W

ith 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.

Xie said the ADB should pay attention to the different stages of development of its member countries and adjust its assistance strategy according to the specific requirements of low-income and middle-income developing members.

Sharing Xie's argument, Pakistan's economics minister Hina Rabbani Khar said giving more voice and representation to developing countries in the decision-making process of the ADB would strengthen the bank's credibility and legitimacy as a multilateral development agency.

"We would at the very least urge the ADB and our other development partners to increase the effectiveness of the voice and representation of developing member countries in the deliberations around the Asian Development Fund. Observer status is no remedy to this vacuum of effective voice and representation," he said.

He also suggested the ADB improve the voice and representation of developing countries in their operational work by appointing more developing country nationals to senior management positions.

Japan has always held the ADB presidency, and therefore determines who should sit in the bank's senior management positions.