SUBSCRIPTION TO ASIAN DEVELOPMENT BANK AUTHORISED CAPITAL STOCK

4.30 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 twenty-nine million three hundred and seventy-five 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 135%. This is the second increase in the Bank's capital stock, the first increase of 150% having taken place in 1972.

At present Singapore's subscription to the Asian Development Bank is US$12.5 million of authorised capital. Under the proposed increase, we have been allotted a further US$16.875 million.

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$29,375,000.

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 twenty-nine million three hundred and seventy-five thousand United States dollars.