Spanish King Juan Carlos delivers a speech during the annual meeting of the Asian Development Bank (ADB) governing body in Madrid, Spain, May 5, 2008.

The situation runs the risk of worsening amid surging food prices.

"The challenges for Asia's unfinished development agenda are immense," Kuroda said, adding that soaring food prices are hitting the poor very hard.

It is estimated that more than one billion people in the Asia-Pacific region have been seriously impacted by the food price surge, as food expenditure accounts for 60 percent of their total expenditure basket.

In an urgent response, the ADB announced here Saturday that it will provide immediate budgetary support to some Asia-Pacific countries hit hardest by the rising food prices.

The ADB is also urging governments to step up investment, boost rural infrastructure and strengthen institutions to sustain higher farm output as medium and long term solutions.

"The absence of such measures could seriously undermine the global fight against poverty and erode the gains of the past decades," Kuroda said.

"The global fight against poverty will be won or lost in our region," he warned.