The Development Committee, the World Bank's policy-setting body, held its 74th meeting in Singapore Monday.

Participants will focus on topics like governance and anti- corruption, relationship of World Bank with donors.

"I believe that good governance policies and practice cannot be ends unto themselves," said World Bank President Paul Wolfowitz at the meeting. "Rather, they are the means to achieve better development results."

He noted that sound principles of accountability and transparency not only assure funds are spent as intended, but also are essential to accelerating economic growth, helping the poor to escape poverty and achieving the Millennium Development Goals.

"We cannot abandon the poor because their government or institutions are weak," said Wolfowitz. "That would mean they would be penalized twice."

He said that the effort to strengthen and improve governance is a key element in the fight against poverty and good governance requires three things, state capability, responsiveness and accountability.

Following the development committee meeting, the World Bank will hold plenary meeting on Tuesday and Wednesday.

Source: Xinhua