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Malaysia will not participate in replenishment of Asian fund |
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September 16, 2000
KUALA LUMPUR, SEPT 15 (AP) - Malaysia has not participated in the recent replenishment of the Asian Development Bank's lending fund for Asia's poorest countries, according to news reports Friday. The Manila-based bank was informed of the Malaysian government's decision months ago, a source close to the discussions told Dow Jones Newswires on condition of anonymity. The confirmation followed a report in the Financial Times, citing anonymous sources, that attributed Malaysia's refusal to Prime Minister Mahathir Mohamad's resentment toward multilateral lending institutions that he feels are overly influenced by Washington. No official reasons have been given to the ADB for the government's decision, the source told Dow Jones, noting that Malaysia, which has been a regular contributor to the ADB fund's replenishment in the past, found the contributions to be much higher than before. Donors agreed to replenish the fund, which makes loans available to poor countries, with dlrs 5.6 billion last week at a meeting in Okinawa, Japan. The replenishment, which extends the life of the fund through 2004, is more than the dlrs 5.1 billion that was approved for the period 1997 through 2000. Donors agreed to contribute a total of dlrs 2.91 billion. The balance is expected to be met by the repayment of earlier loans. Spokesmen for neither the Finance Ministry nor the central bank could confirm the reason for Malaysia's decision. |