ADB’s new president promises “pragmatic actions, real results”

Masato Kanda, serving as Special Advisor to the Cabinet of Japan, has officially assumed office as the 11th President of the Asian Development Bank (ADB) today (Monday).

Japan’s former top currency diplomat is renowned for his heavy-handed intervention to combat sharp yen falls that earned him the nickname “Mr Yen”, Reuters reported.

China, World Bank, ADB dominate Pakistan’s external debt landscape

The ADB said in a statement that Kanda – succeeding Masatsugu Asakawa – is continuing a legacy of excellence and innovation. “With nearly four decades of experience in international finance and development policy, Mr Kanda is widely recognised for his forward-thinking leadership and his decisive interventions during periods of market volatility,” the ADB statement said.

Masato Kanda has a proven track record in navigating complex financial challenges and fostering international cooperation, which makes him the ideal leader to guide us as we build upon our strengths and seize emerging opportunities, said Chair of the ADB Board of Governors Fabio Panetta. “I am confident that under his leadership, ADB will deliver targeted and impactful solutions for our developing member countries,” he added.

The ADB Board of Governors unanimously decided to elect Kanda. His extensive background in managing complex economic policies and his hands-on experience in multilateral settings will be invaluable as ADB continues to adapt to a rapidly changing global landscape.

PAKISTAN AND ADB

The Asian Development Bank (ADB) is one of the top three lenders for Pakistan, with nearly 15 per cent share in the country’s total external debt, approximately $19.63 billion.

Most recently, the government of Pakistan signed a loan agreement with the ADB for the Integrated Social Protection Development Program (ISPDP) Additional Financing, amounting to $330 million.

Pakistan receives $500 million loan from ADB to strengthen climate resilience

Earlier in December 2024, the ADB approved a $200 million loan to help Pakistan modernise its power distribution system, aiming to make electricity more reliable for people across the country.

Pakistan is also in the process of receiving $500 million loan from ADB to strengthen climate resilience.