states - more integration and openness, fewer barriers - these are the main foundations on which we must build our future, "- said Ivane Matchavariani.

He reiterated the importance of holding the annual meeting of the Asian Development Bank in Georgia.

"In the conditions of the Covid-19 pandemic, I think everyone understands the challenges of hosting this event. However, we express our readiness to hold one of the most memorable annual meetings of the Asian Development Bank in Tbilisi next year, "- said the Minister of Finance Ivane Matchavariani.