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Officials make funds appeal to keep Asia growth on track

The Asian Development Bank's donor nations have been urged to replenish the bank's soft-loan funds to allow it to play a greater role in eradicating poverty and foster development in Asia.

'It is clear the battle cannot be fought and won without having the necessary funds,' said Philippine Finance Secretary Edgardo Espiritu, formally signalling for a new round of funding negotiations.

Mr Espiritu is the chairman of the ADB's board of governors, whose 32nd annual meeting kicked-off in Manila yesterday.

ADB president Tadao Chino said yesterday that without the support of its shareholders the bank would be 'hard-pressed' to meet the region's financial needs in coming years.

'Most of the economies in the region are beginning to show signs of recovery from the Asian crisis,' said Mr Chino.

'Therefore, with continuing assistance from the international community, I am confident that Asia will overcome the current difficulties before long and will be back on a more solid and sustainable growth path.' Philippine President Joseph Estrada told the meeting: 'More than 40 million people in the region have been pushed back into absolute poverty, reversing much of the gains in poverty alleviation.

'Moreover, the drop in government revenues has severely constrained public spending, particularly in the social services sector.' As a result, Mr Estrada said it was imperative that governments acted immediately to restore stability, improve transparency and stamp out corruption.

Bank officials said the ADB would need at least US$6 billion to cover its requirements for another four years.

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