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Japan, US two opposite poles in ADB
HONG KONO. May 8: Tokyo ■nd Washington might technl rally be equal partners in Asia s premier aid Institution, the Asian Development Bank (ADB). but at this years annual meeting Japan has shown Just who is driving economic progress in the region, writes Reuter.
During the three-day meeting here, Japan warmly greeted the idea of a massive increase In the bank's ordinary capital, offered huge loans to China and even agreed to regularly meet other Aslan nations to discuss trends In financial markets
The United States, meanwhile, expressed strong reservations about talk of an increase In Bank funds and has worked to slow the flow of money to countries such as Vietnam and China
While many delegates to this year’s meeting welcomed Japan’s willingness to play a strong role in the region, many said they would prefer other econ omk powers to have an equally strong presence
There is nothing sinister about Japan s role, said Wyatt Creech. New Zealand s Assocla te Minister of Finance. "But we would like to see as many nations active In the region as
peas t>le.
Officials from some Asian nations have said that having several economic powers oper ■ting tn the region would create competition between the two. benefiting Aslan nations seeking investment and new markets
While political concerns certainly play some role tn the dif ferent polices of the ADB s two largest shareholders, many of those attending this year’s meeting say the United States stance Is largely a matter of economic reality
The US policies In the ADB have to do with the budget process." said John Kerin. Australia's minister for Trade and Overseas Development
"However It goes In the ADB. Japan Is going to be the dominant nation In the region.'
In addition to struggling with Ils own budget deficits, the United States Is providing aid to the former Soviet Union In an effort to see that demo cratic reforms the retake root
Japanese aid to Russia, on the other hand, has been severely limited because ol a long standing territorial dispute between the two nations
Japanese officials, who have often been criticised by the
West for not taking a more prominent role on the world stage, have often said they prefer to devote their energies to Aslan causes rather than to regions much closer to major donors such as Europe and the United States
commitment to Asia and thought it could use its power to win greater support for countries outside the region.
If Japan would be tn that position Ito see the capital increase come through) I would certainly be very glad.' said Johannes Sumarlin. Indonesia's Minister of Finance.
Indeed, may be no Issue separates the two quite as clearly as the need to Increase the bank's ordinary capital.
ADB officials here said they were seeking dollar 25 billion to dollar 30 billion to fund ex peeled heavy demand for bank funds In coming years — which would increase existing capital by more than 1OO per cent.
While Japan s Finance Minister Tsutomu Hata said Japan would play the role expected of It. the United States has shown little appetite for putting up a massive Increase In funds, much to the Irritation of some
attending the meeting.
Its a very bad attitude for the US to take," said Harry Collins. Second Secretary at the Finance Ministry in South Pacific nation Vanuatu The US preaches a tot. but in reality they are not taking the Initiative."
For tts part. Japan does not even like to contemplate a reduced role in the ADB for the United States
Both nations hold roughly 15 per cent of the Bank's voting power A senior official from Japan s Finance Ministry said he wanted to see the two nations continue to hold the same share
Indeed, when push comes to shove, moat here expect the United States to sign on to a capital increase for the Bank, which will keep its voting power on a par with Japan s.
But the contribution will keep them equal in name only with Japan contributing significantly more to the Bank through avenues such as the Aslan [X-vefopment Fund.
Its unfortunate.' said Collins . from Vanuatu "We would like to see several powers tn Asia. Not Just one."