MANILA – The heads of multilateral development banks (MDBs) underscored the importance of close cooperation to support stability, safeguarding development progress, and responding to mounting pressures in their member economies, according to a news release from the Asian Development Bank (ADB) on Saturday.

MDB heads, meeting on the sidelines of the World Bank Group-International Monetary Fund spring meetings, noted that the impacts of current global developments are already being felt through higher energy costs, supply chain disruptions, and tighter financial conditions.

"MDBs are working more closely than ever to support our members and clients through a complex and evolving global environment," said Masato Kanda, president of the Asian Development Bank and current chair of the MDB Heads Group in Washington D.C.

MDB heads reaffirmed their shared commitment to deepen collaboration and deliver impact at scale, with a strong focus on private-sector development, job creation, infrastructure, and long-term, sustainable growth, in line with their respective mandates, strategies, and operational focuses.