Sunday, 02 May 2010
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Call for Economic Integration by ADB's President Hirohiko Kuroda
The Asian region recovered quickly from the global economic crisis. But there are still many problems in the region. One should be confident that further growth will be inclusive and environmentally sustainable, the president of the Asian Development Bank (ADB) Hirohiko Kuroda said at a press conference on Saturday.
He said that the ADB has provided substantial assistance to developing member-countries of the bank during the crisis, by approving loans totaling $ 16 billion in 2009, or 42 percent more than the previous year.
"These efforts helped developing ADB member-ountries to support the financing of key sectors, such as the health sector, education and infrastructure, accelerate the recovery of the region," Kuroda said.
Nevertheless, there are great economic, social and environmental problems in the Asia-Pacific region, the ADB President said.
"Most people in the region remains vulnerable and have limited access to public services and economic opportunities. According to our calculations, if its growth remained at the level of 2007, over 70 million people would find themselves in poverty, living on $2 a day in 2009.
The focus of the ADB meeting in Tashkent will be the restoration of the region and its development in post-crisis period, Kuroda said.
He warned leaders of the Asian region from the careless planning of their strategies for overcoming the stimulating fiscal policy, adopted during the crisis. He called for gradually return to the repressed state of the currency market.
The ADB President said that these countries-leaders should also provide social safety systems to soften the impact of any potential economic shocks on vulnerable population, and strengthen measures to protect the environment.
The President also stressed the importance of enhanced cooperation and intensification of economic integration.
"This will help the region to become more sustainable and benefit the countries at all levels of development", Kuroda said.
The 43rd Annual Meeting of ADB is held in Tashkent May 1-4. About 3,000 participants, including heads of governments, central bankers, finance ministers and representatives of the private sector, academia, media and civil society from around the world participate in the meeting.
The Annual Meeting in 2010 will review progress made within the "Strategy 2020". It is a long-term strategic program of ADB, adopted in 2008 at the annual meeting in Madrid.
Reforming the global financial system, the development of post-crisis countries in Asia, climate change will be discussed at the meeting. Several countries, including India, Uzbekistan and China, will hold a presentation of their countries.
There will be a meeting of ASEAN +3 finance ministers in parallel with the ADB meeting in Tashkent.
Official opening of the ADB summit in Tashkent will be held May 3 on Monday morning.
The ADB's headquarters is in Manila. It was established in 1966. Its members include 67 countries, of which 48 are in the region.
The ADB's annual meetings are the supreme governing body of the bank to build its policy for the next fiscal year.
Trend News Agency Azerbaijan 05-01-10
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