CONFIDENTIAL
graduation issues in the ADB and on the need for funding to be
focused on the poorest countries.
3.
Furthermore
we are not convinced by the argument that assistance from ADB for ACP projects will materially assist in creating a positive attitude by international banks to those
projects (paragraph 3 of your TUR). On the contrary, we see a risk that lending by ADB to a country which would not normally qualify for it might sow the seeds of doubt in some minds as to the future creditworthiness of that country.
4. We have heard nothing from our Executive Director in Manila
about this proposal and have only now seen your telno 779 of 12
March. We are a little surprised at the sympathetic attitude of
the ADB's Vice Presidents as reported in paragraph 4 of your TUR.
The negative stance taken by President Tarumizu seems to us to
be more in keeping with the ADB's general policies.
5. Unless therefore there are any further factors of which we are unaware, I regret that we cannot agree to the proposals in paragraphs 5 and 6 of your TUR. I should be grateful if you will keep me fully briefed about this issue, in case it is raised with me when I lead the UK Delegation to the Annual Meeting of the
Asian Development Bank in Hong Kong from 4-6 May.
CONFIDENTIAL
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