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ADB concessional fund in danger of running out in '96
AUCKLAND. May 3: An Awan Development Bank (ADB) con cesskxial fund for Asia s poor est countries is in danger ol running out next year following US opposition to talks on replenishing it. a senior bank source said here yesterday, reports AFP
ADB President Mitsuo Sato met for two hours with the representatives of 23 donor countries on the eve of the banks 28th annual meeting here in an effort to save the lost-shrinking Aslan Develop ment Fund (ADF) from ex I ii teflon.
Tlie source, who attended the meeting but asked not to be named, said Sato wanted to know the position of each donor on commencing talks on replenishing the fund, currently at about 1.6 billion US dollars and due to run out In 1996.
Emerging markets, the ADB conference newsletter, said the .luncheon meeting with Sato was to be kept secret, but that the new had leaked out to the media.
The source said Sato and western European donor countries stressed the need for opening negotiations, possibly in September but that US representatives remained opposed to such talks "at this time" because of budgetary problems.
The three-day meeting starting here Wednesday gath ers central bank governors finance ministers and other se
nior official* from the 55 pteinler nations of the Phi-lippme based ADB
Asked about the possibility the fund might be completely w rapped, the source told AFP that, if the meeting with Sato was to be a gauge, "it could hapi>en if the United States doesn t change its position'.
He added that this would be "catastrophic" for Asia's poorest countries, which still have to catch up with the region's robust economic growth.
The ADF is directly sourced from the budget of industrialised and member countries such as the United States and western Europe. ADF funds are lent interest free to poor Aslan nations with a repayment period of up to 40 years and a token service charge of one per
cent a year.
It takes time to negotiate, the source said, adding that the current ADF fund was equivalent to only one year of loans He said the ADB might be forced to cut ADF concessional lending from its present 1.2 billion dollars a year If the fund was to be traced out.
He said that in theory, a US refusal to give more money to the ADF would not affect other donors, but had held them up from committing funds.
Western European nations would find It hard to Justify to their parliaments, as well as "public opinion in their home countries," to give more money to the ADF If the second largest donor, the United States, is reluctant.
The United States committed 680 million dollars to the fund in 1992 but actually paid only 243 million dollars, or 36 per cent, the batik newsletter said
Analysts said it would Ite harder now tor the US administration to get money for international aid because of the Republican held congress.
The source said he expected a clash between the United States and borrower countries during the three-day meeting as the poorer nations wefe expected to push for the opening of the talks.
He said the ADB was expected to discus the issue of dwindling loan volumes during the meeting.