XN000022-1992-05-04 — Page 2

MONDAY, MAY 4, 1992

ADB TASKED TO IMPROVE LIFE QUALITY IN ASIA: GOVERNOR

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THE GOAL FOR THE NEXT 25 YEARS IS TO LIFT OUT OF POVERTY SOME 800 MILLION ASIANS WHO STILL LIVE IN A STATE OF ABSOLUTE POVERTY, THE GOVERNOR, LORD WILSON, SAID TODAY (MONDAY).

OF

ADDRESSING THE OPENING CEREMONY OF THE 25TH ANNUAL MEETING THE BOARD OF GOVERNORS OF THE ASIAN DEVELOPMENT BANK (ADB), LORD WILSON POINTED OUT THAT IMPATIENCE WITH POVERTY AND A DETERMINATION TO IMPROVE THE LOT OF ONE'S FAMILY, WERE TWO OF THE BASIC MOTIVE FORCES BEHIND ECONOMIC AND SOCIAL DEVELOPMENT IN ASIA.

"THE POOR OF ASIA ARE UNDERSTANDABLY IMPATIENT FOR PROGRESS THEY LOOK TO THEIR GOVERNMENTS AND TO INSTITUTIONS LIKE THE ADB TO HELP PROVIDE IT," THE GOVERNOR SAID.

NOW.

LORD WILSON SAID SINCE ITS ESTABLISHMENT IN 1966, THE ADB HAD PLAYED A MAJOR PART IN THE ECONOMIC TRANSFORMATION OF ASIA.

HE SAID THE TRANSFORMATION HAD BEEN UNEVEN WITH MANY PARTS OF THE CONTINENT HAD REACHED THE POINT OF ECONOMIC TAKE-OFF WHILE OTHERS WERE STILL STRUGGLING AGAINST THE ODDS TO RAISE THE LIVING STANDARDS OF THEIR PEOPLE.

HOWEVER, THE GOVERNOR SAID STATISTICS IN THE PAST QUARTER CENTURY ON ASIA'S ECONOMIC AND SOCIAL DEVELOPMENT SHOWED THAT THERE WAS A REAL IMPROVEMENT IN THE STANDARD OF LIVING OF HUNDREDS OF MILLIONS OF PEOPLE.

"THE ADB CAN BE PROUD OF THE PART IT HAS PLAYED IN BRINGING ABOUT THIS IMPROVEMENT.

"IN THE PAST 25 YEARS, THE BANK HAS MADE LOANS OF MORE THAN US$37 BILLION IN 49 COUNTRIES LOANS WHICH HAVE PRIMED THE PUMP OF DEVELOPMENT AND GIVEN MOMENTUM TO ASIA'S ECONOMIC TRANSFORMATION, HE

SAID.

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BUT LORD WILSON SAID THERE WERE STILL MAJOR PROBLEMS то BE

OVERCOME.

"THE UNITED NATIONS HAS ESTIMATED THAT ABOUT 800 MILLION ASIANS IN A STATE OF ABSOLUTE POVERTY MEANING THEY CANNOT AFFORD

NOURISHMENT.

LIVE ADEQUATE

IT REPRESENTS ABOUT A

QUARTER

"THIS IS A DAUNTING STATISTIC. OF ASIA'S POPULATION AND IS DOUBLE THE POPULATION OF EUROPE, HE SAID.

"THE GOAL FOR THE NEXT 25 YEARS IS TO LIFT THESE PEOPLE OUT OF POVERTY - TO IMPROVE THE QUALITY OF LIFE FOR ALL OF THE 4.5 BILLION PEOPLE WHO WILL BE LIVING IN ASIA BY THE YEAR 2017- THE YEAR OF THE ADB'S 50TH ANNIVERSARY MEETING," THE GOVERNOR SAID.

LORD WILSON POINTED OUT THAT HONG KONG HAD FOR MANY YEARS PUT ITS FAITH IN THE DISCIPLINE OF THE MARKET PLACE AND IT WAS ESTIMATED THAT THIS YEAR HONG KONG'S PER CAPITA GDP WOULD BE OVER US$16,000 PER YEAR.

/THE GOVERNOR