MANILA, PHILIPPINES (18 November 2004) - Haruhiko Kuroda,
Japan's former Vice Minister of Finance for International
Affairs, has been unanimously elected President of ADB by its
Board of Governors.
Mr. Kuroda, 60, will take over as ADB President on 1
February 2005, succeeding Tadao Chino, who announced his
resignation in August. Mr. Kuroda is currently Special Advisor
to the Cabinet of Japanese Prime Minister Junichiro Koizumi and
a professor at the graduate school of economics at Hitotsubashi
In a career spanning nearly four decades, Mr. Kuroda has
represented Japan's Ministry of Finance at a number of
international monetary conferences as Vice Minister of Finance
for International Affairs.
"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."
During his terms as Director-General of the International
Bureau and as Vice Minister of Finance between 1997 and 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 so-called Chiang Mai
Initiative, to avert another crisis.
Born in 1944, Mr. Kuroda holds a BA in Law from the
University of Tokyo and a Master of Philosophy in Economics
from the University of Oxford. He joined the Ministry of
Finance in 1967. Eight years later, he was seconded to the
International Monetary Fund. After returning to the Ministry,
Mr. Kuroda assumed a number of senior posts in the Ministry's
international finance and taxation bureaus. While Deputy
Director-General of the International Finance Bureau, he was
responsible for Japan's official development assistance as well
as relations with multilateral development financial
institutions including ADB.
Mr. Kuroda served as President of the Ministry's research
arm, the Institute of Fiscal and Monetary Policy, for one year
before returning to the International Bureau as
Director-General. Two years later, he was promoted to Vice
Minister of Finance for International Affairs, responsible for
policy planning, international coordination, and external
After retiring from the Ministry in 2003, Mr. Kuroda was
appointed Special Advisor to the Cabinet of Prime Minister
Koizumi to advise the premier on international monetary
He has authored several books on monetary policy, exchange
rate, international finance policy coordination, international
taxation, and international negotiations.
Mr. Kuroda and his wife Kumiko have two sons.