Recovery From The Pandemic In Developing Asia: Achieving Inclusive And Sustainable Growth With Sound Fiscal Management

A Conference Jointly Organized by the IMF and the Japan International Cooperation Agency (JICA)
International Conference Hall, JICA Research Institute, Tokyo, Japan

February 13-14, 2023

This conference served as a forum for Ministers and Central Bank Governors from Asian countries, academics, and IMF and JICA staff, and focused on two main themes: (i) economic setbacks from the pandemic and fiscal policies during the exit stage with a view to achieve inclusive growth and the Sustainable Development Goals and (ii) role of fiscal policy in addressing the climate change challenges and ensuring a shift to a more resilient economy. The event concluded with a high-level Roundtable Discussion.

Monday, February 13, 2023

Time shown below is in Japan Standard Time (UTC/GMT +9)

19:00-21:00

Welcome Dinner

Welcome Remarks:

  • Akihiko Tanaka, President, Japan International Cooperation Agency (JICA)
  • Kenji Okamura, Deputy Managing Director, International Monetary Fund (IMF)

Tuesday, February 14, 2023

8:30–9:00

Registration

9:00–9:20

Welcome Remarks:

  • Akihiko Tanaka, President, JICA
  • Kenji Okamura, Deputy Managing Director, IMF
    Speech

Opening Remarks:

  • Masato Kanda, Vice Minister of Finance for International Affairs, Ministry of Finance, Japan

9:20–9:30

Photo Session

SESSION I

 Economic Setbacks from the Pandemic and Fiscal Policies During the Exit Stage

9:30–10:45

Economic Setbacks and Policy Responses During the Pandemic: The State of Fiscal Affairs and New Challenges for Inclusive Growth in Developing Asia

Moderator:

  • Akihiko Yoshida, Director, OAP, IMF

Presenters:

  • Krishna Srinivasan, Director, Asia Pacific Department (APD), IMF
    Presentation
    Scene-setting overview of economic and related fiscal challenges that have emerged in developing Asia during the pandemic—e.g. scarring, erosion of fiscal space, debt burdens, reform delays, key lessons from countries’ fiscal and related policies during the pandemic.
  • Vítor Gaspar, Director, Fiscal Affairs Department (FAD), IMF
    Presentation
    Scene-setting overview of erosion of progress on the SDGs, especially in education, health and climate, and latest estimates of financing needs for SDG implementation.
  • Koki Hirota, Visiting Fellow, Ogata Sadako Research Institute for Peace and Development, JICA
    Presentation
    Introducing research on “Estimating Asia’s Social Infrastructure Needs in the Time of COVID-19”.

Discussants:

  • Javkhlan Bold, Minister of Finance, Mongolia
  • Sitikantha Pattanaik, Executive Director of Reserve Bank of India, India
    Presentation

10:45-11:00

Coffee Break

11:00-12:15

Fiscal Policy During the Exit from Pandemic: Public Financial Management and Budget Policies for Fiscal Sustainability and Inclusive Growth

Moderator:

  • Akihiko Yoshida, Director, OAP, IMF

Presenters: 

  • Sri Mulyani Indrawati, Finance Minister, Indonesia
    Presentation
  • Kenneth Henry Kang, Deputy Director, SPR, IMF
    Presentation
  • Cigdem Aslan, Division Chief, FAD, IMF
    Presentation

    Transformative fiscal policies and PFM practices to help drive an inclusive recovery (gender, green and SDG budgeting); medium-term fiscal frameworks and fiscal rules; how best to secure debt sustainability; increasing the efficiency of public investment management; the great financing divide and domestic and external financing options; targeted external support for the fiscal transition and for managing COVID risks in the most vulnerable countries.

Discussants:

  • Vanarith Chheang, Director General, Ministry of Economy and Finance, Cambodia
  • Tetsuya Kuge, Senior Advisor, Public Governance and Financial Management Team, Governance Group, Governance and Peacebuilding Department, JICA
    Presentation

12:15–13:15

Lunch

SESSION II

The role of Fiscal Policy in Addressing Climate Change Challenges and Ensuring a Shift to a More Resilient Economy 

13:15–14:15

Fiscal Policies to Support Climate Goals and Climate Finance in the Post Pandemic Era

Moderator:

  • Vítor Gaspar, Director, FAD, IMF

Presenters: 

  • Era Dabla-Norris, Assistant Director, APD, IMF
    Presentation
  • Hiromichi Muraoka, Senior Deputy Director General, Southeast Asia and Pacific Department, JICA
    Presentation
  • Ibrahim Ameer, Minister of Finance, Maldives

    A discussion of public perceptions towards climate change and climate policies and policy features that affect support for governments’ policy actions
    The role of fiscal policy to achieve climate goals and implementing climate change mitigation policies;
    Scaling up financing for climate in the emerging market and developing economies: challenges and opportunities

Discussants:

  • Ahmed Jamal, Deputy Governor, Bangladesh
  • Ram Prasad Ghimire, Secretary, Ministry of Finance, Nepal
  • Masyita Crystallin, Special Advisor for Fiscal and Macroeconomic Policy, Ministry of Finance, Indonesia

14:15–15:15

Invest More and Better toward Resilient UHC in Asia and Pacific

Moderator:

  • Makoto Tobe, Senior Advisor, Human Development Department, JICA

Presenters: 

  • Makoto Tobe, Senior Advisor, Human Development Department, JICA
    Presentation
  • Saeda Makimoto, Principal Research Fellow, Ogata Sadako Research Institute for Peace and Development, JICA
    Presentation
    Key lessons from response experiences during COVID-19 pandemic for resilient UHC, focusing on health financing and governance (including research findings)
  • Pum Huot, Undersecretary of State, Ministry of Economy and Finance, Cambodia
    Presentation
  • Vandine Or, Secretary of State, Ministry of Health, Cambodia
    Presentation

Discussant:

  • Shaikh Moniruzzaman, Joint Secretary, Ministry of Finance, Bangladesh

15:15–15:45

Coffee Break

SESSION III

Roundtable Discussions and Concluding Remarks

15:45–16:45

Roundtable Discussions

Moderator:

  • Krishna Srinivasan, Director, APD, IMF

Panelists:

  • Benjamin Diokno, Secretary, Department of Finance, Philippines 
  • Lkhagvasuren Byadran, Governor, the Bank of Mongolia, Mongolia
  • Tetsuya Harada, Executive Senior Research Fellow, Ogata Sadako Research Institute for Peace and Development, JICA

16:45–17:00

Closing Remarks

  • Tadashi Yokoyama, Senior Vice President, JICA     
  • Krishna Srinivasan, Director, APD, IMF