ASIAN DEVELOPMENT BANK

2.37 pm

The Minister for Finance (Dr Richard Hu Tsu Tau): Mr Speaker, Sir, I beg to move,

That this Parliament, in accordance with section 4 of the Asian Development Bank Act (Chapter 15), 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 seventy-two million and six 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 100%. This is the fourth increase in the Bank's capital stock. The first increase of 150% took place in 1972, the second increase of 135% in 1977, and the third increase of 105% in 1983.

At present, Singapore's subscription to the authorised capital of the Asian Development Bank totals 6,020 shares. Under the proposed increase, we have been allotted a further 6,020 shares amounting to US$72.6 million. 2% of this amount has to be paid in.

Parliament is requested to authorise the Government to increase the total subscription of Singapore to the authorised capital stock of the Asian Development Bank by a sum not exceeding US$72,600,000.

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 15), 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 seventy-two million and six hundred thousand United States dollars.