Jill Gale de Villa
On 2 December 2011 at the Asian Institute of Management (AIM), Nihal Amerasinghe (ADB 1979–2002) launched International Financial Institutions and Development in Asia. The book is a culmination of Nihal’s 40 years of experience, including 10 years of teaching at AIM synthesized with his extensive previous experience at ADB and in academia. His book is the first brings together the development experience of the three international financial institutions (IFIs) working in Asia—ADB, the International Monetary Fund (IMF), and the World Bank—and discusses their work and challenges.
The launch included talks by ADB’s Managing Director Rajat Nag, AIM’s President and former Philippine Secretary of Education Edilberto de Jesus, former Philippine Finance Secretary Roberto de Ocampo, and AIM’s Dean Ricardo Lim.
L-R) Roberto de Ocampo, Edilberto de Jesus, Rajat Nag, and author Nihal Amerasinghe addressing the launch.
Edilberto de Jesus noted that Nihal started AIM’s IFI and Development Program, and that, prior to ADB, he had been at Australian National University and the University of Sri Lanka. Officially, Nihal had retired from AIM last year, but he is still active with the school and is working on a second book.
Some of the AFE members at the launch: (L-R) Rick Tan, David Green, and Brahm Prakash.
Nihal described his book, which deals with development finance in Asia, the role of ADB, IMF, and the World Bank; and the development challenge.
Rajat Nag mentioned Asia’s recent achievements and the great distance yet to be traveled. He noted rising inequalities, the “middle income trap,” climate change and environmental sustainability, urbanization and the quality of life, and governance, all of which drive Asia’s ability to meet its goals. He noted that the IFIs’ financing role has decreased as Asia has moved from a position of capital deficit to one of capital surplus, and that the IFIs need to do what Nihal is doing: sharing experience and knowledge.
Bobby de Ocampo, who had headed AIM at the time Nihal joined, welcomed Nihal’s synthesis of the roles of the private sector, public sector, and IFIs. He noted that, during the Asian financial crisis, IFIs, and especially ADB, led the efforts of the Asia-Pacific Economic Cooperation (APEC) to find solutions. Responding to the question of whether IFIs were working themselves out of business, the speakers noted that poverty is unlikely to disappear in the near future, countries progress at different rates, needs continue to vary, and an honest broker is going to be needed for some time.
Signing the new book.
After the speeches, Nihal autographed books for long lines of students, colleagues (current and former), and friends.
For a copy, contact AIM, 123 Paseo de Roxas, Makati City 1260, Metro Manila, Philippines (632-892-4011 to 25 or e-mail mquinones@aim.edu).