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p. 82 of 95 BACK | NEXT Message from the Chairman of the Board of Directors Members, Capital Stock and Voting Power The Record Abbreviations 2004 in Review: Board of Directors' Report Special Theme: The Changing Face of the Microfinance Industry: Building Financial Systems for the Poor Part 1: Institutional Effectiveness Part 2: Poverty Reduction Strategic Priorities Thematic Priorities Regional Perspectives East and Central Asia Mekong The Pacific South Asia Afghanistan Bangladesh Bhutan India Maldives Nepal Pakistan Sri Lanka Southeast Asia Part 3: Financial Statements: Management's Discussion and Analysis

Annual Report 2004 : Part 2: Poverty Reduction : South Asia

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Maldives

Strategy and Policy Dialogue. The CSP and poverty partnership agreement of 2002 set priorities that are still relevant and should be pursued even in the wake of the tsunami: (i) improving physical and public infrastructure in the atolls; (ii) reducing economic vulnerability by diversifying economic activity; (iii) creating an enabling environment for private-sector development and new sources of employment; (iv) supporting good governance especially by improving public sector managerial efficiency and promoting legal and judicial reforms; and (v) raising the level of social development through support to postsecondary education and developing employment skills.

The tsunami was a national disaster. Thirty-nine islands were significantly damaged and nearly a third of the 300,000 inhabitants were severely affected; they will continue to suffer unless immediate mitigating measures are taken. About 7% of the population was displaced, and the livelihoods of thousands were undermined. Total damages were estimated to be about $470 million, close to 62% of GDP. About $298 million were direct damages; the rest was indirect loss. The tourism sector suffered the most with losses of around $100 million followed by the housing sector with losses close to $65 million. ADB is assisting with rehabilitation and reconstruction.

Loans and Technical Assistance. No loans were approved in 2004. Three technical assistance grants totaling $1 million were approved for commercializing agriculture, strengthening the education framework toward vision 2020, and developing domestic maritime transport.

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