ISLAMABAD, Dec 13 (APP):The Asian Development Bank (ADB) on Friday approved a 2020 administrative budget (net internal administrative expense budget) of $726.7 million.
This represents a 5.2% increase over the 2019 administrative budget, consisting of a price increase of 2.9% and a volume growth of 2.3%, said a statement issued by the bank. The 2020 budget will support ADB’s work program, which includes estimated commitments of $18.2 billion for sovereign operations, $3.4 billion for non-sovereign operations, and $422 million for technical assistance.
“ADB’s 2020 budget will support the implementation of Strategy 2030. Our work program is focused on the seven operational priorities set out in the strategy as well as operations quality, expansion of non-sovereign operations, and providing high quality knowledge solutions,” said ADB President Takehiko Nakao. “ADB is maintaining prudent budget growth by making the best use of existing resources and continuing to improve productivity and efficiency.”
The main cost drivers include an increase in staffing to deliver the bank’s long-term strategic plan, Strategy 2030; additional information technology (IT) requirements; and support for resident missions. ADB estimates that most of the increased staff will be for non-sovereign operations and related support, sovereign operations, and additional skills required for the seven operational priorities under Strategy 2030. The Real-Time ADB IT reform program and the Digital Agenda 2030 will deliver benefits, in terms of quality, productivity, efficiency, and cyber security.
The ADB said it was committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.