ADB: Asian nations’ development needs greater accountability and transparency
Azerbaijan, Baku, Dec. 1 /Trend/
Greater accountability and better fiscal management are needed to achieve more inclusive growth in developing Asia-Pacific nations, the President of the Asian Development Bank (ADB) Haruhiko Kuroda said at the Fourth High Level Forum on Aid Effectiveness in Busan (Republic of Korea), ADB reports.
"Making growth more inclusive will also require greater accountability, transparency, and participation of public institutions, Kuroda said. Poor fiscal management undermines economic growth generally, which in turn puts inclusive growth out of reach."
The forum in Busan was attended by over 2,500 delegates from more than 150 countries. Korean President Lee Myung-bak, U.S. Secretary of State Hillary Rodham Clinton and UN Secretary-General Ban Ki-moon were among the participants of the forum.
The forum provides an international platform for developing and donor nations to discuss how aid can be used more effectively to promote development.
The major focus of the Busan forum is to reaffirm international commitments for achieving greater development effectiveness with a much broader group of stakeholders, which includes the private sector. Forum participants discuss improvements to the way aid is delivered, building on the 2005 Paris Declaration and 2008 Accra Agenda for Action.
"A high degree of inequality constrains the impact growth can have on reducing poverty, Kuroda said. High levels of poverty and gross inequalities can also undermine social cohesion and stability, as seen in some parts of the world."
According to ADB's report, many countries in developing Asia are embracing inclusive growth as part of their development agenda. ADB supports their efforts through a range of initiatives involving project finance, technical assistance, knowledge products and services, and policy dialogue, the report says.
Edited by: A.Badalova