MILAN, Italy, May 5. ADB should refocus on the fundamentals: poverty reduction and market-oriented economic growth, Margaret Kuhlow, Temporary Alternate Governor of ADB from the U.S., said, addressing the business session of ADB Governors, Trend’s special correspondent reports from Milan.
“We worry that 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,” she said.
Kuhlow believes that 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. Efficient use of resources requires greater focus on less developed countries where ADB’s 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,”
She noted that a return to the bank’s core mission will promote global economic growth and stability.