SUBSCRIPTION TO ASIAN DEVELOPMENT BANK AUTHORISED CAPITAL STOCK

3.50 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 by a sum not exceeding thirty-four million 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 105%. This is the third increase in the Bank's capital stock. The first increase of 150% took place in 1972 and the second increase of 135%, in 1977.

At present, Singapore's subscription to the authorized capital of the Asian Development Bank is US$32.4 million. Under the proposed increase, we have been allotted a further US$34.0 million.

Parliament is requested to authorize the Government to increase the total subscription of Singapore to the authorized capital stock of the Asian Development Bank by a sum not exceeding thirty-four million United States dollars.

Sir, I beg to move.

Question, "That the terms of the Motion moved by the Minister for Finance which appears as item 4 on the Order Paper", 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 thirty-four million United States dollars.