NextGen Day

MANILA, Philippines — Finance Secretary Carlos Dominguez III praised CEOs of major multilateral development banks (MDBs) for supporting the government’s coronavirus illness vaccination program in 2019. (Covid-19).

During meetings with officials from the World Bank Group (WBG), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB) on the sidelines of the ongoing International Monetary Fund (IMF)-WBG Spring Meetings in Washington, DC, Dominguez said the multilateral agencies’ assistance provided the government’s vaccination program with the “seal of good housekeeping.”

The Department of Finance (DOF) said Monday that the present government has signed 22 loan agreements with the World Bank Group (WBG) worth USD7.53 billion.

It stated that 15 of these agreements are for government pandemic-related activities totaling USD6.15 billion.

The trilateral coordination among MDBs to support the Philippine government’s pandemic-related programs “was an offshoot of a proposal made by Secretary Dominguez in 2017 for multilateral institutions to coordinate with each other in eliminating overlapping functions, reducing costs, and being more effective and responsive in providing official development assistance (ODA) to member-countries,” according to the DOF.

“This trilateral cooperation, Secretary Dominguez noted, may be duplicated to raise financing for other development projects, including climate adaptation and mitigation activities by emerging economies like the Philippines,” it said.

It went on to say that this collaboration “would be a more realistic and accessible option than subjecting countries to the time-consuming processes required by numerous organizations offering climate financing,” according to Dominguez.

In order to address the impact of the epidemic on the economy, the government took out loans from multilateral institutions as well as the global debt market.

This came as government income fell as economic activity slowed as a result of the adoption of lockdown measures both at home and abroad.

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