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              The Fifth Tokyo Fiscal Forum
           Implications of G20 Achievements for Asia


Policy Research Institute (PRI), IMF (Fiscal Affairs Department), and Asian Development Bank Institute (ADBI) held The Fifth Tokyo Fiscal Forum “Implications of G20 Achievements for Asia” on November 20-21, 2019, Tokyo, Japan.

Government officials and experts in fiscal policy from 19 countries in Asia and beyond had intensively discussed two following points: how to implement public investments in an effective and efficient manner while ensuring the macro-level as well as project-level debt sustainability, and how to keep fiscal sustainability under the demographic transition while coping properly with increasing needs on welfare. The discussion was conducted in terms of policy and academic aspects in light of the support from international organizations including IMF, WB, ADB and OECD, and challenges and case studies of each Asian developing countries.

Date:November 20 , 21
Venue:Tokyo Prince Hotel (Providence Hall)


   Day 1:Wed, November 20

Opening Session


9:30 AM – 9:40 AM

Welcome Address:  Kiyohiko Toyama (State Minister of Finance, Japan)

Part1: Quality Infrastructure Investment (QII)


 9:50 AM – 10:00 AM

Key Note Speech:Mitsuhiro Furusawa (Deputy Management Director, IMF)

Video: “IMF and Infrastructure Governance”

Session1:Introduction to QII


10:00 AM – 10:50 AM

Chair: Damien Dunn (co-chair of G20 Infrastructure Working Group, Australia)


Presentation: QII—G20 Deliverables(PDF:1471KB)

    Shigeru Ariizumi (Deputy Director-General of the International Bureau, Ministry of Finance, Japan)


Presentation: QII and IMF (PDF:835KB)

   Gerd Schwartz (Deputy Director, Fiscal Affairs Department, IMF)


Discussion and Q&A

 Session2: Making Public Investment More Efficient in Asia


    11:00 AM – 0:50 PM

 Chair: Odd Per Brekk (Deputy Director, Asia and Pacific Department, IMF)


 [1] Infrastructure governance challenges in Asia – ADB’s perspective(PDF:399KB)

         Bruno Carrasco (Chief of the Governance Thematic Group, ADB)

 [2] Infrastructure governance challenges in Asia – IMF’s perspective(PDF:557KB)

         Manal Fouad (Division Chief, Fiscal Affairs Department, IMF)

 [3] Country case: Indonesia(PDF:2587KB)

          Taufik Hanafi (Deputy Minister, Bappenas)

 [4] Country case: Maldives(PDF:486KB)

 Mohamed Imad (Chief Project Executive, Ministry of National Planning and Infrastructure)


 Discussion and Q&A

0:50 PM – 2:00 PM

 Lunch Break

     Luncheon Speech: IMF’s Capacity Development Activities in Asia

     Chikahisa Sumi (Director, Regional Office for Asia and the Pacific, IMF)

 Session 3: Environmental and Social Considerations in Infrastructure Investment


2:00 PM – 3:50 PM

 Chair: Toshiro Nishizawa (Professor, Graduate School of Public Policy, the University of Tokyo, Japan)



 [1] Integrating environmental and social considerations in infrastructure investment (PDF:277KB)

          Robert Youngman (Team Leader, Green Finance and Investment, OECD)

 [2] ADB’s perspectives(PDF:2802KB)

          Chiara Bronchi (Chief Thematic Officer, Sustainable Development and Climate Change Department, ADB)

 [3] Country case: Korea

    Kiwan Kim (Executive Director, Public and Private Infrastructure Investment Management Center, Korea Development Institute)

 [4] Country case: Bhutan(PDF:963KB)

          Loday Tsheten (Director, Department of National Budget, Ministry of Finance)


 Discussion and Q&A

 Session 4: Building Resilient Infrastructure in Asia


4:00 PM – 5:50 PM

 Chair: Vitor Gaspar (Director, Fiscal Affairs Department, IMF)



 [1] Mainstreaming Disaster Risk Management in Infrastructure Investment in Asia(PDF:1699KB) 

         Jim Brumby (Senior Adviser, Infrastructure and Institutions, Equitable Growth Finance & Institutions VP, World Bank)

 [2] Building Resilience in Developing Countries Vulnerable to Large Natural Disasters (PDF:434KB)

         Krishna Srinivasan (Deputy Director, Western Hemisphere Department, IMF)

 [3] Estimates of Natural Disaster by use of declined tax revenues and the issue of disaster bond(PDF:1337KB) 

        Naoyuki Yoshino (Dean, Asian Development Bank Institute)

 [4] Country case: Philippines (PDF:1935KB)

        Rolando U. Toledo (Assistant Secretary, Department of Budget and Management)     


 Discussion and Q&A

     Day 2:Thursday, November 21

 Part2: Aging and its Fiscal Policy Implications


9:00 AM– 9: 10 AM

 Key Note Speech(PDF:919KB) : Naoyuki Yoshino, Dean, ADBI

 Session1: Global Perspective - G20 Deliverables


9:10AM – 10:10 AM


 [1] Highlights of G20 discussions

       Toshitaka Sekine (Director General, Institute for Monetary and Economic Studies, Bank of Japan)    

 [2] Macroeconomics of Aging and Policy Implications(PDF:727KB)

        Vitor Gaspar (Director, Fiscal Affairs Department, IMF)


 Discussion and Q&A


 Session 2: Implications for Asia


10:20AM – 0:50 PM

 Chair(PDF:434KB) : Chul Ju Kim (Deputy Dean, Asian Development Bank Institute)


 Special Session: Aging and its fiscal implications for Japan

    Hiroshi Yoshikawa (Honorary President, Policy Research Institute)



 [1] Country Case 1: Japan

       Todd Schneider (Deputy Division Chief, Asia-Pacific Department, IMF)

 [2] Country Case 2: China(PDF:767KB)

       Zhu Guangyao (Counsellor of the State Council, Former Vice Finance Minister)

 [3] Country Case 3: Indonesia(PDF:2535KB)

       Suahasil Nazara (Vice Minister of Finance)

 [4] Country Case 4: India(PDF:973KB)

       Shamika Ravi (Research Director, Brookings Institute India Centre)


 Discussion and Q&A

0:50 PM – 1:00 PM

 Concluding Remarks— Yukihiro Oshika, President of PRI





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