[Asia] Poverty is Asia's most daunting problem: ADB chief

from New Kerala

Hyderabad: Asian Development Bank (ADB) President Haruhiko Kuroda Friday said poverty remained Asia's most daunting problem and asked Asia-Pacific countries to reduce disparities within the region by sustaining high economic growth and spreading the advantages of growth to the disadvantaged.

Addressing the opening session of 39th annual meeting of the ADB board of governors, he said while absolute poverty was declining, inequality was growing.

"Poverty, in all its aspects, remains our region's most daunting problem. Thus, the abiding passion, vision, and mission of the Asian Development Bank continues to be the elimination of poverty," he said in his speech titled 'The two faces of Asia: working together for a poverty-free region'.

More than 2,000 delegates are attending the conclave at the Hyderabad International Convention Centre.

"The face of Asia is changing. Today, hundreds of millions of people enjoy a better quality of life. The middle classes are growing and Asia's place in the world is rising," he said.

"But open the lens wider, and another face appears. In this region of increasing prosperity, one in five people still cannot access safe drinking water. Half the population is without proper sanitation... More than four million children will die this year, never reaching their fifth birthday."

Assuring that ADB would continue to partner in the journey for human progress, he said Asia stands at a defining moment.

"We are a resourceful region - a region with the maturity, experience, and confidence to make the policy and investment choices that will finally lift the veil of poverty from our region," he said.

"There can be only one Asia - one face of Asia, with opportunities open to all. An Asia and Pacific where every individual can live with dignity - free of poverty and sharing in prosperity."

Kuroda said achieving the Millennium Development Goals would require substantial investment, particularly in infrastructure.

Improving even a single aspect of governance, such as regulatory efficiency or controlling corruption, can bring about a tremendous increase in per capita incomes, the ADB president said.

ADB for its part would strictly uphold governance and anticorruption policies in its operations and work with its development partners to develop a common framework for preventing and combating fraud and corruption.

Negative consequences of growth, such as environmental degradation, must be curtailed, otherwise the poor would only grow poorer, Kuroda said.

Given the region's large appetite for energy, ADB would expand its investment in clean energy projects to $1 billion a year, and introduce a Carbon Market Initiative that would benefit both developing and industrialised countries.

He said deeper regional cooperation and integration is the thread to transform the region into a "harmonious tapestry of progress for all".