ADB annual meeting to discuss poverty reduction and growth challenges

The Asian Development Bank (ADB) will continue to support healthy economic growth and reduction of poverty in the Asia and Pacific region, and the region's challenges will be discussed at the ADB annual meeting, said ADB President Haruhiko Kuroda in Hyderabad Wednesday.

At the start of the ADB's 39th Annual Meeting of the Board of Governors in Hyderabad, India's high-tech city, Kuroda briefed the press that finance officials and bank governors, as well as society groups, will discuss the challenges that the region is facing.

He said "broad based growth can only be achieved if people have access to basic services such as clean water and sanitation, and if the poor are provided with education and the training needed to get jobs."

The Asia-Pacific region as a whole is on a fast pace of growth and is making good progress toward meeting the goals of poverty reduction. Despite the Indian Ocean tsunami and South Asia earthquake, bird flu threat and higher oil prices, the region's economic development was strong in 2005, gaining a 7.4 percent growth.

However, large numbers of poor people and growing inequality make evident that not all are benefiting from strong economic growth, the ADB 2005 Annual Report said. Many countries are unlikely to reach the non-income Millennium Development Goals by 2015. Clearly, poverty reduction remains the region's key challenge.

For a healthy economic development, Kuroda said countries in the region should ensure that the growth will not come at the expense of the environment.

He noted that the greatest threat to private investment and growth in many countries is the high level of risk arising from regulatory weakness, policy uncertainty and market distortions.

"We must improve governance and maintain our vigilance against corruption," the president said.

"This is a critical moment for Asia," he said. "How we respond to these challenges will shape the region's future."

He said ADB's role in the region's response will feature prominently among the issues to be discussed at the ADB meeting.

The ADB annual meeting, from Wednesday to Saturday, includes a two-day Board of Governors meeting on Friday and Saturday, and seminars and forums before and during the Board meeting.

Over 2,000 people, including finance ministers and central bank governors of the ADB members as well as civil society groups and journalists from around the world are attending the meeting.

Development in the region, reduction of poverty in particular, is the focus of discussions.

During the ADB meeting, finance ministers from the Association of Southeast Asian Nations (ASEAN) as well as China, Japan and South Korea are to meet to discuss their regional development cooperation.

Source: Xinhua