Manila (Philippines), Apr.22 (ANI): The Asian Development Bank (ADB) was on track in its performance in 2009 to deliver output targets in the core sectors of infrastructure, education and finance in the region, says an ADB report released yesterday.
The Development Effectiveness Review 2009 shows that reform measures introduced by ADB in recent years are yielding results. ADB is becoming more efficient in processing loans and grants and in disbursing funds to its public sector clients. ADB's key stakeholders in its member countries also have positive perceptions about ADB's efforts to help reduce poverty among the people in the region, says the report.
At the same time, the report highlights that more progress is required in areas such as cofinancing, support for education, and success rates of completed projects, along with more efforts to raise the staffing level and budget resources within ADB to better support its expanding operations.
"We are pleased that the review overall shows we are continuing to deliver substantial benefits to the region. It also underscores the need for us to give more attention to areas such as project quality and more timely use of resources for this purpose," said Haruhiko Kuroda, President of ADB.
In response to the findings, ADB is already taking a number of remedial measures, with specific time-frames. Among others, ADB's Work Program and Budget Framework for 2010-2012 has been drawn up, which provides for a phased increase in budget funds and staff numbers. ADB has also introduced a pilot scheme to increase cofinancing, education assistance, and projects promoting gender mainstreaming.
"After three years of implementation, the review process is now solidly integrated into ADB's corporate management process. We will continue to use the latest findings, as we have done before, as an internally-driven strategy to deliver strong benefits to our developing member countries," said Rajat M. Nag, Managing Director General of ADB.
An annual self-assessment tool by ADB management, this report is the third to be released by ADB since 2008. ADB remains the only multilateral development bank to publish such a comprehensive results-based report by management, delivering added-value to clients and providing greater accountability to stakeholders.
The Development Effectiveness Review uses a scorecard system to enable ADB to pinpoint where it has been successful, where challenges remain, and where remedial action is required. (ANI)