Closing Remarks by
Ibrahim H. Çanakci the Chair of the Board of Governors and Governor for Turkey

6 May 2005
Istanbul, Turkey

Dear Governors,

I would also like to extend my appreciation to all of you for your participation in and invaluable support for the 38th Annual Meeting of the Asian Development Bank.

I believe the meeting provided an excellent opportunity to exchange views on pressing agenda items. We covered many development issues, including poverty reduction, and had lively discussions on the future direction of ADB.

The Governors also expressed their sympathy to the victims of the devastating tsunami and reinforced their support to the affected countries while acknowledging ADB's prompt and efficient response to the crisis.

As President Kuroda has stressed, the Asia and Pacific region is moving into a new era of development. Regional and interregional cooperation and integration, and infrastructure improvement were the common theme of all discussions.

A key message that I derived from our discussions is that sustainable and rapid growth requires confidence, consistency, and continuity in domestic economic policies. In my opening address, I emphasized the importance of ongoing management reforms and their crucial role in enhancing ADB's capacity to adapt to a rapidly changing environment-in the region and in the world. I referred to the tangible benefits of ADB's response to the poverty reduction review of 2004. I believe management reforms and poverty reduction reviews should be part of our self-assessment and a way to crosscheck the effectiveness of our policies and efforts. I am confident that the Governors' able guidance will help sustain the momentum on this front.

I trust that your stay in Istanbul has been a captivating experience while giving you the chance to hold fruitful discussions.

Thank you all for being part of this occasion and for your contributions. I thank President Kuroda, the Vice Presidents, The Secretary, the staff of ADB, and my staff for their dedicated work and cooperation, which made the Meeting a success.