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Enhancing the Fight Against Poverty in Asia and the Pacific: The Poverty Reduction Strategy of the Asian Development Bank

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Foreword

The Asian Development Bank (ADB) formally adopted poverty reduction as its overarching goal in 1999 and announced its Poverty Reduction Strategy (PRS) to achieve this end. Four years after the adoption of the PRS, a comprehensive review was undertaken to obtain feedback from the implementation experience of the PRS and examine its relevance in the context of the major changes that have occurred both within the region and globally. This process was completed in July 2004. This document summarizes the essential elements of ADB’s strategy for poverty reduction today enhanced by feedback from the review.

Back in 1999, the region was still reeling from the economic crisis that had struck two years earlier. There has since been a strong economic recovery from the 1997 financial crisis, but the region is now facing new political and economic challenges. In addition, a new global architecture for development cooperation has emerged with the adoption of the Millennium Development Goals as the benchmark for monitoring progress in poverty reduction. The new architecture places stronger emphasis on development partnerships, harmonization, results orientation, and capacity development of developing countries in support of poverty reduction.

The PRS review has confirmed that in the face of all these challenges and changes, the basic framework for poverty reduction comprising the three pillars—pro-poor, sustainable economic growth; social development; and good governance—has retained its relevance. But to achieve greater effectiveness, the review recommends refinements in strategic directions, including a greater country focus that will align ADB operations with a country’s own poverty reduction strategy and the fostering of partnerships around the strategy. It also calls for increased attention to results, monitoring, and evaluation; and greater emphasis on capacity development.

Despite significant progress, the scourge of poverty is still all too prevalent in Asia and the Pacific, which remains home to two thirds of the world’s poor. Income poverty may have declined in recent years, but progress has been far too slow in many other areas. We can and must accelerate our efforts, build on past successes, and re-energize ourselves in order to improve significantly the impact of ADB’s interventions to reduce poverty. Building on the experience of DMCs and the findings of the review, the enhanced PRS will guide ADB toward achieving its vision of Asia and Pacific region free from poverty.

Tadao Chino
President
December 2004

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