ADB meeting ends with upbeat note on forecasts of recovery<\/p>\n
Agence France-Presse, Shanghai<\/p>\n
The annual meeting of the Asian Development Bank closed here
\nSunday on an optimistic note with financial officials from around
\nthe region predicting a strong recovery in 2002.<\/p>\n
With the United States economic engine gathering steam
\ndelegates from South Korea to the Philippines said their
\neconomies were also heading towards stronger growth.<\/p>\n
\"The regional economy is showing resilience. In fact, many
\ndeveloping member countries are achieving faster economic
\nrecovery that we had anticipated earlier,\" said ADB president
\nTadao China in his closing address.<\/p>\n
Also on the agenda for 3,300 delegates gathered in Shanghai
\nfor the meeting were the reconstruction of Afghanistan's war-
\nshattered economy, regional poverty alleviation and tightening of
\nthe ADB's project supervision.<\/p>\n
Indonesian Minister of Finance Boediono said the country has
\n\"turned the corner\" in its recovery from the crisis that began in
\n1997.<\/p>\n
\"With improvements in political stability, security and
\neconomic reforms, a virtuous circle is forming,\" he said.<\/p>\n
Boediono said the country would top the 3.3 percent growth it
\nachieved in 2001 and that foreign investor confidence was
\ngrowing.<\/p>\n
Meanwhile South Korea, which was forced to raise interest
\nrates earlier this week to cool the economy, was also \"back on
\nthe road to recovery after years of restructuring and sound
\nmanagement of macroeconomic policies,\" Finance and Economy
\nMinister Jeon Yun-Churl said.<\/p>\n
The Philippines, Malaysia, and even Pakistan all predicted
\nstronger economic growth in 2002 than the previous year, although
\nthe aftermath of the September 11 attacks on the United States
\nand the reconstruction of Afghanistan were key issues.<\/p>\n
China said the ADB would play a leading role in Afghanistan's
\nredevelopment and had committed US$500 million over the next two
\nand a half years, including $200 million in the next 12 months.<\/p>\n
The money would be spent on training government ministers and
\nbuilding up human resources, as well as on pilot projects for
\nagriculture, irrigation, roads, health and schools, he added.<\/p>\n
However, one sour note was the bank's poor handling of the
\ncontroversial $750 million Samut Prakarn waste water treatment
\nplant in Thailand.<\/p>\n
Findings of an inspection panel which concluded the ADB had
\nfailed to live up to its own guidelines on environmental and
\nsocial impact on the project called the bank's project
\nsupervision and accountability into question.<\/p>\n
China said the bank was reviewing the inspection function and
\nwould bring in external advisors to reform the process, allowing
\nthe public to better express their grievances to the bank.<\/p>",
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