ADB pledges to assist in poverty elimination

The three pillars of reform identified by the Vietnamese Government are certainly appropriate, and if successful, they will put Vietnam on a path to sustainable economic growth.

Vice President of the Asian Development Bank in East Asia, Southeast Asia and the Pacific, Stephen P. Groff made this remark in an interview granted to Vietnam News Agency in Hanoi on Feb. 9.

Groff said that the restructuring of state-owned enterprises and the financial sector requires carefully designed roadmaps that are implemented in a sequenced manner over time, as well as sustained and unwavering political commitment to reforms during and beyond 2012.
The three pillars of reform identified by the Vietnamese Government are certainly appropriate, and if successful, they will put Vietnam on a path to sustainable economic growth.

Vice President of the Asian Development Bank in East Asia, Southeast Asia and the Pacific, Stephen P. Groff made this remark in an interview granted to Vietnam News Agency in Hanoi on Feb. 9.

Groff said that the restructuring of state-owned enterprises and the financial sector requires carefully designed roadmaps that are implemented in a sequenced manner over time, as well as sustained and unwavering political commitment to reforms during and beyond 2012.

He said that ADB plans to finance support for strengthening legal frameworks of the financial sector, developing a well-functioning money market, and promoting a deeper and more liquid Government bond market, skills training in public institutions within the financial sector and the development of a micro-finance sector.

In the medium term, ADB’s new Country Partnership and Strategy for 2012–2015 will fully align with Vietnam’s socio-economic development plan for 2011–2015 in terms of promoting sustainable and inclusive growth, while maintaining macroeconomic stability. ADB expects to continue its level of commitment at approximately 1.4 billion USD per year, subject to each project’s readiness, Groff said.

Regarding ADB’s focus for regional economies this years, Groff said that ADB will continue to support efforts for high and sustainable growth to create productive jobs, supporting measures to ensure equal access to economic opportunities and resources, strengthening social safety nets to protect against economic shocks and prevent extreme poverty, and supporting good governance and strong institutions.

As for recommendations to governments in East Asia, Southeast Asia and Asia Pacific, he said that Asia needs to continue pursuing the prudent and responsible fiscal policies that have proven helpful in buffering the region against impacts of the crisis, and actively participate in the process of strengthening global and regional financial safety nets.

ADB is backing attempts to rebalance growth, helping Asian and Pacific countries to strengthen their own sources of growth and dynamism, especially given the ongoing public debt and financial crisis in the Eurozone, Groff said./.

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