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Poverty Alleviation and Asian Economy Expected to be Issues at ADB 37th Annual Meeting

MANILA, PHILIPPINES (10 May 2004) - Over 3,200 delegates will gather in Jeju Island, Republic of Korea, for three days to discuss the challenges of alleviating poverty in the Asia and Pacific region which, despite its economic dynamism, is still home to two thirds of the world's poor.

Although the Asia and Pacific region is one of the fastest growing in the world, some 720 million people in the region continue to live on less than $1 a day. The Asian Development Bank's (ADB) efforts to reduce poverty and assist its developing member countries reach the Millennium Development Goal of halving extreme poverty and hunger by 2015 will be a major focus of ADB's 37th Annual Meeting of the Board of Governors at Jeju Island, Republic of Korea from 15-17 May.

Delegates comprising finance and economics ministers, international finance institutions, representatives of the financial and banking sectors, civil society and media will also have the opportunity to discuss a wide range of topical issues. With the Asia and Pacific region forecast to grow by 6.8% in 2004, compared with the 6.3% growth attained in 2003, Asia's emerging role as an economic powerhouse will be a major focus. In addition, the question of a single currency for East Asia, capital market development, corporate restructuring, challenges of infrastructure financing and the role of domestic credit rating agencies in Asia are also likely to generate much discussion.

As the region's premier finance development institution, the meeting is also expected to discuss ADB reforms currently under way to increase its development effectiveness. These include:

• A new accountability mechanism to enhance transparency in all aspects of ADB operations.
• The adoption of a results-based management system that will allow ADB to better gauge its development effectiveness.
• A new communications policy for which ADB is now seeking public comment.

The Asian Development Bank is dedicated to reducing poverty in the Asia and Pacific region through pro-poor sustainable economic growth, social development, and good governance. Established in 1966, it is owned by 63 members - 45 from the region. In 2003, it approved loans and technical assistance amounting to $6.1 billion and $177 million, respectively.

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