They should make it easier for borrowers like the Philippines to get in touch and ask for credit.
Finance Secretary Carlos Dominguez III may come across as demanding, but he has publicly asked the Asian Development Bank (ADB) and the World Bank to coordinate better as they help out countries in Asia.
The Finance chief made the bold call during the ASEAN Finance Ministers Meeting in Thailand this April, where he said that the are many “duplications” on the work of these lenders.
“From the point of view of the governor of both institutions, I don’t see the necessity for spending so much overhead in duplicating the offices of both ADB and the World Bank around the region,” Dominguez said. “From the point of view of the client, why do we have to deal with two bureaucracies for the same purposes?”
Don’t take him the wrong way — he said he is very thankful for the billion-dollar loans that the two entities have extended the past years. All he wants is a simpler (and hopefully less expensive) solution.
“So I’d like to suggest, especially on behalf of the smaller countries, that ADB and World Bank consider becoming more closely coordinated, and perhaps look for areas where they can cut their own internal costs in servicing the other needs of ASEAN.”
How will they take it?