Closing Statement at the 42nd Annual Meeting
By
Haruhiko Kuroda
President, Asian Development Bank
5 May 2009
Bali, Indonesia
I. Introductory Remarks
Madame Chair, Governors of the Asian Development Bank, distinguished guests, ladies and gentlemen.
The 42nd Annual Meeting is now coming to a close. This has been a successful meeting with very important discussions on crucial issues. The various events and dialogue that have taken place confirmed the adverse impacts and risks to the region from the global economic crisis but also the region's potential for recovery. We are also reminded of the many longer-term development challenges we need to address. I thank Governors for their insights on how ADB can play a vital role in reacting to the current crisis affecting the region while responding to the long-term priorities of all developing member countries.
Let me briefly review a few highlights of this Annual Meeting.
II. The Region
It is clear that developing Asia and the Pacific is facing its most difficult economic and development challenges since the Asian financial crisis of the late 1990s. The effects of the crisis are being felt across the region, posing a serious threat to its poorest and most vulnerable citizens, and undermining the region's progress towards achievement of all Millennium Development Goals.
Governments have been coordinating their responses to the crisis in ways that contribute to stability and provide much needed investment and finance for the region's economies. There are opportunities to build on this cooperation through future policy dialogue and actions for establishing economic structures that are more resilient to fluctuations in external demand. In this context, prioritized investment through public-private partnerships in a "regional seamless economic infrastructure", supported by modernized capital markets, would bring great benefits to developing countries of the region.
We agreed that there are clear risks to the region's long-term growth and quality of life posed by climate change. Early and sustained actions by governments in cooperation with development partners and the private sector can lessen the region’s carbon dependency and reduce greenhouse gas emission. I am gratified with the positive response of Governors to ADB's initiatives in this area.
The spread of diseases continues to challenge all nations. It remains to be seen how the recent influenza outbreak will further affect the region. All countries must be vigilant and work together to minimize risks and costs in human and economic terms.
III. ADB in the Asia and Pacific Region
ADB will support the region’s developing economies affected by the crisis. Our financing for countercyclical programs will stimulate growth, trade, capital inflows, and private demand. ADB will also support social safety nets, and help sustain investments in economic and social infrastructure that are critical for growth and social stability. Our support must be flexible and responsive with due diligence, providing coordinated assistance that countries need quickly and effectively.
It is crucial that the private sector also plays a leading role in overcoming the current crisis and driving the next stage of vigorous growth in the region. ADB's efforts under Strategy 2020 to attract private sector investments that support inclusive growth and improve the environment across the region must contribute to this end.
ADB is in a strong financial position to assist the region. Let me reiterate my appreciation to Governors for their authorization of ADB's fifth general capital increase. With this unprecedented tripling of our capital we can respond aggressively to the crisis,, while sustaining momentum on long-term development and poverty reduction across the region. I also appreciate ADF Donors’ endorsement of our proposals to front-load ADF resources and to use additional commitment authority for poor countries to help them cope with the crisis. The resources provided under GCI V and ADF X will be used efficiently to finance Strategy 2020’s core operations, led by infrastructure, which is central to generating employment, stimulating domestic demand, and boosting investor confidence during the crisis and into sustained recovery.
To execute Strategy 2020 successfully and make best use of all organization resources, ADB will carry out institutional reforms. Among our priorities are human resources management, risk management, and a focus on results with accountability. And in everything it does ADB will remain committed to its vision of an Asia and Pacific region free of poverty, while reflecting its special regional and multilateral character.
IV. Concluding remarks
Governors:
It has been a privilege to meet with you here in Bali to reaffirm our collective commitment to end poverty in Asia and the Pacific and achieve inclusive, cooperative and environmentally sustainable development and prosperity in the region.
I would like to express our sincere gratitude to the Chair, Honorable Sri Mulyani Indrawati, Minister of Finance of Indonesia, for the excellent arrangements. And I especially want to thank the people of Bali, who, through their gracious and delightful hospitality made this 42nd anniversary of the ADB a most memorable occasion.
I would also like to congratulate the Governor for Uzbekistan, who will serve as Chairman of the Board of Governors for the coming year.
I look forward to seeing all of you next year when we will meet in Tashkent for ADB's 43rd Annual Meeting, and wish you a safe and pleasant journey home.
Thank you.
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