SUBSCRIPTION TO ASIAN DEVELOPMENT BANK AUTHORISED CAPITAL STOCK

3.34 pm

The Minister for Finance and Minister for Trade and Industry (Dr Tony Tan Keng Yam): Mr Speaker, Sir, I beg to move,

That the Resolution passed by this Parliament on 30th August, 1983 authorising the increase of the total subscription of Singapore to the authorised capital stock of the Asian Development Bank be amended by deleting the words "to a sum not exceeding thirty-four million United States dollars" and substituting therefor the following "by a sum not exceeding thirty-four million United States dollars".

Sir, I would like to amend the Resolution of the House passed on 30th August, 1983 in the name of the late Minister for Finance, Mr Hon Sui Sen. The present subscription of Singapore to the authorized capital of the Asian Development Bank is US$32.4 million. Under the third general capital increase of the Bank, we have been allotted a further US$34 million. In moving the Resolution, the late Minister had used the words "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 US$34 million." However, the notice of the Motion and, therefore, the actual Motion passed by Parliament used the phrase "to a sum not exceeding US$34 million." The Resolution was, therefore, defective in that it incorrectly represented that Singapore's proposed total subscription to the Asian Development Bank to be US$34 million when the correct amount should be US$66.4 million. Parliament is requested to approve the amendment to increase the total subscription of Singapore to the authorized capital stock of the Asian Development Bank by a sum not exceeding US$34 million.

Sir, I beg to move,

Question put and agreed to.

Resolved,

That the Resolution possed by this Parliament on 30th August, 1983 authorising the increase of the total subscription of Singapore to the authorised capital stock of the Asian Development Bank be amended by deleting the words "to a sum not exceeding thirty-four million United States dollars" and substituting therefor the following "by a sum not exceeding thirty-four million United States dollars".