China, Pakistan want bigger say in bank: Jakarta Post

Nusa Dua, Bali

With the Asian Development Bank (ADB) tripling its capital, economic powerhouse China and lower-profile Pakistan want greater voices at the bank, to give the ADB a new balance.

Speaking at the bank's board of governors meeting Monday in Nusa Dua, Bali, China said the ADB must join the reform of international financial institutions such as the World Bank and the International Monetary Fund (IMF) through its own internal reform, and give developing countries a greater voice by giving them more shares.

"All the members should take quick action, show political sincerity, effectively increase voice and representation of the developing members in the ADB, and promote the development of a fair, just, inclusive and well-managed international financial order," Chinese Finance Minister Xie Xuren told the meeting.

During the 42nd annual meeting of the ADB's board of governors, the governors have agreed to triple the development bank's capital from US$55 billion to $165 billion.

China, with its foreign exchange reserves of more than $1 trillion, has the capacity to increase its shares in the bank. However, all member countries have expressed interest in subscribing to the bank's new shares, leaving no room for big developing member countries like China to raise its stake.

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