Principles of Poverty Reduction - US Treasury Secretary O'Neill

US Treasury Secretary Paul O'Neill

Poverty reduction is a consequence of economic growth rather than a goal in itself, said US Treasury Secretary Paul O'Neill at a press conference during the ADB annual meeting.

"We have to figure out ways of delivering higher levels of economic growth. This process involves various principles including the rule of law, enforceable contracts, minimum levels of corruption." Mr. O'Neill also stressed the fundamental role of education in development. "The most important thing in the world is to give your children the ability to be independent lifetime learners," he said.

On development work, Mr. O'Neill said, "Institutions like ADB have a growing understanding of what works and what doesn't work. They have an important role to play and can make a difference."

Read his address to the Board of Governors.