Asian bank meeting ends in S.Korea

JEJU, South Korea, May 17 (UPI) -- The annual meeting of the Asian Development Bank closed Monday, with calls for concerted efforts to battle rising oil prices and global terrorism.

In the closing statement for the 37th annual meeting of the ADB's Board of Governors held on Jeju Island, Finance and Economy Minister Lee Hun-jai called for member nations to strive for sustainable growth despite soaring oil prices, terrorism and the prospects of higher interest rates.

"The Asia-Pacific region will play the role of a growth engine for the world economy by pushing for reforms of the ADB," Lee said.

During the thee-day meeting, 3,200 delegates from 61 countries discussed measures to maintain the momentum of the region's economic growth, such as financial cooperation in the form of the 2000 Chiang Mai Initiative and the Asian Bond Market Initiative.

The Asia-Pacific is poised to grow 6.7 percent in 2005 from 6.8 percent this year, the highest compared with other regions in the world.

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