A major challenge still lies ahead in trying to mitigate the social consequences of the crisis. And to push forward with reforms. We see an important role for the ADB to assist borrowing countries in building social safety nets and efficient public systems. The effects of the Asian crisis has emphasized how vulnerable progress in poverty reduction really is. The financial crisis has, for many people, wiped out 20 years of progress.
Economic growth is essential, but by itself is no guarantee for broad and sustainable progress.
Denmark very much supports the Bank's new and enhanced poverty focus. We welcome the adoption of poverty reduction as the single overarching objective of the Bank. And look forward to the effective implementation of the new Poverty Reduction Strategy. Clearly, the countries themselves must take the leadership and responsibility in the battle against poverty. The ADB and other partners in the international community can, however, be powerful allies, if efforts are based on a common approach.