"This dependence on such external conditions is a clear call for significant improvements in interal productivity and other related economic factors," said Moreno. "It also calls for disciplined policymaking."
Moreno cautioned that while economic growth is a necessary condition for promoting inclusive and sustainable development, it is not sufficient on its own.
"It is not only a matter of pace of growth, but of quality," he explained. "Quality of growth demands decisive action in improving both the quality and equitable distribution of education; and creating and combining the necessary incentives, investments and institutions - domestic and global - to make environmentally sustainable growth a reality."
Moreno then highlighted the Bank's operations in the region in 2007, year in which the IDB Group approved over US$9.6 billion in new operations. The IDB alone approved US$9 billion in financing for 97 projects - the largest volume in operations since 1999 and well over the US$6.4 billion approved in 2006.
"Thus, notwithstanding high liquidity in the region, we view these 2007 figures as demonstrating the region's increased demand for our products and services," said Moreno. "We also believe this reflects our partnership with and understanding of our borrowing countries - their needs and the opportunities they present."
Moreno concluded by once again encouraging the participating member countries to actively engage in a forward-looking discussion to further enhance the region's development and by acknowledging what LAC's people had accomplished.
"I am proud of each individual and community in the region, who, through their combined efforts in working with us, have secured a better quality of life for themselves," said Moreno. "With them in mind, we will continue to contribute to a healthy and more prosperous global society."
Inter-American Development Bank
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