SUBSCRIPTION TO ASIAN DEVELOPMENT BANK

3.30 p.m.

The Minister for Finance (Mr Hon Sui Sen): Mr Speaker, Sir, I beg to move,

That this Parliament, in accordance with section 4 of the Asian Development Bank Act (Chapter 59), resolves that the Minister for Finance be authorised to increase, on behalf of the Government, the total subscription of Singapore to the authorised capital stock of the Asian Development Bank to a sum not exceeding twelve million five hundred thousand United States dollars.

Sir, the Board of Governors of the Asian Development Bank has adopted a resolution to increase the capital stock of the Bank by 150 per cent.

Singapore's subscription to the Bank is at present 500 shares, equivalent to US$5 million. Under the proposed increase, Singapore's subscription will be increased by a maximum of 750 shares, equivalent to US$7.5 million.

Singapore is a large borrower of the Bank and has obtained US$73.68 million in loans from the Bank to-date. The Republic, therefore, has benefited from its membership in the Asian Development Bank and, it is envisaged, will continue to borrow from the Asian Development Bank to finance its future economic development plans.

Parliament is requested to authorise the Government to increase the total subscription of Singapore to the authorised capital stock of the Asian Development Bank to a sum not exceeding US$12,500,000.

Sir, I beg to move.

Question put, and agreed to.

Resolved,

That this Parliament, in accordance with section 4 of the Asian Development Bank Act (Chapter 59), resolves that the Minister for Finance be authorised to increase, on behalf of the Government, the total subscription of Singapore to the authorised capital stock of the Asian Development Bank to a sum not exceeding twelve million five hundred thousand United States dollars.