BY LORETTA B MANELE
Prof Paresh Narayan, of Monash University and APAEA (Asia-Pacific Applied Economics Association) says the problem they face in developing countries is having good ideas but not implementing them simply because they they are not working together.
He raised this at the “2nd CBSI-ADB-APAEA Joint Workshop”, that catered to heads of central banks in the region particularly, Fiji, Vanuatu and Papua New Guinea, ADB representative, Dr John Beirne, government officials and stakeholders.
“The problem that we face in developing countries in particular, we have good ideas, but we cannot implement them.
“And one of the reasons we are not able to implement that is because we are not working together. And if we come together like what we have done here, that means we can start to work together,” he said.
Prof Narayan stated that they can have more robust discussions on some of the ideas which may not necessarily fit certain type of economic problems as solutions.
Moreover, he said this forum and the forums that have been happening throughout the region in the last eight years is creating that kind of knowledge bundle.
Prof Narayan also referred to the Asian Development Bank (ADB) as a key regional partner.
He expressed that the Asian Development Bank’s partnership in this project is allowing central banks and APAEA to build that bridge stronger between policy research, policy design, and its implementation, which is the key thing.
Prof Narayan also spoke briefly about APAEA (Asia-Pacific Applied Economics Association).
“So, what the Asia-Pacific Applied Economics Association, under my leadership, is doing, is working very closely not only with central banks but other policy institutions like the National Provident Fund,” he said.
Prof Narayan on this note, informed the audience that they had signed a MOU with the National Provident Fund of Solomon Islands to undertake research in capacity building.
He said this has come about because of the spillover effects of what the central bank is doing.
“And that’s what the role of the central bank in any country is. You must lead research, not by hiding research, but by becoming inclusive, like the way Governor Luke Forau has engaged with all of you,” Prof Narayan said.
For feedback, contact: [email protected]
