New Information in the Diary Submission Received

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• Subject: Asian Development Fund Helping the Poorest. Working for Results.
• Description:

  The Asia and Pacific region has experienced high and sustained growth rates, with an average growth rate of about 6% per annum in recent years. However, despite rapid decline in poverty rates, ADB estimates that around 900 million people in the region are surviving on less than $1.25 a day. Global financial crisis and economic slump are forecast to result in reduced growth rates. Non-income poverty is proving to be persistent: Millions of children live in hunger; there is unacceptably high maternal and child mortality; quality education is poor in many countries; and lack of access to adequate water and sanitation remains a concern. Although the region is on track to meet the Millennium Development Goal (MDG) target of halving the proportion of people living on less than a dollar a day, it is unlikely to meet the MDGs for reducing non-income poverty in areas such as health, education, and sanitation. The recent economic crisis is also likely to slow the pace of poverty reduction in the region. The Asian Development Fund (ADF) is a major instrument enabling equitable and sustainable development for the Asia-Pacific region through concessional financing. ADF, funded by ADB's donor member countries, offers grants and loans at very low interest rates to help reduce poverty in ADB's poorest borrowing countries. Initial contributions to the ADF were pledged in 1973 (ADF I). Since then, ADF was replenished nine times, with the most recent replenishment (ADF X) covering 2009-2012. Read more about ADF replenishments. Although challenges to development remain in the Asia-Pacific region—with new challenges like global climate change putting added pressure on ADB's developing member countries—ADF stands as an important tool for positive change. Since 2001, ADF has provided over $1.6 billion a year for programs that help poor families escape poverty. During 2008-2009 alone, over 100 loan and grant projects totaling $5.5 billion were made to 22 developing member countries, and projects were put in place that would affect several countries simultaneously.

• Full Name: Kanakalingam Sasikumar
• Email Address: saksi76@gmail.com

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