MILAN, Italy, May 5. The Asian Development Bank
(ADB) needs to refocus on poverty reduction and market-oriented
economic growth, Catherine West, governor of ADB from the UK, said,
addressing the business session of ADB Governors, Trend’s special
correspondent reports from Milan.
“For decades, the Asian Development Bank has helped regional
countries grow their economies, reduce poverty, increase private
sector investment, support private sector job creation, and reduce
dependency on foreign aid. We do this by offering transparent and
affordable long-term financing and extensive technical support,
allowing countries to invest in their own development priorities
and stand up to coercive and opaque lending terms from other
creditors,” she said.
West said the UK sees the potential for alignment between these
core priorities and the Trump administration’s efforts to promote
safer, stronger, and more prosperous economies in the United
States, in Asia and the Pacific, and around the world.
“But we worry that the ADB has moved too far from its core
mission, and we need to see it refocus on the fundamentals, poverty
reduction and market-oriented economic growth. As the bank returns
to its core mission, it needs to be efficient and effective,
including by mobilizing private investment, driving private
sector-led job-rich economic growth, and developing markets.
Supporting the engine of the economy, the bank should be focused on
ending energy poverty to enable private sector investment and boost
growth. We call on the bank to take an all-of-the-above approach to
energy and work to give countries access to all technologies that
can provide affordable baseload generation, including, for example,
nuclear power,” noted the ADB governor from the UK.
She pointed out that efficient use of resources requires greater
focus on less-developed countries, where ADB support makes the
biggest difference for poverty and growth, and application of the
graduation policy in countries with higher incomes and ample access
to other financing.
“Greater efficiency and development effectiveness also require
robust implementation of procurement policies that deliver quality
and best value for money, not just the lowest cost, and that
support long-term development of country capacity and competition
on a level playing field that doesn’t reward state subsidies and
low standards.
We call on the bank to restrain budget and salary growth and
strengthen the bank’s accountability mechanisms. Faster, more agile
operations are important, but they should maintain strong quality
and accountability too. A return to the bank’s core mission will
promote global economic growth and stability, allowing us all to
grow together,” she said.