International Journal of Audit – April 2005
Asian Development Bank
New President Elected
In November 2004, Haruhiko Kuroda, Japan’s former vice minister of finance for international affairs, was unanimously elected president of the Asian Development Bank (ADB) by its board of governors. Mr. Kuroda took over as ADB president on February 1, 2005, succeeding Tadao Chino, who announced his resignation in August 2004.
 Mr. Haruhiko Kuroda |
"It is a great honor to be elected president of ADB," said Mr. Kuroda. "I am determined that the bank should remain flexible in its approach to the many challenges facing its developing member countries. ADB must also continue to strive for greater effectiveness in its operations."
ADB is a multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific. Established in 1966, it is owned by 63 members, mostly from the region, and has its headquarters in Manila.
In a career spanning nearly four decades, Mr. Kuroda represented Japan’s Ministry of Finance in numerous senior positions. During his terms as director-general of the international bureau and as vice minister of finance from 1997 through 2003, Mr. Kuroda helped design and implement the US $30 billion Miyazawa Initiative—Japan’s response to Asian economies hit by the 1997–1998 financial crisis. Under his leadership, Japan helped Asian nations establish a network of currency swap agreements (the Chiang Mai Initiative) to avert another crisis. As vice minister of finance for international affairs, Mr. Kuroda was responsible for policy planning, international coordination, and external representation. After retiring from the ministry in 2003, Mr. Kuroda was appointed special adviser to the cabinet of Prime Minister Koizumi on international monetary issues. He was also a professor at the graduate school of economics at Hitotsubashi University in Tokyo. Mr. Kuroda holds a BA in law from the University of Tokyo and a master of philosophy in economics from Oxford University. He has authored several books on monetary policy, exchange rates, international finance policy coordination, international taxation, and international negotiations.
For additional information, contact: Asian Development Bank, fax: (63-2) 636-2444; e-mail: information@adb.org; Web site: www.adb.org.