Lasha Khutsishvili, Minister of Finance of Georgia launched the Executive Board Meeting of the Asian Development Bank (ADB) in the capacity of the Chairman of ADB Board of Governors.

ADB Executive Board Meeting was held under the chairmanship of Georgia within the scope of the 54th Annual Meeting of the ADB. It was led by H.E. Lasha Khutsishvili, Minister of Finance of Georgia in the capacity of the Chairman of the ADB Board of Governors.

As commonly known, the forum was originally intended to be held in Tbilisi, but the event turned into a virtual interaction due to the global pandemic.

“We will be hosting this wide-scale and significant meeting in Tbilisi in 2024. I hope that we will gain joint success over the virus and overcome the economic crisis by that time” noted the Minister of Finance of Georgia in his welcoming remarks.

He expressed gratitude to the ADB for organizing the Annual Meeting at a high level at such a challenging time and noted that such forums give an excellent opportunity for the discussion of cooperation agenda, thereby stressing the significant role played by the ADB in this process. When referring to the global pandemic, the Minister of Finance of Georgia noted the contribution made by ADB in the fight against COVID-19 as well.

“COVID Response Package worth 20 billion USD as designed and developed by the ADB is important for the member states in this context. This support was vital for macroeconomic stability, minimization of economic damage and maintenance of jobs. We are currently at a stage, when the vaccine is developed and the immunization process is launched. Irrespective of this success, we still see noteworthy faults in the fight against the virus, especially in terms of vaccine supplies. I believe the role of ADB should increase in this process to address this gap and to increase accessibility to vaccines” stated Lasha Khutsishvili.

He believes that facilitated economic growth should be continued in the post-pandemic phase. Economic and structural reforms should be solidified to secure the economic grounds and resilience to shocks.

“We should maintain the policy of regional cooperation and facilitated integration. Georgia is a supporter of free trade policy and this will be pursued further. Greater integration, openness and low barriers are key factors of the global economic architecture. We should focus our attention exactly on this” noted the Minister of Finance of Georgia.

He also spoke about the role of ADB in the development of the private sector.

“We should empower the private sector as it is indeed a driving force of the economy. Role of ADB is important in this area too. As the pandemic has badly affected the private sector, usual tools of support may not be sufficient. That is why, we should think about developing new mechanisms. It is also important to care for the development of human capital. Four countries in the top niche of the Human Capital Index are from Asia and Pacific Ocean region. Nevertheless, there are countries – Georgia included – that still lag behind others with their indicators. ADB has accumulated great experience by helping its member states in reforming their healthcare and education systems, which should be used by all means. I am confident that ADB will be a leading financial institution in further advancing the common agenda of economic recovery in the post-pandemic phase” stated H.E. Lasha Khutsishvili, Minister of Finance of Georgia.

In closing, he expressed his gratitude to ADB Governors from member states and ADB Management for deepened cooperation and partnership.