Himalayan News Service

Jeju Island, May 17:

The 37th annual meeting of Asian Development Bank (ADB) ended today with its president, Tadao Chino, reaffirming that the Manila-based Bank will implement all its commitments to become a more accountable, more efficient, and more transparent institution, states a press release issued here today by the bank. This will enable the 63-member institution to effectively assist developing member countries to achieve the Millennium Development Goals (MDGs), he said. Wrapping up the meeting, Chino said that ADB governors had observed that the international community, including ADB and development partners, had played an important supportive role in the region’s strong performance.

He noted, however, that governors had observed that the overall growth of the region masked differences among subregions and countries on progress in reducing poverty, and particularly the non-income dimensions, which are so critical for achieving the MDGs.

Governors said the trend towards greater regional interdependency of trade and investment, and the need for closer financial cooperation. They also noted that development policies need to emphasise how growth can be more socially inclusive by addressing gender, education, health, environment, and governance, he added. Chino said governors had reaffirmed that ADB’s poverty reduction strategy continues to provide a sound operational framework for the Bank’s overarching goal of poverty reduction and helping its DMCs achieve the MDGs.

Chinese stand

Some of the points that China stressed in the meeting;

•need to focus on implementing the action plan for managing development results

•region’s extensive physical and social infrastructure needs for sustainable economic growth

•ADB’s private sector operations need to be closely aligned with country strategies and

programmes

•asked to provide continued support for regional cooperation in trade and investment and for improving financial intermediation